Each month I go over the Monthly Indicators report provided by the Collin County Association of Realtors. I believe that understanding the real estate market is important not only to buyers and sellers, but to anyone who resides in an area. It is an indicator of the health and stability of the overall economy. We have been blessed in Texas not to get hit by the recession as hard as many other states. Our recovery appears to be strong as well. As of December 2013 this is where we stand:
- Our Closed Sales from 2012 to 2013 were up 19.4%
- Our Number of Days on the Market were down 29.4% (Average of 48 days)
- Our Median Sales Price was up by 12.1% ($213,000)
- Our Average Sales Price was up by 9.1% ($274,491)
- Sellers Received an Average of 95.4% Percent of their Listing Price.
- There were 23.9% less homes on the market in comparison to December 2012. The 12 month average was at 25.8% less homes on the market.
In summary, the laws of supply and demand are in effect. There are fewer houses on the market, coupled with higher land costs and building costs that are forcing the North Texas Markets to increase in price. I truly believe that we will continue to see this trend through 2014. Dallas and the surrounding communities are fast growing cities that are adjusting to the growth well. With corporate movement in to the area housing prices will continue to rise and land value will go up as well. It is a great time to live in North Dallas. If you are interested in purchasing or investing in the Dallas Market, give us a call.If you have questions, please feel free to contact us at 214.387.4959. Mark and Mandy Detrick The North Dallas Real Estate Team http://www.NorthDallasRealEstateTeam.com
Have you heard about the Keller Williams $50,000 giveaway (see details below.) No obligations other than just downloading our new mobile search app on your phone or tablet. We checked out the app and it is super user friendly.
All you have to do is click http://app.kw.com/KW6082NV , or click on the QR Code below, download the “Keller Williams Mobile App”, enter our code (KW6082NV) when prompted, click “enter to win $50,000”, and follow the simple instructions. Let us know if you have any problems, and we hope you’re the recipient of $50k in early April!
Here are the details: Between now and March 31, 2014, your opportunity to win comes by entering the “$50,000 Closer to Home Sweepstakes” through the Keller Williams Realty Real Estate Search App. You don’t ever have to use the app… just download it. Anyone can participate no matter where they live, so feel free to pass this along to family or friends.
I moved to Frisco in January of 2006 with my husband and two children, ages 3 and 7. We moved to Frisco from Southern California in search of a better education for our kids. We wanted our kids to be able to compete against other applicants going in to college and the California education system appeared to be weak and not improving. At the time, we looked at every state in the southern part of the U.S. and after visiting several cities we found that Frisco was the best place to call home.
In January of 2006 we saw opportunity and growth in Frisco. The population when we arrived was 86,970+/- (Estimate from May 2006). In January 2014 the population of Frisco is estimated at 137,330. To us, this growth is staggering and at times overwhelming when you think about it. Where once there were fields and farms now stands a vast amount of homes and businesses. The growth rate from 2000-2013 was at an astounding 303%.
Here is a comparison so you can understand the growth:
- In the 2005-2006 school year there were 18 elementary schools, 6 middle schools and 2 high schools.
- In the 2013-2014 school year there are 33 elementary schools, 13 middle schools and 6 high schools.
The good part is Frisco still has a small town feel. There are multiple venues in the city to gather and get to know your neighbors. People in Frisco love to be outdoors and the city planners really take this into consideration. I believe that the venues that we have keep our residents in town for their entertainment, thus aiding in the feeling of community.
In the next few years I believe Frisco will transform in to an amazing city. With the August 2013 Announcement of the Cowboys moving their World Corporate Headquarters to Frisco, I am sure we will see tremendous growth. With a land mass of 72 square miles and only 57% of the land being built out I am hopeful that the city will continue to expand with careful consideration of the land use and focus on the family.
Mark and Mandy Detrick of the North Dallas Real Estate Team of Keller Williams recently attended Rodney Anderson’s 2014 Economic Forecast for the Dallas Real Estate Market. In the presentation Rodney made predictions regarding interest rates, inventory, and housing prices.
In 2014 we can expect to see an increase in interest rates for big purchase items (homes, automobiles, etc….). We all need to remember that we were at historic lows a short time ago. We also need to remember where the economy was at the time and why the interest rate were low. We really don’t want the economy back in the state that it was, therefore we need to accept the fact that rising interest rates are actually showing that our economy is stabilizing.
We are still seeing a shortage of homes for sale in North Texas. In November 2011 there were 40,102 homes for sale. In comparison, in November 2013 there were 26,438 homes for sale. This is a 20.1% decrease in the number of homes for sale.
With a shortage if homes comes an increase in prices. This is multiplied in the North Texas Market because with the shortage comes in dramatic increase in the population as well. In November 2011 the average closed sales price in North Texas was $140,000. In November 2013 the average closed sales price was $170,000. That is over 20% increase in sales prices for homes. In a market that typically sees 2-3% increases, 20% is a huge increase.
If you would like more information, please give us a call, send us an email or visit our website, http://www.NorthDallasRealEstateTeam.com.
As a Realtor in the North Dallas area, I can tell you that we have not seen a market like this since 2006. It is crazy out there! Homes sell fast, prices are climbing, new construction is booming, interest rates are low and it is a great time to buy…. if you can find a house. The last part is the hardest part. Trying to find a home for buyers in this crazy market is tough. Trying to prepare a buyer that they may need to act at lightening speed and pay over the asking price is a tough road to climb, since the past five years sellers had a hard time even finding a buyer.
What happened? A shortage of supply. As in every industry if supply is short, it become a HOT commodity. The new home builders can not build fast enough for the amount of people flowing in to the area. On top of that, the cost to build a house has risen dramatically. The land is more expensive as well as the labor and lumber. With this, there is pressure put on the pre-owned market.
The most important thing you can do when you are getting ready to buy or sell in this market is find an experienced Realtor. They are a wealth of knowledge and will know all of the ins and outs of the current market.
If you need help, give our team a call. Mark and Mandy Detrick, Keller Williams, North Dallas Real Estate Team, 214.387.4959.
March 2013 DFW Housing Market Statistics compliments of Crystal Binegar of Hexter-Fair First American