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.