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