Market Update

Market Updates for Dallas and Austin.

March 2017 DFW Housing Market Update

Demand for housing has remained strong throughout the country, but particularly so in the DFW area. Low supply, as usual, has been making for an incredibly competitive atmosphere for those hoping to buy homes. Home prices have continued to rise, and the low inventory is causing affordability issues for first time home buyers and those looking for more affordable housing options.

Even with the affordability crunch, demand continues to outpace supply, making it a seller’s market. In fact, experts argue that this could be the best time to list a home on the market all year! Zillow recently released a report that narrowed down the best time to sell in multiple metro areas across the US. Dallas-Fort Worth’s ideal time frame to sell is listed as May 1 –

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March 2017 Housing Market Statistics

The Austin Metro expanded 2.0 percent from July 2015 to July 2016, according to the latest Census. That makes it the ninth fastest growth rate among U.S. metro areas, and Austin is the fastest growing metro of its size. The city continues to grow even faster than experts predicted, adding a net of 159 people per day on average (this includes births, deaths, and migrations). If we’re talking about migrants only – about 110 people per day moved to the Austin area last year. 

By this time most Austinites know the drill. Outsiders are being drawn to the city because of our extremely healthy job market and our exceptional quality of life. "Austin's enormous population growth continues to be driven mainly by in-migrating households drawn here by

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February 2017 Dallas/Fort Worth real estate market statistics

The new year has brought out a rejuvenated crop of buyers with renewed enthusiasm, excited to buy homes. Home sales may still inevitably start slow in the first half of the year due to low inventory. Continued drops in the number of homes available for sale could push out potential buyers who can't compete for homes selling at higher prices in a lower number of days, especially if mortgage rates continue to increase. North Texas Real Estate Information Systems recently released their monthly housing market report which cited rising home prices and dwindling inventory.

If you can afford it, now is the time to buy! Interest rates are still low, and home prices are still reasonable. They’re rising rapidly, however, with the median sales price jumping

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January 2017 housing market statistics

It looks like Austin’s surrounding areas have caught up to the cities low inventory levels, with Williamson County at 1.8 months of inventory and Hays at 2.5. Not surprisingly, the city of Austin itself sits at the lowest inventory of 1.4 months, making the whole Austin-area an average of around two months. What does this mean for potential homebuyers? It means that even if you’re looking outside of Austin proper, the market is going to be competitive!

First time home buyers searching for homes for sale in Austin might have to expand their search to the south or east where inventory is a bit higher, and prices are a bit lower. There are still great houses available near the city center, but they will cost you. The median home price in Austin right

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January 2017 DFW Housing Market Statistics

It’s been an unusually busy winter so far for most real estate professionals in the Dallas/Fort Worth area, and the market isn’t showing signs of slowing down anytime soon. Changes in the market, like continued low inventory and higher competition for homes, haven’t deterred those who are determined to land their dream home. Home sales and prices continue to rise, even as mortgage rates increase.

 

Perhaps we have the area's low unemployment rates (around 3.7%) and improved wages to thank for that. As more people move to the area, many times for a higher paying job, the demand for housing increases. These people, generally speaking, can afford and are willing to shell out the cash for real estate in DFW. They are prepared to compete for homes in

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January 2017 Austin Market Statistics

Surprise, surprise, it looks like our Austin housing market is showing signs of normalization. In fact, many economists predict that our market will begin to correct itself sometime in 2017. The Austin Board of Realtors, in its monthly market statistics press release, reported another record-breaking year for Central Texas home sales in 2017, but concurred that the market is steadying.

 

"The Central Texas housing market is slowly beginning to align with long-term historical trends. Homes are spending more time on the market and the pace of both home sales and price growth is slowing,” said Brandy Guthrie, 2017 President of the Austin Board of REALTORS­®. “This normalization does not necessarily mean a weakening housing market, but a return to

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dallas housing market stats december 2016

Most people who live in the DFW area know that the North Texas real estate market was hot in 2016. With home sales breaking records, up 13.5 percent from the year prior, this was not your typical November. What you might not know, however, is that several North Texas areas topped Realtor.com’s list of most searched zip codes this year. In fact, every single one of the top ten searched zip codes were in Texas! 

While the very top four searched were in the Waco area (blame the hit cable TV show Fixer Upper for that), the rest were in the DFW Area. Carrollton, Hurst, Bedford, Plano, Dallas, and Arlington rounded out the list, and we can’t say we’re surprised. North Texas Real Estate Information Systems (NTREIS) recently released their latest market

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Market conditions have remained predictable in 2016, with not a whole lot changing since the year began. Low unemployment levels, as well as low mortgage rates, have kept the market active despite a lack of homes on the market. However, lack of inventory has been one of the major factors inhibiting market growth. Due to the growing popularity of the DFW area, it doesn’t look like it will rise anytime soon. 

North Texas Real Estate Information Systems (NTREIS) recently released their latest market statistics (October stats released in November) that backed up this prediction. New listings were down 0.3 percent in the DFW area, sitting at 10,610. Inventory shrank 8.9 percent to 24,545 homes for sale. Closed sales were down 2.7 percent in October 2016

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Austin Housing Market Update November 2016

New home sales are up 38% in the City of Austin, providing some much-needed supply into our low-inventory housing market. Even so, demand remains high for already built homes inside Austin proper, despite much lower prices in the surrounding areas. Single-family home sales jumped 7.5 percent in October 2016, despite remaining relatively the same throughout much of early 2016. 

Median sales prices continue to increase in Austin, as is to be expected with such high demand, jumping 6.5 percent year over year to $332,250. However, the median price remains much lower in areas like Hays County at $249,945 and Williamson County at $255,000. In the entire Austin-Round Rock Metropolitan Statistical Area (MSA), prices rose 9.3 percent to $279,000.

Despite

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Home prices continued to climb last quarter to levels not seen since late 2006. Throughout all of this, however, home sales are remaining level and affordability hasn’t suffered too much - thanks to lower mortgage rates. According to TheMortgageReports.com, “Last quarter, more than six in 10 U.S. homes were ‘affordable’ to households earning the national median income, assuming that household used a 30-year conventional mortgage to finance the home, made a modest down payment on the property, and carried good credit scores.”

However, some sources are warning that homes may become too expensive for many first time home buyers as time goes on. Due to unexpected election results, mortgage rates are rising to new 7-month highs, and economists fear they

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