Market Update

Market Updates for Dallas and Austin.

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

531 Views, 0 Comments.

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

736 Views, 0 Comments.

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

1,053 Views, 1 Comments.

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

1,190 Views, 0 Comments.

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

870 Views, 0 Comments.

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

715 Views, 0 Comments.

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

598 Views, 0 Comments.

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

938 Views, 0 Comments.

 october 2016 dallas housing market update

Demand has remained high throughout 2016, as predicted by most market specialists. This has caused sales and prices to remain high despite heavy reductions in inventory and months of supply across the country. Employment remains high, which is expected to keep sales levels high through the end of the year.

According to the North Texas Real Estate Information System’s (NETRIS) monthly report, closed sales stayed about the same in September 2016 as in 2015 at around 9,303 homes. Pending sales went down a whopping 10.2 percent however, and new listings rose 1.3 percent to 11,332. 

Following trends around the rest of the country, inventory shrank 9.1 percent to 25,005 units. As the job market remains healthy, more and more people continue to move

570 Views, 0 Comments.

 Austin October 2016 Housing Market Update

Home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) are on the rise, however, inside Austin’s official city limits, it’s a different story. The Austin Board of Realtors (ABoR) recently released their market statistics that show less than one in three central Texas homes were sold in the Austin-Round Rock MSA, and less than one in five homes sold in the Central Texas region were actually sold within the city.

Inside the city of Austin, single-family home sales decreased 4.5 percent in September 2016 to 746 home sales. The Austin-Round Rock MSA shows an increase of 1.3 percent year over year to 2,576 homes sold. Across Central Texas, the number of homes sold rose 6.1 percent.

This shows that people are moving to central Texas,

737 Views, 0 Comments.