The North Texas housing market experienced a 30 percent increase in sales this April, experiencing the second largest increase in 16 years according to the MLS. 8288 single family homes were sold this April, the largest monthly total since 2007! The housing market continues to grow exponentially due to the large amount of families moving to the Dallas/Fort Worth area, and it shows no signs of letting up.
New listings in the North Texas region increased 10.8 percent to 12,914 listings. Pending sales were up 6.2 percent to 8,382, and inventory levels shrank 28.0 percent to 25,654 units. The price people in the DFW area are paying for homes is going up as well. The median sales price increased 13.1 percent to $175,000, and the average days on market went down 21.4 percent to an average of 70 days. The supply of inventory went down about 38 percent to 3.5 months of inventory.
What does this mean for buyers? That finding homes for sale in the Dallas/Fort Worth metroplex is going to be more challenging then ever! Houses are selling before they even hit the market, either by word of mouth or the “Coming Soon” sign, which is growing in popularity. Having a Dallas/Fort worth real estate expert to help you along the way is extremely important.
If you’d like to browse the most up to date inventory online, you can visit our website which is updated by the MLS frequently. Resources like this can help you stay ahead of the game in this fast paced housing market.
Welcome to the Dallas/Fort Worth market report brought to you by HomeCity Real Estate. I'm Sterling Mack, director of sales for HomeCity Real Estate in Dallas/Fort Worth and I want to take a few minutes of your time to highlight basically what's been going on in the local market over the last month.
I was recently reading an article I'm the Dallas Morning News that highlighted the fact that Dallas/Fort Worth was had the highest population growth for the last 12 months. One things that we found is over 350 families are moving to the Dallas/Fort Worth area a day. One of the main reasons they're coming to the area is the secret's out. Dallas/Fort Worth is a great place to live. We have a vibrant job market. We have award winning schools. We have affordable housing. And most importantly: no state income tax.
So if you're watching this video from another state, you can only imagine how great it would be to actually come here.
What we find in today's market, based on the North Texas Real Estate stats, is that the average priced home in Dallas/Fort Worth right now has actually increased to over $220,000. That shows a 9% increase year over year as far as the value of homes and what you should expect as a buyer to pay for a move in ready home.
We're actually seeing in the suburbs right now, due to this recent shortage of inventory, is the fact that we are back to a seller's market. What that means to you is you should expect that houses will move very quickly. In fact sometimes we're seeing houses selling the same day with multiple offers.
For most families that are trying to navigate and find the perfect home for them, they're basically getting in line with many other families for the exact same home. In fact, we just had a recent listing in Frisco that the first day it was on the market had over 30 showings and 9 offers. So for you to be successful in the home buying process, one of the critical keys is to hire an agent that's experienced and help put you in a position to where you can actually submit an offer that will be accepted.
One of the great things about working with HomeCity is the technology that we bring to bear. What I mean by that is, take a quick moment to actually go out to www.homecity.com and look at some homes. What you're going to find there is the fact that we provide a timely updates on what's going on in the active market, meaning that we refresh our website multiple times a day to reflect what's actually still available. What that means to you is whenever you see a home on our website, you can call one of our experienced agents and have a much higher probability of actually winning the deal.
The other thing we do is we send out daily notifications. This actually highlights the homes that have just recently come on the market so you can actually be one of the first people out there and hopefully have an opportunity to win that house.
What's most important in the process of getting the home in today's market is working with an experienced agent that can ensure that you actually put together an offer that will get accepted. And that's one of the great things about HomeCity Dallas/Fort Worth is we have great experienced agents that can help you get a home.
If you like what you see on this video, we'll be providing monthly updates to highlight what's gone on in the previous month and the market. Take a minute and Like what you've just seen. You can also check us out on Favebook. We're consistently showing you different agents and what's going on in the different areas of the market and can help you get your home. Thanks for taking time and I hope you give us a call.