The long-anticipated pendulum swing is happening in the Dallas-Fort Worth housing market. The North Texas housing market has rebounded strongly during the first quarter of 2012.
The result is that the Dallas area has the lowest inventory of homes since 1999. And that low inventory, combined with historic low mortgage rates, is making this spring and summer a great time to buy or sell your home.
Since the first of the year, Briggs Freeman Sotheby’s International Realty reports that it has sold 52 percent more homes than it did during the same time last year. The dollar volume is also up by 53 percent.
“It is a very healthy market,” said Robbie Briggs, President and CEO of Briggs Freeman Sotheby’s International Realty. “Dallas-Fort Worth is stronger than many other cities around the country. With our favorable business climate, this area remains the go-to spot for asset protection and portfolio diversification.”
The luxury housing market is particularly robust,” said Gene Taylor, Briggs Freeman Sotheby’s International Realty executive vice president.
“Hot right now is the $1 million to $2 million dollar price range for single-family homes. There are not enough homes in that price range to go around,” Taylor said.
A result of the low inventory is that some sellers are getting multiple offers for their homes. Others are selling within days of listing their homes.
The key is that the house is well priced and in good condition, Taylor said. Although homes are selling at a much faster pace, the prices of homes have remained stable, he said.
In most North Texas markets, sales are up and inventory is down. According to Jim Gaines, research economist for the Real Estate Center, home inventory in Dallas at the end of February was 4.7 months. That is well below the 6 months of inventory that is considered balanced between buyers and sellers.
In Collin County, sales in February were up 18 percent over sales a year ago and the home inventory was at 3.7 months.
In Northeast Tarrant County and Arlington, sales were 38 and 36 percent higher than the same time last year. And the inventory of houses was about 4 months in each market.
Custom-built homes have rebounded strongly because many empty-nesters want a new home with less square footage and high-end finish out, Taylor said.
“I know all of our associates have been very busy over the last few months. I am not surprised to see that we are running ahead of the rest of the market in sales,” Briggs said.
Homes in the $1-$2 million price range, like the one at 5426 Purdue, are in high demand in the North Texas Real Estate market. Contact listing agent Julie Gilbert at 214- 403-9838 for more information.