It’s a Seller’s Market in North Texas


The following was sent to all members of the Ebby Halliday Companies by President & CEO Mary Frances Burleson. It was such fantastic news, we thought we would share it with you also:

Residential real estate in the Dallas / Fort Worth and North Texas area has become a “seller’s market”.

With fewer homes listed for sale – down from 36,000 NTREIS MLS listings in January 2011 to 22,000 in January 2013 – competition among buyers for well-priced listings has become heated, with multiple offers on listed properties common in many area sub-markets.

Average days-on-market, the time it takes a listed property to sell, has also fallen, from 97 days in January 2011 to 73 days in January 2013. Many real estate experts believe an average of 90 days on market represents a normal balance, and anything below 90 indicates a market that favors the seller.

In addition, the MLS median sales price in the DFW market has risen during the past 2 years from $140,000 to $162,000.

With rising sales prices and a seller’s market, plus historically low interest rates available for most potential buyers, today’s market conditions may make the first quarter of 2013 the ideal time to sell a home in the Dallas / Fort Worth area.

Mary Frances

Dallas-area Home Prices Up by Largest Percentage in More Than a Decade


Steve Brown of The Dallas Morning News reports that Dallas-area home prices are up by the largest percentage in more than a decade in the latest measure of nationwide home values. And, Brown points out, more significant price hikes could be on the way this year.

Dallas prices rose 5.7 percent in November from a year ago in the most-recent monthly Standard & Poor’s/Case-Shiller Home Price Index.

November was the ninth month in a row that local prices were up from a year earlier in the closely watched comparison of home values.

Local home inventory levels are at the lowest point since the early 2000s, and longtime industry analysts say that North Texas could be in for some even bigger price increases in 2013.

“If you own a house and want to sell, it’s probably the best time in years,” according to Dr. James Gaines, an economist at the Real Estate Center at Texas A&M University.

The number of pre-owned homes on the market in North Texas last year was down about 20 percent. And inventories of new homes are at the lowest point in more than a decade.

With interest rates low and the economy gaining ground, the number of homebuyers in the market this spring is expected to climb significantly.

Gaines said that the Real Estate Center estimates that Dallas-area pre-owned home prices were up 7.6 percent in 2012 from 2011. It was the first year of median price increases since before the recession.

Gaines believes prices could possibly rise at double-digit rates this year if the supply of homes on the market stays tight.

“Housing is clearly recovering,” S & P’s David Blitzer notes in the report. “Prices are rising, as are both new and existing home sales. These figures confirm that housing is contributing to economic growth.”

DallasNews.com subscribers may click here to see the full article from Steve Brown.

To learn more about the housing market in your neighborhood and how you can take advantage of the increasingly strong North Texas market, contact a Dave Perry-Miller Associate today. To find the right agent for all of your residential real estate needs, visit DavePerryMiller.com.

North Texas Home Sales at Highest Point Since 2008


Steve Brown of The Dallas Morning News reports that the North Texas pre-owned home market ended 2012 with the best sales total in four years.

The area saw a 16 percent gain in the number of single-family homes sold through the Multiple Listing Service for North Texas.

And there’s more good news: Median home prices rose 8 percent from the year before, according to numbers just released by the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

Last year 75,207 pre-owned single-family homes were sold by real estate agents in North Texas. December home sales were 10 percent higher than a year earlier with 5,658 homes sold through the MLS.

Says Dr. James Gaines, an economist with the Real Estate Center, “I thought 2012 would turn out to be an OK year, but it turned out to be a whole lot better. The market has turned, and it’s strengthening.”

At the end of 2012 there was only a 3.5-month supply of pre-owned single-family homes for sale in North Texas. That’s the lowest inventory of houses on the local market in more than a decade.

Taken together these numbers verify what we have been hearing from our Associates in the field for some time: For North Texas homeowners who are considering listing a home for sale, now is the time to act. There is no need to wait until springtime. Contact an Ebby Associate to learn more about the market in your neighborhood and how you can benefit from the increasingly strong North Texas housing market.

DallasNews.com subscribers may click here to see the full article from Steve Brown.

2013 Housing Forecast: More gains ahead for sales & prices in the Dallas area


Courtesy of Steve Brown and the Dallas Morning News:case_shiller_home_prices

2012 is turning out to be one of the best years in almost a decade for the Dallas-area housing market.

New and pre-owned home sales are rising sharply, and the number of houses for sale is at the lowest point in a decade.

Most North Texas neighborhoods have made up the bulk of the housing value losses suffered during the recession.

Housing analysts expect that the spring will be strong. And 2013 should see more gains for the local housing sector.

“As long as the local economy holds up, I think the housing market will continue to improve,” said D’Ann Petersen, an economist with the Federal Reserve Bank of Dallas. “The very low level of new and existing home inventories should give rise to prices as well.

“Low interest rates and relatively affordable prices are a boost to those deciding now is a good time to buy.”

North Texas’ rebounding labor market is also boosting confidence.Prices of pre-owned homes sold by local Realtors this year are up 8 percent from the first 11 months of 2011, and total pre-owned home sales are running 17 percent higher.

“I just upped my forecast for 2012; I think it’s going to end a little bit better than I originally thought,” said James Gaines, an economist with the Real Estate Center at Texas A&M University. “I think 2013 for Texas is looking pretty good.

“We see the economy getting better, but not by leaps and bounds.”

Visit daveperrymiller.com to view all of our available listings.