Browsing the archives for the Home Sale Statistics category.

Let the Sales Season Begin

City of Dallas, Dallas Real Estate, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Home Sellers, Real Estate, Real Estate Finance, Resources

In a recent article in the Dallas Morning News, Real Estate writer Steve Brown notes:

  • North Texas home prices were up 2 percent in February from 2013.
  • North Texas home sales prices jumped by 13 percent in February.
  • But sales of homes in the area struggled to rise above last year’s levels.
  • The number of pending home sales for March – properties under contract but not yet sold – is down 8 percent from last year.

So why the drop in Home Sales? The cold weather not only slowed down construction, but general market activity, as fewer folks were out looking at houses. In addition, the drop in February home sales is a reflection of a shortage of properties on the market.  At the current inventory levels, it is very much a sellers market and with high demand and low inventory, prices will go up.   Year over year, median home prices in North Texas have seen a 10% increase.

According to the National Association of Realtors®, the Existing-home sales fell in January to the lowest level in a year-and-a-half, but ongoing inventory shortages continue to lift prices in much of the U.S.

Dr. Jim Gaines, an economist from Real Estate Center at Texas A&M University, noted in a recent podcast that there are a few other factors to consider that have contributed to a fundamental shift in the market. At the state level, a  higher proportion of sales activity has shifted to the upper median high to high end  of the market, north of $300K.  Furthermore, in some markets the sales activity in the under $150K price range has declined.  Due to the upward shift into the higher end market, the statistics reported in the MLS will also cause a upward shift in home values.

This shift in the consumer market is a result of a tight credit market. Today’s buyers must have higher FICO scores, higher down payments,  and meet stricter underwriting conditions.  The continued Job growth in TX will continue to  contribute to above median income levels.

Housing markets to watch:
Up-Markets – Major Urban Markets
Houston  – driven by the energy sector
Austin  – driven by the  technology
DFW, San Antonio , and Chorpus Christi
These markets are doing well and will continue to do well. Population and economic growth with continue.

For more details you can listen to the housing market update with Dr. Jim Gaines here.

As always, if you are thinking of buying or selling a home, or have a property question in general, please do not hesitate to contact me.

Franceanna@CampagnaRealtors.com
972-588-8863
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Happy New Year!

City of Dallas, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Home Sellers, Investors, Lakewood, Real Estate, Real Estate Finance

Happy New Year to all! The year 2013 was one of continuous growth, both for our company and the Dallas Economy.   In 2013 the Texas economy continued to outperform the national average.  On an annual basis, Texas jobs increased by 2.5% in 2013.   This population growth, fueled by the robust job market, spurred an increase in home sales and helped drive prices up.

In 2013 the Dallas median sales price increased by +15% from $147,000 to $170,000.   According to NTREIS data, in the 75214 zip code where the average sold value is $472,000,  40 homes sold in December 2013, at an average SOLD price of $185 sq foot.  This was a 2.7% increase in $/sq ft, year over year.

As the Dallas economy thrived, Campagna and Associates picked up the pace to keep up with the booming market.  We added a new office manager, Sharon Boland, whose exception organizational and planning skills, and fabulous sense of humor, keeps are office running smoothly.

In 2013 we helped a number of people, buy, sell and lease property. The selling season began earlier in the spring and lasted longer into the summer. It was a year of multiple offers, offers above list price, and “hip” pocket listings.  While a great deal of our business in the Lakewood, M-Street, White Rock Lake and Lake Highlands areas of East Dallas, we also helped a number of clients in Collin County, including Wylie, Sachse and Plano. As the population continues to grow, the popularity of suburban areas will continue to gain more attention, and our business will continue to meet the needs of our clients.

So what should we expect in 2014? I predict the strong economy and job market, will continue to promote DFW as a great city for new business opportunities and an affordable housing market will make DFW a top destination for relocation.  The population growth will continue to drive up home prices and sales activity and 2014 will be just as busy if not better.

If you are looking to buy or sell a home in the DFW area, it is important to connect with an experienced Real Estate Agent.  We are here and committed to helping you reach your financial goals for 2014. Here is wishing you and yours health, happiness and prosperity in the New Year!

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March 2013 East Dallas Real Estate Market Review

City of Dallas, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Home Sellers, Lakewood, Real Estate

 

Below are the March 2013 Single Family Home statistics for East Dallas (MLS Area 12)

East Dallas: 218 single family homes sold which is a 5.3 % increase from March 2012. The Median Sale Price of $250,00  is a 12.1% increase  from March 2012. The average days on market is recorded as 57, reflecting a 45.6% decrease. The amount of inventory is 2.6 months, reflecting a 54% decrease from March 2012.

75214: Single Family Closed Sales: 64, which is a 1.6% increase from March 2012. Median Sales Price was $337,500 showing a 10.0% decrease from March 2012.  And a decreased average of 34 Days on Market, down 54.9%.

Price Range: $158,000 – $850,000

Below $200,000: 3 closed sales

$240,000 – $299,000: 22 closed sales

$300,000 – $399,500: 20 closed sales

$405,000 – $499,000: 4 closed sales

$510,000 – $595,000: 5 closed sales

$679,000– $850, 000: 10 closed sales

75206:  Single Family Closed Sales March 2013: 36, which is 23.3% increase from March 2012. Median Sales Price was $322,000, showing a 2.5% decrease from Jan 2012. The average days on market decreased 68.4% to 50 DOM.

Price Range: $164,000 – $740,000

$164,000 – $198,000: 2 closed sales

$222,500 – $299,900: 11 closed sales

$312,500 – $399,995:  8 closed sales

$400,000 – $585,00:  9 closed sales

$509,000 –  $537,000:  4 closed sales

$656,00  – $740,000: 2 closed sales

If you don’t see your zip code included above and would like to know what home values are doing in your neighborhood, please feel free to email me at: Franceanna@CampagnaRealtors.com

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January 2013 East Dallas Real Estate Market Review

City of Dallas, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Lakewood, Real Estate

The Dallas Morning News reported that the Dallas-Fort Worth area hit a record high in 2012, and that D-FW home sale prices were up 7.5% from fourth quarter 2011.

The real estate market right now in Dallas is definitely a seller’s market.  Low inventory, multiple offers, and a frenzy of showings indicates that the supply level right now can’t keep up with the demand.  However, the averages don’t reflect the market as a whole.

 

Below are the January 2013 Singe Family Home  statistics for East Dallas.

East Dallas: 142 single family homes sold which is a 58% increase from January 2012.  The Average Sale Price of $216,057 Price was down 9% from Jan 2012.  The average days on market as 84, reflecting a 9% decrease.  The amount of inventory 2.5, reflecting a 53% decrease from Jan 2012

 

75214:  Closed Sales: 24, which is a 20.7% decrease from January 2012.   Median Sales Price was $324,000 showing a 6.2% decrease. And an increased average of 128 Days on Market, up 12.7%.

 

PriceRange: $160,000 – $1,079,000

 

Below $200,00:               2 closed sales

$215,000 – $282,000:     8 closed sales

$305,000 – $383,500:     7 closed sales

$420,000 – $675,000:     5 closed sales

$950,000 – $1,079,000:  2 closed sales

 

75206: Closed Sales: 22, which is 175% increase from January 2012. Median Sales Price was $358,125, showing a 2.4% decrease from Jan 2012.  The average days on market decreased 28% to 91 DOM.

 

PriceRange: $170,000 – $665,000

 

$170,000 – $285,000:     10 closed sales

$350,000 – $381,000:     4 closed sales

$409,000 – $468,000:     4 closed sales

$500,000 – $529,500:     3 closed sales

$685,000                         1 closed sale

 

If you don’t see your zip code included above and would like to know what home values are doing in your neighborhood, please feel free to email me at: Franceanna@CampagnaRealtors.com

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Having Guts in 2012

Home Sale Statistics, Real Estate, Resources

Looking ahead to 2012, I feel lucky to live in Texas. And better yet, to live in Dallas! The Dallas economy is so strong, that we continue to attract new business and people are relocating from across country to take advantage of the opportunity for growth.   I feel 2012 will bring a slow and steady rise in property values. Nothing dramatic.  But it remains a great time to purchase Real Estate.  Interest Rates are still low. Inventory is still high. It is still a competitive market. And IF you got the guts, now’s the time to buy!

I’m including an article from the Texas Real Estate Center at Texas A&M University, providing some great resources.

COLLEGE STATION (Real Estate Center) – Texas’ economic outlook for 2012 is positive. Job growth is occurring in several sectors, and a low cost of living is enticing businesses to move to the Lone Star State.

It will be tougher going for the nation, however, because of several factors. The housing market needs to clear a high number of foreclosures. Consumers need to pay off their debt. The banking system needs to write off bad debt. Small businesses need to start hiring again.

Writing for the January issue of Tierra Grande magazine, Real Estate Center Chief Economist Dr. Mark Dotzour says, “Fortunately, Texas is poised to outperform the U.S. averages. Home sales volume in Texas should show modest improvement over 2011, and prices should be stable throughout 2012.” Dotzour’s economic outlook is titled “Texas Sails On: Nation Battles Headwinds.”

Other articles detailing findings from the nation’s largest publicly funded real estate research organization are in the issue scheduled for mailing in late January.

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Economic Forecast 2012: What you need to know!

Home Sale Statistics, Investors, Lakewood, Real Estate, Real Estate Finance, Resources

Last week I attended an economic forecast presented by DFW MetroTex Board of Realtors.

 http://www.dfwrealestate.com/forecast2012presentations

Here’s what you need to know.  Economists predict moderate job growth for 2012.

We are in a unique recession.  In the past, economic recovery has been lead by the housing market.  However, due to high unemployment rates, a lack of consumer confidence, and continued credit contraction, the demand for housing remains low.  Unless congress creates the policies to encourage businesses to hire we will see at best modest job growth. It appears that major business investment decisions will be postponed until after 2012 election, resulting in sluggish job growth into the first quarter of 2013.

The good news: Texas as a whole has outperformed the national average.  We lagged into the recession.  While real estate values are location specific, DFW did not experience the boom and bust that affected the Sand States.  Our economy has continued to grow at a rate above national levels, and the projected job growth and expected increase in population is an indicator that we will lead in the national recovery.

Here’s the best news!  There has never been a better time to purchase Real Estate! Interest rates remain low.  FHA has first time home buyer programs allowing buyers to finance a home with 3.5% down.  And a high volume of foreclosures causes distress in the market place that will continue to affect sellers’ values and provide plenty of options to the deal seekers.

 

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Better Than Gold??

City of Dallas, East Dallas, Home Buyers, Home Sale Statistics, Lakewood, Real Estate

I think those who buy in the next 12 months are going to be celebrating five years from now and those who don’t are going to look back with regret.  All signs are pointing to a buy indication.  Forget gold, it has already peaked. Housing is the bargain investment! Take a look at the numbers for yourself.

WHY IS THIS THE BEST TIME IN HISTORY TO BUY A HOME??? Here are some Positive Trends for you to track…

1.   Rental vacancy rates are at their lowest since 2003 and still falling, which will drive up rents even faster than the 2-3 percent average annual increase predicted earlier this year. Moreover, with demand outpacing supply, the rent-to-buy equation is turning increasingly favorable in markets across the nation.

2.  National average home prices in June were still 7.9% below a year ago, which was the height of the boom spawned by the tax credit. However,prices are still up 4.1% over the first quarter. Those are the cautionary findings from Clear Capital’s second quarter report, which is based on data from fair market and REO transactions from recorder and assessor’s offices as well as market reports.

3.      The mortgage delinquency rate has fallen for the sixth consecutive quarter, reports TransUnion. The share of borrowers at least 60 days late on their payment fell to 5.82% this spring, compared to 6.67% a year ago.

4.      One of the biggest bright spots in the housing market is housing affordability which is near an all-time high in 2011 according to the National Association of Realtors. Falling prices have made homes affordable. The trade group’s affordability index measured the third-highest on record after the first quarter of 2011 and the fourth quarter of 2010. Record keeping began in 1970.

Contact us today for more information.

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The Investment Alternative

Home Buyers, Home Sale Statistics, Investors, Real Estate, Real Estate Finance

To say the investment market is unsettling is an obvious understatement. The market is down 8% in the last ten days and the news doesn’t give much hope that things are going to get better in the near term.

Preservation of capital is probably today’s most important investment consideration and making a profit would be a bonus. Of all the conventional investment alternatives like stocks, bonds, mutual funds, gold, commodities, CDs and annuities, housing is the best asset class in America.

Homes have had a 30% to 40% price correction in the past four years. Mortgage rates are at near all-time low rates with 30 year terms available for investors. Rents have increased significantly over the past two years while vacancy rates have decreased. People will always need a place to live.

Five year certificates of deposits earn a little over 2% but rental properties are yielding eight to ten times more than that. Income properties are tangible assets that have benefitted dramatically in inflationary times. Cash assets can be devastated by inflation and diversifying into income properties can provide real protection.

Single family homes offer investors the opportunity to borrow large loan-to-value mortgages at fixed rates for long terms on appreciating assets with tax advantages and reasonable control. Investing in rentals can provide stability, safety and a higher rate of return.

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Not So Fast Buyers!

East Dallas, Home Sale Statistics, Lakewood, Resources

One of the challenges buyers are having with financing may be their own understanding or lack thereof.

In a recent survey done by research firm Ipsos for Zillow, a surprising number of incorrect answers to true or false questions were given by prospective buyers.

Over 3/4 didn’t realize how the mortgage rate was determined for a borrower thinking that annual income was the most important factor. Other considerations lenders do evaluate are credit score, debt-to-income and loan-to-value ratios.

A variety of myths seem to have influenced some of the common answers such as interest rates are set and released once a day; FHA loans are for first-time buyers only; prequalification commits the lender; lender fees are not negotiable and adjustable rate mortgages always go up.

Buyers’ misunderstanding of actual mortgage practices may give some insight into why more of them are not taking advantage of the greatly reduced prices and incredibly low mortgage rates.

While getting solid information about mortgages and being pre-approved from a lender are very important, it is only one step in the home buying process. Success in buying a home in today’s unique market should begin with a real estate professional that will coordinate all of the different parts of the transaction including mortgage, title, insurance and inspections.

As a professional Realtor, I can help guide you through this process! Contact me with any questions regarding buying or selling your home!

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East Dallas MLS Summary April 2011

East Dallas, Home Sale Statistics, Lakewood, Resources

APRIL MLS statistics are in! March and April have been very busy for me! I have many buyers taking advantage of what is a strong Buyer’s market!

According to the Texas A&M Real Estate Center and the NTREIS Multiple Listing Service, the  SINGLE FAMILY home sales in the Lakewood and East Dallas area (MLS 12) are down, but the prices are up.

For the month of April 2011, Area 12 saw 477 sales – Which is great! Home sales have increased from the February report of 166 to 477,  which shows an increase of 187%.  Although it still shows a 19% decrease in volume when compared to last year,  things have finally started to move in 2011.

For the month of April 2011, the average Sale Price recorded for Area 12 is $267,772.  Values are 18% higher than the were a year go, but we note a small decline of 5% when compared to February’s numbers.

The average days on market for a home in the East Dallas (Area 12) is 130, which is a 5% increase from 2010.  Additionally, there are 9.1 months worth of inventory available on the market.

The bar graph below compares the volume of  Single Family Sales from 2007 – 2011.   The April trend shows that area sales have picked up.  I expect the market activity to continue to pick up.  Additionally, I anticipate the volume of properties will remain high.

This is a buyer’s market! The data shows there is a lot of inventory available.  If you are buyer thinking about purchasing a home, it is a great time to jump into the market! Interest rates are still low and you have lots of sellers in the market hoping you will purchase their home.  For sellers, it is a good reminder that it is a competitive market.  Put a little extra effort into the minor details that make your home show well and make sure you are priced appropriately.  Nothing is worse than having your home sit on the market, with no activity, because your home is priced above market value.

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