Browsing the archives for the Home Sellers 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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