Friday, March 16, 2012

Dallas-area Home Listings at 10-year Low.

This updated M-street home at 6350 Malcolm is a 2/1/2. Get more details.

Dallas Morning News article summarized by Troy Corman,

Dallas Morning News real estate editor Steve Brown (@stevebrownDMN) , reported this morning that there are fewer bargain buys available for north Texas home buyers. Industry experts think we've passed the bottom of the real estate market in north Texas. Demand is now outstripping supply in many north Texas suburbs, as the overall number of pre-owned homes for sale in Dallas is at a 10-year low.

Supply of homes for sale in Frisco, Plano and Grapevine are at 3 months, 3 months and 2.5 months respectively. A balanced market is considered a 6-month supply. Above that level is considered a buyer's market, while below the 6-month level is generally considered a seller's market.

Even homes in University Park and Highland Park are selling at a faster clip than the area average, as these Park Cities homes are now selling 30% faster than in 2011.

Generally, more homes are listed for sale in March, but so far, that hasn't been the case. With better news about the  DFW real estate market, more sellers could enter the market. Also, just this week, the interest rate on the 10-year bond spiked, which is tied to long-term mortgage interest rates. If mortgage rates begin to rise, look for the market to heat up, as buyers realize they'll have to pay more, the longer they wait.

Troy Corman is the founder of t2 Real Estate LLC, a Dallas real estate firm providing specialized knowledge with a hands-on approach. Specialties include residential real estate brokerage, land and acreage, and commercial real estate services. Contact us today at 214.827.1200 if you need to sell, buy or get your DFW property leased.