Well, it’s been a really busy summer this year with real estate. In fact, it’s been so busy that I haven’t had time to write a blog post in months. I do expect it to slow back to a normal pace during the holiday season this year….so with much trepidation I am writing this post in hopes of being able to continue on a regular basis.
The Dallas-Fort Worth Metroplex area experienced a wonderfully long overdue “Seller’s Market” for the majority of 2012 (so far). What is a “Seller’s Market” you ask? Let me explain…
A balanced market means that there is a 6-month supply of homes available for sale at a particular point in time. If there is more than a 6-month supply, it is considered to be a “Buyer’s Market” (because buyers have tons of home choices so they can be picky and negotiate on price); and when there is less than 6-months of inventory it’s considered to be a “Seller’s Market” (because buyers are fighting to buy the same house which creates demand and increases sales prices). In August 2011, the inventory was 6.4 months, so we still had a Buyer’s Market at that time. However, just one year later, in August 2012 we have a 3.8 month supply of homes for sale which is a strong Seller’s Market in the DFW area.
This is good news for the real estate market, and for the general economy!
In our greater Metroplex area, the number of homes available for sale has been down every month for the past 12-months, meaning there are fewer homes available for a buyer to choose from. In fact, the rolling average for the past 12-months is a 28.2% decrease in homes available from 2011 to 2012. When there are fewer homes to choose from, buyers end up competing with each other for a home – and competition breeds competitiveness, brining home prices to stable or rising in some areas. In fact the Median Sales Price has risen 5.6% since 2011 (YTD) across the DFW Metroplex.
What does this mean to home buyers and sellers in the Dallas/Fort Worth area? If you are thinking of selling your home, now is a good time to move forward. If you are looking to buy a home, you need to move quickly when you find one that is right for you. If you are planning to stay in your home, enjoy the security of knowing that your home’s value is continuing to increase at this time (which is great if you want to refinance your home with a great low interest rate). Either way you look at it…this is GREAT NEWS for home owners!
If you would like to know more about how our team of professionals can assist you, please feel free to call, text, or email us. We will be happy to help. Visit our website at: www.NorthTexasTopTeam.com for more information about us and how we can help you!
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