Despite the doom and gloom that has been on the news over the past year, the Dallas real estate market is smoking! Ignore the national news... real estate is a very local thing, and you need to look to a local expert for this information. 2012 was a great year for Dallas real estate, and 2013 is already shaping up to be even better.
The following statistics are for the entire DFW Metroplex for the entire 2012 year.
Dallas Real Estate Transactions
2012 saw a nice increase in the number of Dallas homes for sale which successfully sold. There were 78,551 total transactions, up nearly 13% from the 69,610 transactions closed in 2011. Sure, more transactions are good, but did they have to sell them at fire-sale prices? Not at all. The median sales price in 2012 was $157,000, up 8% from $145,000 in 2011. 8% appreciation in home value over a year is a pretty darn good rate of return! So what is fueling this? Well, the fact that there are not as many homes for sale. Supply vs demand says that when supply goes down, the price must go up. In January 2011, there were a total of 50236 homes for sale. December 2012 shows a total of 32,823 homes for sale, a drop of inventory of nearly 35%. New listings are not filling that inventory back up.
Dallas Real Estate Days On Market
Not only are homes selling, and selling for more money, they are also selling much faster. December 2012 had the shortest days on market (87) that the Dallas real estate market has seen since 2010. Compare this to June of 2011 when homes were taking an average of 111 days to sell.
Buyers are out there. We are seeing multiple offers coming on, homes selling in less than a week, and more. If you have been thinking about selling your home in Dallas, now may be the perfect time. As I said above, Dallas real estate is about being local, and the market may be slightly different in your neighborhood. Feel free to contact us to get a free, no obligation idea of what your house is worth in today's market.
They say that pictures are worth a thousand words, so I will leave you with this picture. If you think the Dallas real estate market was bad in 2012, you need to rethink where you get your information.
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