According to the sales statistics for December 2012, the real estate market in Dallas is humming. Year-over-year, Inventory is down 34% and the price of the Median home is up 20%.
In December, there were 1,438 New Listings, a decrease of 1% from December of last year. Real Estate Sales are seasonal. There is usually a big spike in the summer and then, things slow down in the winter. This December there was a 12% increase in properties that went under contract when compared to December of 2011.
The Median Sales Price for Dallas County is $154,400. The average home sold in Dallas County is $248,657. Sellers are receiving 92% of their original list price, suggesting that home owners are hoping to receive more for their homes than buyers are willing to pay.
Because there is less inventory, properties are on the market for a much shorter period. We currently only have a 3 month supply of homes in Dallas County. What that means is that if a home is in good condition and priced correctly, it is sold very quickly. That is good for Sellers but it tends to frustrate Buyers.
The source of the graph is MetroTex Association of Realtors website. The data is from the North Texas Real Estate Information System (NTREIS)
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