DFW takes the good with the bad!

While the housing market and economic situation is far from ideal in many parts of the country, recently released information shows that the Dallas/Ft Worth area is defying what all the media hype is proclaiming. 

The Wall Street Journal January 2008 Housing Indicators showed the Dallas area as one of only two metro areas in the US with a strong overall strength.  The Dallas area shows a 5.9 month supply of available homes, with a price change of only -0.1%, and a strong employment outlook.  DFW has a much tighter supply of existing home inventory than most markets, and housing continues to be a bargain in comparison with the rest of the country, even with the continued rise in median DFW new home price over the past 4 years (including 2007).

 Moody's Economy.com forecast predicts that the Dallas area will continue to see increases of 3% price appreciation.

The PMI U.S. Market Risk Index states Dallas and Ft Worth as two of the 4 metroplex areas with the lowest risk of decline in the next two years.  Our own MLS statistics back up these predictions with statistics that show a slightly slower market, with fewer sales and longer days on market, but with steady and increasing sales prices. 

A contributing factor to our continued growth despite the overall condition of the U.S. economy is the Barnett Shale, the biggest gas field in Texas, and the 2nd biggest gas field in the U.S.  It created 83K jobs in 2007, and generated $8.2 billion into our local economy. 

Economy.com estimates that DFW will see the largest population growth of any area in the country between now and 2011.  We are already the largest metro area in Texas, and the 4th largest in the nation.  We also have the largest, most educated workforce in the state (3 million workers), produce one-third of all goods and services in Texas, lead in public university and community college students (250,000 students), approach $60 billion annually in direct imports and exports, and add 200 net new jobs and 370 residents every day!!

Combine all of this information with the fact that the average price of a 2,200 square foot, 4 bedroom, 2.1 bath with a family room and 2 car garage is just $302,198 in Dallas, which is the highest average in all of Texas, and you've got yourself a great place to move and work and BUY!!!

The upside of only experiencing 2 - 3% appreciation in annual home values is that there is no huge correction to make when everything else goes haywire!  Texas truly is a great state, even more so now with our stable property values and continued absence of a state income tax.  Come join us!