Ok. The economy is in the crapper and housing seems to be at the forefront of the economic turmoil, but is it as bad in North Texas as the talking heads would have us believe? No. In fact, my team is on appointments nightly with sellers who are ready to sell in today's market and have lost very little in their values since just before 2008.
That doesn't mean we don't still have problems coming. Foreclosures are continuing to come into the market which is putting added pressure on retail pricing. The limited number of qualified buyers may also begin to shrink even further as credit tightens and interest rates creep upwards. Not to worry! Prices have remained stable.
Sales are up 14% since last month, and pending sales are also up! The average sale price for the past 12 months in North Texas was $197,853 (according to the North Texas Real Estate Information System MLS). With an average day on market for those that sold of 98, our market is steadily selling within 3 months at 96.1% of list price.
63,073 single family homes sold in the last 12 months, however 62,068 failed to sell that were on the market during that time (49.6% of homes for sale last year!). What does this mean to sellers? Get it priced right and looking good if you want to sell at all! Especially if you plan on selling for as much as the market will bear.
View our Feb 2011 Housing Trends Newsletter
Scott Neal, RE/MAX Abrams
REALTOR®, CDPE, CPR
(214) 295-5060 office (214) 321-4861 fax
Owner Finance Specialist - Short Sale Expert
- See our listings here!
- Get $5,000 for buying!
- Sell your home in 67 days...GUARANTEED!
- Behind on payments? Owe more than your home is worth?
- Sell your home for 110% of its current value!
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