Good News in Dallas Real Estate!

By
Real Estate Agent with United Real Estate TX #0552717

According to David Fair, attorney at Hexter Fair Title Company, there is a BIG difference between the Dallas economy & housing market and  the rest of the country.  The strong DFW (Dallas/Fort Worth) economy is keeping our real estate prices up.

 We have strong job creation here, continuing corporate and individual relocations, and a vibrant oil & gas industry (especially in the Barnett Shale which created 83k jobs in 2007 and generated $8.2 billion into the local economy).

In 2007 Dallas area created 230 net new jobs per day, and 472 net new residents per day.  Figures for 2008 are not yet in.

According to Fair, DFW has only 3.1 months' inventory of new home (finished and vacant) inventory, per the Metrostudy and builders have shown significant restraint in keeping housing starts low.  For existing home sales, there is a 6.2 months' inventory (and 6 months is generally considered equilibrium).

To support his opinion, Fair provided the following from the Metrostudy results:

Job creation 9/07 to 8/08
Top 10 states

Rank

State

12-Mo

Job Growth

Growth

Rate

1

Texas

243,100

2.3%

2

New York

39,700

0.5%

3

Washington

35,700

1.2%

4

Colorado

26,700

1.1%

5

Maryland

25,700

1.0%

6

D. C.

21,600

3.1%

7

Virginia

19,000

0.5%

8

Louisiana

18,200

0.9%

9

Oklahoma

10,500

0.7%

10

Kentucky

8,500

0.5%

 

Job creation 9/07 to 8/08
Top 10 Metro Areas
 

Rank

Metro Area

12-Mo
Job Growth

Growth
Rate

1

Dallas-Fort Worth
Arlington

59,800

2.0%

2

Houston-Baytown
Sugar Land

53,400

2.1%

3

Washington DC
Arlington-Alexandria

44,600

1.5%

4

Seattle-Tacoma
Bellevue

43,800

2.5%

5

NY-North Jersey
Long Island

33,600

0.4%

6

Austin-Round Rock

18,100

2.4%

7

San Antonio

17,000

2.0%

8

Virginia Beach-Norfolk
Newport News

16,800

2.2%

9

Denver-Aurora

13,700

1.1%

10

New Orleans-Metairie
Kenner

12,100

2.3%

The 5 metro areas with the lowest risk* of a price decline in the next two years (from the PMI U.S. Market Risk Index):

46.San Antonio : <1% chance
47.Pittsburgh, PA: <1% chance
48.Houston-Sugar Land-Baytown: <1% chance
49.Dallas-Plano-Irving: <1% chance
50.Fort Worth-Arlington: <1% chance

*Risk measured as the % chance that home prices will be lower in 2 years.

 The DFW residential market is poised to rebound in the spring of 2009 as "certainty" (from federal bailouts, interest rates, job security, election results, etc.) returns over the coming months,  We all hope that Mr. Fair's prognostications are correct.

 

Posted by

Lorrie Semler, e-PRO, GRI, SRES, CPRES, CRS
Addison Resident/Addison Specialist                                                      Subscribe Button
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Show All Comments
Rainmaker
645,089
Associate Broker Falmouth MA Cape Cod Heath Coker
http://www.CapeGroup.com & http://www.REindex.com - Falmouth, MA
Heath Coker Robert Paul Properties Falmouth MA

What?  Good real estate news?  You must not be part of the mainstream media.  Yea Dallas!  After 1/20/09 it will be interesting to see how much of this begins to be reported.  (When you have good real estate news, please post it in the AR group Positive Real Estate News.)

Dec 20, 2008 03:38 AM #1
Rainmaker
292,404
Home Loan Search.Online
Home Loan Search Online - Newnan, GA

One of the reasons I would say for the good news is the fact that DFW is a place people want to move to.

Dec 20, 2008 03:42 AM #2
Rainmaker
1,298,486
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

Heath:  Thanks for the heads-up about he Positive Real Estate News group.  I just subscribed and added my last 2 posts, both with + news.

Integrity:  And one of the reasons people want to move here is because of the better economy.  And the cost of living. I'm a big fan of the weather here, too.

Dec 20, 2008 04:47 AM #3
Rainmaker
238,510
Angelia Garcia
Pure Realtors - Dallas, TX

Thanks for posting. That is fantastic news.

Dec 21, 2008 03:46 AM #4
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Rainmaker
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Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417

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