The following was sent to all members of the Ebby Halliday Companies by President & CEO Mary Frances Burleson. It was such fantastic news, we thought we would share it with you also:
Residential real estate in the Dallas / Fort Worth and North Texas area has become a “seller’s market”.
With fewer homes listed for sale – down from 36,000 NTREIS MLS listings in January 2011 to 22,000 in January 2013 – competition among buyers for well-priced listings has become heated, with multiple offers on listed properties common in many area sub-markets.
Average days-on-market, the time it takes a listed property to sell, has also fallen, from 97 days in January 2011 to 73 days in January 2013. Many real estate experts believe an average of 90 days on market represents a normal balance, and anything below 90 indicates a market that favors the seller.
In addition, the MLS median sales price in the DFW market has risen during the past 2 years from $140,000 to $162,000.
With rising sales prices and a seller’s market, plus historically low interest rates available for most potential buyers, today’s market conditions may make the first quarter of 2013 the ideal time to sell a home in the Dallas / Fort Worth area.