What was once considered real estate wisdom – the ideal time to list your home for sale is the traditional spring selling season – is no longer true for North Texas homeowners.
Year-over-year home sales for January and the low number of homes currently on the market means there’s no reason to wait until spring to list a home for sale. The latest numbers from North Texas Real Estate Information Systems offer quite a compelling case for getting a head start on the potential competition.
A few of the highlights from January:
* The average sales price for a North Texas home is up 8.9% to $229,522.
* The average list price is up 11.3% to $313,663.
* The percent of original list price received is up 0.6% to 96.9% of asking price.
* Finally, the average time a home is on the market is up 4.8%, but still is only 42 days.
If you’re considering listing your home, contact an Ebby Associate to find out what your home is worth and to devise a plan to get your home not just on the market, but sold. To find the right agent for your residential real estate needs, visit the award-winning ebby.com.
The Dallas-Fort Worth and North Texas residential real estate market continued 2013’s record-setting pace in 2014 with 83,000-plus home sales at a total market value of $20 billion changing ownership.
During the past two years, D-FW-area average home values have increased more than 20 percent. In the same period, the average time it takes to sell a home has decreased to less than 60 days.
The D-FW area continued to lead the nation in job growth in 2014, and the unemployment rate fell to 4.8 percent, remaining well below the national average. At the same time, salaries in the area increased in almost every income sector, according to the U.S. Bureau of Labor Statistics. That’s good news for both the local economy and area residential real estate sales.
It appears 2015 may be another stellar year for the Dallas-Fort Worth and North Texas residential real estate market and for the Ebby Halliday Companies. The recent acquisition of Williams Trew Real Estate by the Ebby Halliday Companies enhances the firm’s presence in Fort Worth and will add significantly to its ability to provide the highest quality of professional real estate services throughout the entire D-FW and North Texas area.
Through November, the Ebby Halliday Companies had participated in 1-of-every-5 D-FW area homes sold through MLS during 2014.
To view properties listed for sale throughout North Texas, visit the award-winning ebby.com.
Existing-home sales rose strongly in May and inventory gains continued to help moderate price growth, according to a just-released report from the National Association of Realtors. All four regions of the country experienced sales gains compared to a month earlier.
Nationwide, existing home sales rose 4.9 percent in May, but remain 5 percent below May 2013. The 4.9 percent month-over-month gain in May was the highest monthly rise since August 2011. Closer to home, in the country’s South region, sales rose 5.7 percent in May, and were down only 0.5 percent from this time last year.
“Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” says Lawrence Yun, NAR chief economist. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”
The median existing-home price nationwide in May was $213,400, which is 5.1 percent above May 2013. In the South region, the median price was $184,800.
To learn more about the real estate market in your neighborhood — or your neighborhood of interest — or to determine what your property is worth, contact an Ebby Associate today. To find the ideal agent for your residential real estate needs, visit the award-winning ebby.com.
Dallas-area home prices rose by 11.8% in February, according to a just-released report from CoreLogic Inc.
Texas has now made up all the home price declines the state suffered in the recession, according to the research firm. Nationwide, prices were up 12.2 percent from the same time a year ago.
“As the spring home-buying season kicks off, house price appreciation continues to be strong,” said Dr. Mark Fleming, chief economist for CoreLogic. “Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply.”
According to the report, the states still experiencing the largest home price decreases since the economic downturn are Nevada (-39.9 percent), Florida (-36.4 percent), Rhode Island (-30.9 percent), Arizona (-30.5 percent) and West Virginia (-26.6 percent).
To learn more about the housing market in your specific area of interest, contact an Ebby Associate today. To get started, visit the award-winning ebby.com.
Despite the nationwide housing inventory shortage, homebuilders are not building new homes in needed quantities, according to just-released data from the National Association of Realtors.
New-home construction activity remained low in February, below one-year-ago levels. On a positive note, the number of housing permits rose, indicating that new-home construction will be rising a bit in the upcoming months.
The housing shortage in many U.S. markets is likely to persist. NAR projects homebuilders need to increase production by at least 50 percent from current levels in order to meet the demand for newly constructed homes.
The Bottom Line: There is little chance of home-price declines in markets where there is a shortage of housing. Rents will continue to rise.
CoreLogic reports that national home prices increased by 12% year-over-year in January. This marks the 23rd consecutive month of year-over-year increases in the CoreLogic Home Price Index.
Nationally, home prices increased 0.9% month-over-month from December. For the past 20 years, the average month-over-month appreciation for January has been 0.2%, and the January 2014 increase was the largest January increase since 2006.
Year-over-year home prices were up in 49 states and the District of Columbia. Only Mississippi showed a price decrease. Nevada led the country with a 22.2% price increase from January 2013, followed closely by California with a 20.3% increase.
In terms of monthly changes, 39 states and the District of Columbia showed increases, with Vermont (+2.7%) and New York (+2.7%) showing the largest increases and New Hampshire (-1.5%) and Iowa (-1%) experiencing the largest decreases.
Texas, Louisiana and Nebraska reached new heights in home prices, and Colorado was within a tenth of a percent of its peak. Conversely, Nevada remained at 40.1% below its peak in 2006, followed by Florida (-36.4%).
To find out the current value of your home, consult an Ebby Halliday Associate today. To get started, visit the award-winning ebby.com.