Dallas Real Estate and Short Sale Blog

North Texas Inventory Shortage - It's Simple Math!

Sold Sign

We've been talking about the lack of housing inventory for the past six months. We have a huge demand for houses and the ones on the market that are properly prepared, priced, and show-ready are under contract in a matter of weeks (in a few days below $200k).

The question we get asked the most is "why" is this happening.

It's simple math! Take a look at the chart above--over the past 12 months we seen new listings rise 2 percent, yet closed sales are up over 17 percent. There's more good news. Days on Market has dropped from 95 days to 71 days and the average sales price is up 2.5 percent over last year. Even more significant is the Months of Supply which is down 36.8 percent to just 3.4 months.

What's the take-a-way for home sellers and buyers?

If you are looking to sell, this is the best time in years. Selling now allows you to move up or move down taking advantage of the market condition not only in selling but also allows you to take advantage of the historic low mortgage interest rates.

If you're looking to buy, you need to move quickly. Gone are the days of searching for months and coming back to see how much prices have been reduced. Wait a few weeks and the house will be under contract. The same is true for making low offers just to see what happens. We're seeing multiple offer situations on many houses.

Looking to sell or buy a home in the North Texas area? Click here to search for homes for sale in north Texas.

Contact us at 214-227-6626 if you need more information or want to work with an award-winning real estate team in the north Dallas suburbs.

Photo licensed from ShutterStock | Chart created by the Collin County Association of REALTORs

Originally posted at http://www.thebranchteam.com/wordpress/2012/09/30/north-texas-inventory-shortage-its-simple-math/

 

Tom Branch and Gina Branch, The Branch Team with RE/MAX Dallas Suburbs, service the greater North Dallas suburbs including Dallas, Plano, Allen, McKinney, Frisco, Lewisville, and Carrollton.  While Gina concentrates on traditional listings and buyer/tenant representation, Tom specializes in assisting distressed homeowners to avoid foreclosure.  Tom and Gina have published two books (Achieving Rock Star Status and The Field Guide to Short Sales) and are available for speaking engagements in the greater Dallas - Fort Worth Metroplex. Subscribe to The Branch Team Blog.

Follow Us on Facebook          View Our LinkedIn Profile         

Copyright 2009-2013 - The Branch Team
The Branch Team - Texas Real Estate Broker 547597 | Team Members are Texas Licensed Real Estate Professionals
Tom Branch - National Mortgage Licensing System 341963
  

The Branch Team - Named Top Producers in Dallas by D Magazine

Important Notice: The Branch Team with RE/MAX Dallas Suburbs is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

Protected by Copyscape Web Plagiarism Tool

Comment balloon 2 commentsTom Branch • September 30 2012 07:04AM
North Texas Inventory Shortage - It's Simple Math!
share
We've been talking about the lack of housing inventory for the past six months. We have a huge demand for houses and the ones on the market that are properly prepared, priced, and show-ready are under contract in a matter of weeks (in a few… more
Fall Creek in Allen, Texas
share
Phase 1 of Fall Creek is now under construction! Standard Pacific Homes is offering nine home plans ranging from 2500 to 4100 square feet with prices beginning in $340's. There are 75 homesites in Phase 1. Fall Creek is zoned to Allen… more
Rita's Ice Custard Happiness Opens in Plano
share
Gina and I attended the Plano Chamber of Commerce Ribbon Cutting for Rita's Ice Custard Happiness in Plano yesterday afternoon. Located at the northeast corner of Independence and Legacy, Rita's offers traditional custard and Italian ices in… more
Highland Homes Begins Pre-Sales in Lawler Park
share
Highland Homes has just announced that they have begun pre-selling homes in Lawler Park - The Crossing. Located in Frisco, Texas this master planned community will have beautiful 75 by 125 foot home sites and Highland Homes will be… more
Check Those Sprinkler Heads!
share
I was out walking early this morning and I came across a home with a broken sprinkler head. While the new "water feature" looked great, the entire zone was not working and the lawn was all brown. Most people set their systems to run… more
Now May Be The Perfect Storm For Sellers
share
It’s been a crazy year so far in the north Dallas real estate market. Buyers are out in droves and homes are flying off the market. The bad news for buyers is there are very few homes available in some areas and the ones that are properly priced,… more
Hamilton Hills Kick Off Party
share
Gina and I attended a kick-off party for Hamilton Hills last night at the "old farm house" in Montgomery Farm. Belclaire Homes and David Weekly Homes sponsored the event for a limited number of agents who have been actively involved… more
How The Hell is The Market Supposed to Heal?
share
It’s been a crazy ride in the North Dallas real estate market this year. The heavy buyer’s markets of previous years have given way to a strong seller’s market in 2012. Properly prepared and show-ready homes are flying off the market in days at… more
Are Hip Pocket Listings Really A Good Thing?
share
I read a blog posted on Candy’s Dirt this morning titled, “ Newest Status Symbol: Our House Sold Before Going on the Market. Hip Pocket Sales and Why Brokers Love Them ” In this blog, Candy talks about the growing trend for brokers to hold new… more
Listing Search of Diminishing Value for Agent Websites? Another View
share
Teresa Boardman’s article titled, “ Listing Search of Diminishing Value for Agent Websites ” published in Inman News caught my attention this morning. Teresa laments that her IDX is no longer producing the results it once did. She states, “I… more