Richard W. Beauchamp
11-28-2007, 09:27 AM
According to our North Texas Real Estate Information Service (NTREIS), most of our North Texas neighborhoods saw some increase in home prices during the first 9 months of 2007. The median sales price for existing homes was up about 1% for the year thus far. Some areas, specifically North Dallas report sales prices up as much as 21%. This is of course terrible news for the “doomer-gloomers” out there!
The biggest declines were in Coppell, where according to NTREIS, the listing home inventory is very low. While in Westlake there exists an 8.5 month supply of homes for sale.
Across North Texas, this inventory is at around 6.5 months.
According to Dr. James Gaines, a research economist for the Real Estate Center at Texas A&M, the local housing market may have slowed, but the market is still relatively strong. He went on to say, “the economy is doing well, employment is still growing, there are people moving to the D-FW area in fairly large numbers, and there is plenty of mortgage money available, but not under the ridiculously easy standards of the past several years.” All up, as I see it, we are in a very stable, and in some cases very strong residential estate market, and blessed to not be experiencing the market conditions in Detroit, Miami, Riverside and LA, CA, and Las Vegas.
On a related note, we continue to see the lower tier markets struggling to see some upward movement, while the mid-range tier is relatively flat, but strengthening, and our higher-end market segments are close to “on fire.” What goes around, comes around they say, and three years ago, what I report here would been exactly the opposite, with the high-end very flat, while low and mid-tier markets were booming.
At Wynn—We’re About Results, Not Reasons!
WynnRealtors.com
The biggest declines were in Coppell, where according to NTREIS, the listing home inventory is very low. While in Westlake there exists an 8.5 month supply of homes for sale.
Across North Texas, this inventory is at around 6.5 months.
According to Dr. James Gaines, a research economist for the Real Estate Center at Texas A&M, the local housing market may have slowed, but the market is still relatively strong. He went on to say, “the economy is doing well, employment is still growing, there are people moving to the D-FW area in fairly large numbers, and there is plenty of mortgage money available, but not under the ridiculously easy standards of the past several years.” All up, as I see it, we are in a very stable, and in some cases very strong residential estate market, and blessed to not be experiencing the market conditions in Detroit, Miami, Riverside and LA, CA, and Las Vegas.
On a related note, we continue to see the lower tier markets struggling to see some upward movement, while the mid-range tier is relatively flat, but strengthening, and our higher-end market segments are close to “on fire.” What goes around, comes around they say, and three years ago, what I report here would been exactly the opposite, with the high-end very flat, while low and mid-tier markets were booming.
At Wynn—We’re About Results, Not Reasons!
WynnRealtors.com