Today’s (December 8, 2009) Dallas Morning News article should be must reading for all Dallas – Fort Worth home buyers still looking to purchase a home in the next few months. The Dallas area home sales rose by 31% in November 2009 versus November 2o08. Probably more importantly, the median home sale prices were up 5%, the largest gain in over 2 years. There is no other way to look at the gain, except as a positive signal the the local housing market has turned the corner.
With the median homes sale price increasing 5%, many of the sales must be in the higher price range homes, and not only in the entry level, first time home buyer price range homes that are being spurred by the $8000 federal tax credit. And that indeed seems to be the case. Home sales in the Park Cities rose 81% from November 2009 to November 2008. North Dallas home sales were up 60%. Wylie home sales were up 129%, Westlake sales rose 105%, Coppell real estate sales were up 70%, Grapevine home sale jumped 62%, Southlake and Bedford homes sales rose 60% and Plano’s are up 55%. These are areas of the Dallas – Fort Worth Metroplex from the far western edge to the far eastern edge.
It is most likely we are going to start seeing multiple offers in the near future. With the Dallas – Fort Worth area home sales number up significantly, the other side of the coin is the number of homes for sale. The current inventory of homes for sale in the NTREIS MLS system is at its lowest level in more than 3 years. The inventory is now at less than a 6 month supply, which is considered to be a ‘neutral’ market, not a seller’s market, not a buyer’s market. If the inventory remains at less than a 6 month supply, this will bring added pressure to increase home sale prices.
There will not be a better time to buy a home in the Dallas – Fort Worth area than right now. Prices are rising, inventory is decreasing and mortgage rates are still at record lows. Plus you can still take advantage of the $8000 first time home buyer credit or the new $6500 move-up buyer tax credit. Don’t wait and miss this market. Contact me today and let’s get started in finding you your new home.
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