Dallas Real Estate News: Realtor.com Says D/FW Market is More Accessible, But Redfin.com Says Homes Are Flying Off MLS at Record Pace
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In the Park Cities, homes are often “spoken for” as soon as there’s a sign out front.
From the accounts told by Realtors over cocktails, you’d think buying and selling a home in Dallas was a bloodsport. But whether agents, buyers, and sellers are turning around enough offers and counters to die a death by a million paper cuts is under some dispute. That is, if you’re one to believe studies from national sources.
According to the latest reports from Realtor.com, Dallas ranks No. 2, right behind the Windy City, as the most heavily searched city on the real estate listing site. And while March figures show the median listing price climbing 1.91 percent year-over-year to $219,000 — ahead of the national median listing price of $199,000 — the median age of listings has now surpassed the two month mark. That’s a 43.75 percent increase from last year. In Fort Worth, the median listing price is up 2.94 percent year-over-year to $174,900, with a median market age of 73 days, a 35.19 percent increase YoY.
So is the market slowing or stabilizing, or is it still frenzied enough to have people knocking on doors, begging homeowners to sell their property (and yes, someone just told me this happened to them recently, and I believe it!)?
According to Redfin, Dallas is the fifth fastest-moving real estate market in the nation, with 14.4 percent of listings flying off MLS after three days or fewer. It follows super-hot markets such as Denver, Austin (duh!), Seattle, and Portland, Ore.
Could it also be a mix of both? If you ask anyone who knows anything about the Dallas real estate market, they’ll tell you there is no “Dallas” real estate market. No, this is no scene out of The Matrix, where you have to bend a spoon. What we mean is that real estate is hyper-local. There is a different market dynamic at play in the Park Cities than there is in Oak Cliff. Same goes for Lakewood versus Lake Highlands.
From your experience, what do you think?
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What I find most frustrating as a potential homebuyer (who is not a Dallas native) is the hip-pocket deal. Fine, I know it happens, and had I been in the seller’s position when we were selling our house in a down market a year ago, I would have been elated at the prospect. But as a courtesy to those who are scouring this tight market for any leads–don’t put a sign in the yard that the property is for sale. It only makes folks like me angry when we follow up.
iT’S A HUGE PROBLEM. Stay tuned as I just got more info on this trying to confirm: one-third of all transactions in Dallas are out of MLS!