Homes-sold-home-for-sale-report

For the second year in a row, Texas home sales hit an all-time high. According to the 2016 Texas Real Estate Year in Review Report released by the Texas Association of Realtors (TAR), both home sales and home prices reached record highs last year.

In a statement released by the TAR, Chairman Vicki Fullerton said, “Last year’s record home sales activity was fueled from the momentum of multiple years’ strong job and population growth across the state, despite the fact that Texas job and economic growth began to slow in 2016.”

According to the report (available in full here), median home prices rose 7.7 percent in 2016, to $210,000. Home sales volume increased 4.6 percent, to 324,924 homes sold. Average days on market held steady from 2015 at 58 days. Active listings grew six percent last year.

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townhome sales

Condos and townhomes are hot properties in DFW so far this year.

North Texas condo sales increased 3.8 percent year-over-year to 1,536 condo sales during the January to May 2016 timeframe. Townhome sales increased 8.2 percent to 1,019 townhome sales during the same period, according to the 2016 Texas Condominium Mid-Year Sales Report by the Texas Association of Realtors (TAR). DFW is the only major metro in the state where townhome sales increased.

“Many young urban professionals and newly retired baby boomers are buying condos, as they provide an affordable alternative to single-family homes and townhomes,” said Leslie Rouda Smith, chairman of the TAR. “These Millennials and retirees don’t want the upkeep of a traditional, single-family home and want to be close to nightlife and amenities.”

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dallas home remodeling

New fiberglass attic insulation got a 100.9% ROI in 2015, according to TAR. Photo: Ryan McFarland via Creative Commons

When it comes to home remodeling projects, homeowners are all about improving either a home’s curb appeal or energy efficiency. This is true in Dallas, the state, and the nation.

A new report from the Texas Association of Realtors released Friday, the Texas Remodel Valuation Report, looked at the profitability and popularity of home improvement projects in 2015 both nationally and locally.

Remodeling projects continue to be popular and profitable in Dallas. This is true even though profitability of most home remodeling projects in Dallas declined slightly in 2015, with ROI ranging between 51.5 percent and 108.6 percent.

Lots of people here buy a fixer upper and choose certain strategic projects to make it more livable and energy efficient. Others choose to complete a few projects before putting a home on the market to boost resale value.

Locally, the biggest bang for a homeowner’s remodeling buck came from manufactured stone veneer, a lower-cost alternative for siding, fireplaces, and other stone projects. In Dallas, people recouped on average 108.6 percent ($7,920) of the total project cost. It was also in the top five most profitable projects in all Texas markets with the exception of Houston, seeing a 157.9 percent ROI statewide.

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Hicks Walnut Place

Luxury home sales in Dallas-Fort Worth were hot, according to the latest report from the Texas Association of Realtors.

Demand for high-end dirt in Texas was quite robust in 2015, according to the just-released 2016 Texas Luxury Home Sales Report from the Texas Association of Realtors. Dallas luxury home sales and Fort Worth high-end real estate sales grew by 12.4 percent from January to October 2015, with 1,088 homes priced at $1 million or more selling during the period.

“Texas’ economic prosperity continues to make luxury home sales one of the strongest sectors of the Texas housing market, particularly in the $1 million to $1.5 million range,” said Leslie Rouda Smith, luxury Realtor with Dave Perry-Miller Real Estate and chairman of the Texas Association of Realtors. “In some neighborhoods, the lot alone is well worth $1 million and up.”

Ain’t that the truth! Dallas dirt is getting tremendously expensive, especially in the custom homebuilding market. Buyers and clients should expect the lot purchase to take up a greater share of the budget from now on as land is growing more scarce.

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Kristin Smith, left, and Leslie Smith.

Kristin Smith, left, and Leslie Rouda Smith are mother-daughter Realtors.

Since Mother’s Day, we’ve been talking to mother-daughter Realtors who share a passion for real estate. Today, we’re speaking with Leslie Rouda Smith, a Broker Associate with The Country Connection team at Dave Perry-Miller and Associates, and her daughter Kristin Smith, a Realtor at Dave Perry-Miller’s Park Cities offices.

The two are busy and well-connected! Leslie is the incoming chairman of the board of the Texas Association of Realtors and Kristin is active in the Young Professionals Network (YPN), an entry point for real estate professionals striving to become more successful in their careers and gain leadership experience.

We asked them a few questions about their experience, and what they love about being Realtors.

CandysDirt: How has working in the same career impacted your relationship?

Kristin Smith: As someone who grew up in the business, I’ll say it has impacted our relationship positively since the beginning. My parents made sure we comprehended the benefits of being a Realtor from day one. Be your own boss, create your own schedule, and there is no salary cap. This industry requires structure, discipline, and self-motivation, but I played every sport you can imagine and my parents never missed a game.

Leslie Rouda Smith: I get to talk to Kristin more than I would normally, but I don’t get to see enough of her. We communicate electronically most of the time. State and national conventions, as busy as we are, are our family reunions.

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Homes are flying off the market, often before a sign is put in the yard. Still, Texas metro areas could experience a slower market toward the end of this year.

Homes are flying off the market, often before a sign is put in the yard. Still, Texas metro areas could experience a slower market toward the end of this year.

Corrected figures from the National Association of Realtors show that Dallas home sales have increased 1.82 percent in the first quarter of 2015 while median price grew 11.99 percent.

Statewide figures show a strong start to 2015 for Texas home sales, with a year-over-year increase of 4.16 percent. Inventory is still an issue, with available homes dropping to an all-time-low of just 3.1 months, which is less than half the supply required for a balanced housing market. That’s a precipitous 8.82 percent decline from the first quarter of 2014. More detailed figures are available through the Texas Association of Realtors.

“Homes are being built as quickly as possible, yet most are not in the price range where inventory is needed most – the entry-level market,” explained economist Jim Gaines of the Real Estate Center at Texas A&M University. “Interest rates are still low, but tight lending standards, rising home prices, and slim inventory have created a tough market for first-time homebuyers.”

It sounds like a good problem to have, right?

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Photo courtesy of Ray Bodden

Photo courtesy of Ray Bodden through a Creative Commons license

Texas is the place to be for economic prosperity and job growth, which in turn has made our real estate market one of the best in the nation, according to the 2014 Texas Annual Housing Report, released this week by the Texas Association of Realtors.

Nearly every area of real estate in the Lone Star State continues to get bigger and better, some of it astoundingly so, the report shows. Most notably, growth has happened in luxury home sales, international home buying, relocation activity, condominium sales, and remodeling trends.

“It’s a great time to live in Texas. The high demand for Texas real estate is not being fueled by speculation and investment activity—it’s driven by the thousands of people who move to the Lone Star State daily,” said Dan Hatfield, chairman of the Texas Association of Realtors. “People are moving to Texas from across America and around the world to take part in our state’s booming economy, business-friendly environment, and quality of life.” (more…)

Dallas Q3 Housing Report

During the course of the year, spring and summer tend to be the hottest seasons for home sales, with the pace of closings slowing as fall takes hold and school starts. That’s not what happened in Texas during the third quarter of 2014, says the Texas Association of Realtors Quarterly Housing Report, which was released just now. Additionally, inventory increased this quarter each month, continuing to fuel brisk sales in some areas.

In Dallas, though, sales are down year-over-year by 2.36 percent, while median home prices are up 8.73 percent and inventory is down precipitously from Q3 2013 by 10.71 percent. Logic says that, until inventory increases, home prices will continue to increase and sales will continue their slow, downward trend. Still, some areas are seeing increases (Midway Hollow, Lakewood, Lake Highlands, West Kessler) while some areas and price ranges remain sluggish. All real estate is local, y’all!

“The third quarter of the year is typically a much slower sales period – summer is over, school has started and families are staying put for the upcoming holiday season. That was not the case this year,” said TAR chairman Dan Hatfield. “Texas home sales continue to slightly exceed last year’s levels. If this trend continues, 2014 will surpass 2013 to become the second-best year ever for Texas real estate.”

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