Update 11:08 p.m.: Here’s Steve Brown’s take on the shrinking Dallas real estate market. If you don’t want to read it, he’s basically saying what I said: fewer bargains, less inventory, and we may be inching towards a seller’s market!
I am so excited to be on Daybreak with that precious Ron Corning, who, as it happens, went to the same college I went to, Wheaton College in Norton, Mass. (Or, as my husband says, the “heathen Wheaton”. This one is NOT Billy Graham’s alma mater.) Besides Ron’s taste in paint colors, we are going to talk about how there are way fewer homes on the market these days! If you are looking to buy, you need to arm yourself with the latest info and read this blog RELIGIOUSLY. Hip pockets abound: those are homes not formally on the market or in MLS.
Is t just me, or are there more FSBO’s, too?
How bad is it? Listings in North Texas are down by almost a quarter from last year! That’s from the huge NTREIS system that stretches from the outskirts of Waco up to the Red River: 22% fewer listings than there were a year ago! That’s because sellers fear losing money on declining home values or went out and leased their homes to ride out the storm. Builders aren’t really building spec homes, though some of the volume builders like Darling are doing great in Collin County. Bottom line: there’s now way less to choose from.
In February of 2006, when the market was getting on steroids, 26,793 homes were for sale in Dallas. Two years later (2008) 29,206 were available. Flash forward to February 2011, only 22,868 homes were on the market. February 2012 stats are not out yet but in January, 2012, there were only 16,721 homes on the market in Dallas
Thats a 4.7 month supply in Dallas. Six months is considered healthy.
There’s even less in Collin County, which is down to a 3.5 month supply. This is just happening in Texas, by the way. With apartment rents rising there’s a good chance we might see some price appreciation, say experts, but I think they are building so many apartments the competition will temper rents. More details on Daybreak, so tune in IF you can get up that early… you know me, that’s about the time I usually wrap blogging and go nighty night. But to sit next to Ron is well worth getting up with the chickens!