Dallas Market Report - November 2016
Posted December 2016
The story has remained consistent as concerns residential real estate. In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Meanwhile, homes are selling in fewer days and for higher prices. This hasn't always been the case, but it has occurred with enough regularity and for enough time to make it a trend for the entirety of 2016. New Listings were up in the North Texas region 5.0 percent to 8,911. Pending Sales decreased 7.9 percent to 6,729. Inventory shrank 9.1 percent to 23,062 units. Prices moved higher as Median Sales Price was up 15.1 percent to $230,000. Days on Market decreased 4.4 percent to 43. Months Supply of Inventory was down 10.3 percent to 2.6 months., indicating that demand increased relative to supply. Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after. Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend shift was hard to come by, and unemployment rates have not budged since August 2015. Post election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.