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SEPTEMBER 2017 DALLAS TEXAS REAL ESTATE MARKET REPORT

Dallas Relocation & Dallas Real Estate Blog

Tips by Top Dallas Real Estate Agent, Broker Associate, CRS, GRI, REALTOR

SEPTEMBER 2017 DALLAS TEXAS REAL ESTATE MARKET REPORT




Texas is the 2nd most populated state in the U.S. in part because our strong job market attracts many new residents seeking sunny days and a mix of cosmopolitan and western lifestyle.

Dallas continues to attract employers and new residents are moving here to participate in our diverse economy and cosmopolitan lifestyle. Some of the employers moving to Dallas or expanding existing operations include: Toyota, Toyota, FedEx, Liberty Mutual, McKesson , Fidelity, State Farm, Schwab Texas, Capital One, Bank of America. A few more Fortune 500 companies are relocating to Dallas including Gartner, Cognizant Technology Solutions & Pei Wei.

Texas property taxes are low, cost of living is low and home prices remain affordable.

Dallas Texas housing remains a bargain. But prices continue to rise at a rate of 5-7% per year. Don't wait expecting prices will stay the same or go down from where they are now. That is lots of demand from homebuyers with multiple offers received for the most desirable homes.

Texas has 4 of the country's 12 most-populated cities: Houston, San Antonio, Dallas, and Austin. This concentration of population has helped draw a total of 54 Fortune 500 companies to the state, as well as some of the country's most popular sports teams, including the San Antonio Spurs, Dallas Mavericks, Dallas Cowboys, Houston Texans, Texas Rangers, and the University of Texas Longhorns.

Texas's cities recognized by Law Street Media as being in the Top 50 SAFEST U.S. cities over 200,000 population for 2017 are:

  • #42 Wylie, TX

  • #34 Keller, TX

  • #29 Flower Mound, TX

  • #22 Little Elm, TX

  • #11 Colleyville TX

Congratulations to the citizens and police forces of these great cities!


Dallas County Single Family NEW Detached Homes:

  • New Home Sales at 142 new homes sold reflected the homes sold one year ago - 145

  • Average New Home Sales Price was $462,000

  • Time to Sell UP to 77 days from 55 days an year ago.

Dallas County New Single Family Homes and Condos

As of OCTOBER 2017, there are:

  • 1828 Total New Single Family Homes available

  • 1625 move in ready Single Family Homes (Spec Homes)

  • 400 Townhomes and Condos available

Availability of new homes built by the builders on speculation (spec homes) gives sellers, who have their home in escrow and need to purchase a home within 30 days or a new resident relocating into Dallas, an opportunity to purchase a new home ready to close quickly. Otherwise, expect a 4 - 7 month build cycle which is a long time to wait before you can move in!!!

Anxious to move? Have me start checking out all the new home developments for available Spec homes that closely match your ideal home by location, size, features and price.


Contact Nitin today to have him find your ideal home in one of 4700+ ACTIVE New Homes in Dallas metro area - 326 new homes in Frisco, 197 new homes in Prosper, 158 new homes in Celina, 59 new homes in Flower Mound, 40 new homes in Coppell and many more beautiful new homes in Dallas metro area.

Median Resale Home prices are lagging Median New Home prices by more than $98,000. This is to be expected with higher land costs and all the features buyers expect in their new home. Builders are cautiously optimistic about future sales and are building enough Spec Homes to keep up with demand.

DALLAS COUNTY RESALE HOMES UPDATE

Dallas County Real Estate Market is considered a Seller's Market with a 2.7 month supply of unsold single family detached homes on the market based upon 2,083 single family home sales during September 2017 and a current inventory of 5,257 ACTIVE single family homes for sale

Almost 800,000 people have come to the Dallas area since 2010, more people than live in Washington, D.C. Almost 86,000 moved here last year alone. Add the deaths and births, and last year the Dallas area’s population increased by 143,000. That made Dallas the No. 1 place in the nation for population growth in 2016.

As New and Resale home prices are rising quickly, median home price in Dallas metro area has increased from $129,000 in 2007 to $231,000 in 2017! Looking forward, interest rates are more likely to go up than stay the same or go down. If you are in the market for a new home, now is the time to buy!

There are few large tracts of land in Denton & Collin Counties that are being developed by developers for new home construction and will available to build homes next year. Dallas-based Woodbine Development Corp. has joined forces with The Estate of Bert Fields Jr. to begin early planning on a new 2,800-acre master-planned development in Frisco which will result in a few thousand new homes in Frisco next year. Buyer interest for new homes in Dallas remains strong and builders are buying land to build new homes. You can expect new home prices to steadily increase in Denton County, expansion in Collin County and more growth in Dallas County.

New home Dallas prices are higher than resale homes because: 1.) Land costs were higher, 2.) Building material costs are rising due to inflation, 3.) Labor costs due to a shortage of skilled workers are always increasing and 4.) Increased city impact fees charged developers to cover the cost of expanding infrastructure to provide vital services to new subdivisions such as: water, sewer, roads, electricity, gas, schools, parks, fire and police coverage, libraries and and other services to meet the needs of all of residents in new communities.

THIS IS A A GOOD TIME TO BE A DALLAS NEW HOME BUYER BECAUSE OF ALL THE CHOICES OF NEW FLOOR PLANS AND SUBDIVISIONS! PLUS NEW HOME BUILDERS ARE OFFERING END OF YEAR DISCOUNTS ON NEW HOMES! THERE IS GREAT DEMAND FOR NEW HOMES AND PRICES ARE EXPECTED TO REMAIN HIGHER THAN RESALES. CONTACT NITIN FOR HELP IN FINDING YOUR NEW DREAM HOME at 469-269-6541!!!

Discover new construction homes or master planned communities in Frisco TX, McKinney TX, Prosper TX, Coppell TX or Irving TX which offer homes to suit every lifestyle and budget.


About us:

If you are interested in moving to our great city of Dallas and need help in relocating to Dallas and finding a home, I would appreciate the opportunity to help you. I have lived in Dallas metro area for over 14 years. Since many of my clients are relocation buyers, I have all the tools you need to help your home search. Whether it is video previews of homes, extended work hours, digital signatures for documents or more, I can make this process as comfortable as possible no matter where you are located.


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