Britt Fair of Hexter Fair Title Company reported super interesting stats today on the residential market. 25% more transactions than the same period in 2011, but prices DOWN 15% in Preston Hollow. Similar stats in Park Cities. Lakewood had 20% + transactions and a 2% price increase over the first 9 months of 2011. Terrific year in 2012 for the sweet spot of prices, $500,000-800,000. Low interest rates expected to continue for awhile, along with stable Dallas prices.
2013 expected to be slower due to LOW inventory, continuing concern over international market stability, job creation in the private sector and the continued monetarizing of U.S. debt. Ouch.
Can't wait to see how the election tomorrow affects Congressional gridlock and the fiscal cliff, additional factors setting the tone for the 2013 Dallas residential market. We are hopeful more Sellers will decide to list their homes to satisfy demand.
While most major markets fell off of a cliff in 2007, slow and steady Dallas never boomed, and never busted. We've had continuous positive job creation that hasn't varied from 45-49,000 new jobs per measured period since 2001. When people feel secure in their jobs, they buy in the sweet spot. When the wealthy feel good about the stock market, they buy more high end homes.
So interesting that we are experiencing the lowest interest rates in US history, and buyers/sellers taking light advantage. Go find a residential property to buy, Americans!
Sources: NTREIS, Case Shiller
Monday, November 5, 2012
Candy Evans post on Culture Map
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