The Dallas real estate market is as hot as a Katy Trail run at 4pm in August. Last April, Dallas experienced “a West Coast style market”, meaning panic buying due to a low-inventory market. This spring was no different. Buyers were frustrated at the rate homes went on the market and the incredibly quick rate they disappeared from the market. As a result, prices soared! It was only 3 years ago that it was a “buyers” market. Remember? How quickly things turn around.
[8139 San Leandro: click here for virtual tour!]
This year, median home prices in Dallas are up 10% and they are up a stunning 23% in the Park Cities.* Can you believe that? The median sales price in the 2nd quarter of 2014 (April-June), for a single family home in the Preston Hollow area of Dallas was $1,220,280.00 and $1,673,753.00 in the Park Cities (HPISD) with the number of homes sold down 24% from March 2013-March 2014. Prices are projected to still increase by another 2% within the next year. YICKS!
As we know, Dallas is the best city in Texas and was just voted the best place in the U.S. to start a business. Dallas’s population is expected to grow by 1 million people by 2020.
Bottom line: Dallas needs more housing fast!
Although it appears to be the perfect market for sellers and a difficult market for buyers, through constant networking within neighborhoods, other excellent Dallas REALTORS, resource groups and our association with Luxury Portfolio International and Leading Real Estate Companies of the World we are still finding awesome properties for our clients even before they “hit the market” including new construction in fabulous neighborhoods like Preston Hollow, Forest Hills, JanMar, Devonshire, the Park Cities, Lakewood and Uptown. Should you need any help selling your home or finding your new home, please don’t hesitate to contact Victoria at 214.213.2593 or email her VictoriaBarr@Ebby.com. You can view all her current listings here.