The economy seems to be doing fantastic here in North Texas… just take a drive along Hwy 121 and the North Dallas Tollway and witness all the massive building that has been taking place over the past 18 months and you’ll agree! Transfers are moving here in droves (it’s estimated that over 15,000 jobs will be moving here) from all over the U.S. to work at the many large corporations that have decided to make the “5 Billion Dollar Mile” centrally located between Frisco, Plano and The Colony, their new headquarters. What does this mean for the average home buyer or seller? Let me break it down for you:
According to the latest statistics from NTREIS (North Texas Real Estate Information Systems) there are more new listings going on the market, that are selling for higher prices in less time!
are up 13.1% compared to this same time last year, and are up 6.3%
Median Sales Price
is up 11.6 % compared to March of 2016, and up 13.0% YTD.
Market Until Sale
is down from 47 to 45 (4.3%) from March 2016 to March of
2017, and down from 49 to 47 (4.1%) YTD.
And the numbers are even more pronounced depending on which area of the Metroplex you happen to look at. For example, houses in Frisco that were in the low 200’s just a few years ago, are now pushing 300,000! And are often selling within days of going on the market! The same story can be told about Little Elm as well. Even The Colony is experiencing a huge boom with houses selling at all-time highs in record time! And have you noticed the amount of apartment complexes popping up EVERYWHERE (almost) overnight? It’s daunting… but the old saying, “build and they will come” is surely ringing true here; as people need places to live immediately.
Now let’s drill this down a bit further, to just the Castle Hills Subdivision. The numbers are slightly different than the “overall” statistics for North Texas due to the price and size of homes here:
Fewer Homes are being sold; 27 in 2017, which is down from 31 (in 2016) and 36 (in 2015).
Average SOLD price is lower in 2017 ($481,659) from $515,082 in 2016; but slightly higher than 2015, which was $444,542.However, if you look at Average price per square foot, prices are on the rise: in 2015 the average price per square foot was just $128.61, and now in 2017 it’s $148.19! This seems to indicate that folks are choosing to build smaller houses than they did just a few years ago.
Days on Market Until Sale, however is following the overall trend, which is much less; in fact, in 2015, it was 74 days, in 2016 it was 80 days… now in 2017, its almost cut in half at 42 days!
The bottom line is this, we are living in a great area, during a huge economy boom… bigger than just about anywhere else in the US, however, things look pretty good everywhere. Here’s what NTREIS has to say to sum it up, “The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn’t much more complex than that right now…” Ready to buy or sell? Call us today! 214-449-1022.
To learn more about the major corporations moving to North Texas, click on the links below:
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