Home Prices Jump 9.3% Nationally in One Year

Just the Facts

Sometimes you just have to be politically incorrect.

Home Prices Jump 9.3% Nationally in One Year

Home prices are rising at the fastest rate in years, with some communities seeing double-digit gains, as buyers are returning to a market where the number of properties for sale is in short supply.  Prices increased 9.3% in February from a year earlier.  In some of the hardest hit markets, the gains have been particularly heady.  Home prices rose 23% from one year ago in Phoenix and 18.9% in San Francisco.  Nationally, the median home price in March stood at $184,300, up from $154,600 in January 2012.

-          Wall Street Journal, May 1, 2013

Dallas Business Journal Names 3 Best New Communities

The annual DBJ review of best new neighborhoods announced are significant because each of them are large master-planned communities.

·         Light Farms in Celina, 2,700 new homes, lots open in May.  Eventually 8,300 people will call Light Farms their home.

·         Windsong Ranch in Prosper, 3,100 new homes, first phase opening in 2014.  Some 9,500 people will call Windsong Ranch their home.  The development includes 3 school sites, 4 amenity centers and a 150-acre mixed use commercial development.

·         Harvest in Argyle and Northlake, 3,000 new homes, eventually 9,000 residents.   The first phase opens later this year.  It is located in Northlake and Argyle ISDs.

-          Dallas Business Journal, April 26, 2013

America’s Highest Earning Cities

Survey of 562 cities, population over 50,000

Congratulations to Flower Mound, Frisco and Allen

There are 16 cities in the United State with populations over 50,000 where more than 50% of the households in the city earn more than $100,000 per year.  California and Texas dominate this list of high-earners.  Most of these cities are well-to-do suburbs of large metro areas, including Dallas-Ft Worth, San Francisco, Atlanta and Chicago.

Rank	City/CDP	Larger metro area	Percentage of households making over $100,000	Percentage of households making less than $100,000	Percentage of households making $100,000 to $149,999	Percentage of households making $150,000 to $199,999	Percentage of households making $200,000 or more
1	San Ramon, California	San Francisco	63.50%	36.50%	22.10%	16.40%	25.00%
2	Flower Mound, Texas	Dallas-Fort Worth	62.80%	37.10%	28.30%	15.90%	18.60%
3	Pleasanton, California	San Francisco	59.80%	40.00%	22.80%	14.70%	22.30%
4	Yorba Linda, California	Los Angeles	58.80%	41.20%	23.50%	16.70%	18.60%
5	Carmel, Indiana	Indianapolis	58.40%	41.60%	20.90%	14.30%	23.20%
6	Palo Alto, California	San Francisco	57.80%	42.10%	17.70%	11.90%	28.20%
7	Newton, Massachusetts	Boston	55.40%	44.60%	18.00%	11.70%	25.70%
8	Naperville, Illinois	Chicago	54.80%	45.10%	18.50%	13.50%	22.80%
9	Frisco, Texas	Dallas-Fort Worth	53.70%	46.30%	25.70%	14.70%	13.30%
10	The Woodlands CDP, Texas	Houston	53.40%	46.70%	24.70%	13.40%	15.30%
11	Johns Creek, Georgia	Atlanta	52.10%	48.00%	21.20%	10.40%	20.50%
12	Ellicott City CDP, Maryland	Baltimore	51.70%	48.30%	16.80%	16.40%	18.50%
13	Allen, Texas	Dallas-Fort Worth	51.20%	48.90%	24.50%	16.10%	10.60%
14	Lake Forest, California	Los Angeles	50.70%	49.30%	26.70%	13.70%	10.30%
15	Highlands Ranch CDP, Colorado	Denver	50.50%	49.40%	25.60%	12.70%	12.20%
16	Arlington CDP, Virginia	Washington, DC	50.30%	49.80%	18.10%	12.90%	19.30%

Data was obtained from the U.S. Census. 562 cities were included in this analysis.

-          NerdWallet, April 29, 2013

Supply of Homes Catching Up With Sales?

Supply of Homes Catching Up With Sales?

In 21 of the 24 major metropolitan markets tracked by residential brokerage ZipRealty, new listings outnumbered new sales contracts for the 30 days ending March 15^th.   Significant number of sellers are now putting their home on the market, mainly because of increased value and their desire to make a change.    But in some markets, increased listings are only bringing increased buyers, which is certainly what is happening in the Dallas area.   For the first time in months, NTREIS reports there are more listings between April 1, 2013 thru April 25, 2013 than for the same time period last year.    In 2013 for the 25 day period, 14,916 homes were listed.  For the same period last year, 13,978 new listings, meaning an almost 1,000 home increase.   However, the northern suburbs of Dallas and Ft Worth are experiencing even more buyers with more listings.   There is no end in sight of the boom in buyers.

-          USA Today, April 2013 (excerpt)

2013 RISMedia Power Broker Report

The 100 Brokerages With The Most Productive Agents

The 2013 Survey of the Largest U.S. Brokerages

AVERAGE PRICE PER SQUARE FOOT – DFW METROPLEX IST QUARTER 2013

Just the Facts

	AVERAGE PRICE PER SQUARE FOOT – DFW METROPLEX
			IST QUARTER 2013
	$310	Park Cities			$87	Richardson
	$249	Oak Lawn			$86	Bedford
	$202	Preston Hollow			$86	Euless
	$146	Southlake			$84	Rockwall
	$132	East Dallas			$83	Denton Area
	$128	Westlake/Trophy Club			$80	North Oak Cliff
	$127	Colleyville			$78	Hurst
	$122	Coppell			$75	Wylie
	$120	Northwest Dallas			$74	The Colony
	$118	Far North Dallas			$74	Ellis County
	$117	Lake Highlands			$73	Sachse/Rowlett
	$112	Fairview			$67	Arlington
	$111	Grapevine			$66	Kaufman County
	$105	Keller			$65	Garland
	$100	Frisco			$59	Cedar Hill
	$98	Plano			$58	Grand Prairie
	$97	Sunnyvale			$56	Duncanville
	$95	Flower Mound/Lewisville			$54	De Soto
	$95	Irving			$52	Mesquite
	$94	Allen			$44	Lancaster
	$91	Carrollton			$41	South Oak Cliff
	$91	McKinney			$40	Pleasant Grove
		Source, Dallas Morning News, April 2013

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U.S. Housing Starts - Back Over One Million in March 2013

Average Home Price Increase Now +13% From Last Year

Just the Facts

Average Home Price Increase Now +13% From Last Year

First quarter 2013 home prices in the DFW Metroplex have shown significant increase over the same time period last year.   Below is the analysis by the Dallas Morning News based on the median price increase change from 2012.     The inventory of available preowned homes is now only 1.1 months (The Colony), 1.2 months (Coppell) and 1.3 months (Grapevine and Richardson.   Far North Dallas has shown the most significant price increase at 18% in only one year, followed by Irving (17%), Coppell and Southlake (16%) and Allen (15%).

-          Dallas Morning News, April 19, 2013

	YEAR-OVER-YEAR PERCENTAGE CHANGES IN HOME SALES - 1ST QUARTER 2013
	CITY		PRICE INCREASE		DAYS ON MARKET		MONTHS' INVENTORY
	Far North Dallas		18%		70		2.4
	Irving		17%		69		2.7
	Coppell		16%		54		1.2
	Southlake		16%		78		3.7
	Allen		15%		51		1.7
	Carrollton		12%		49		1.6
	Denton Area		12%		63		2.7
	McKinney		12%		50		1.7
	Frisco		8%		54		2.1
	Grapevine		8%		47		1.3
	Flower Mound/Lewisvl		7%		56		2
	Plano		7%		57		1.7
	Keller		4%		74		2.9
	Richardson		4%		49		1.3
	The Colony		3%		38		1.1

Land Rush Causing Prices to Go Sky High

Five years ago there were 92,750 available lots in the DFW Metroplex, either on the ground or approved for development.  Today, builders are begging for lots and paying significant premiums.  “If there is going to be a housing shortage anywhere in the country, it’s going to happen right here in Dallas-Ft Worth because we are the fastest growing region in the country,” said Phil Crone, Dallas Builders Association Executive Officer.  “Our inventories are so low that it could manifest itself as a shortage in the next year to 18 months.”  The rapid growth of the region (130,000 annually), and the lack of ready-to-build lots is causing land prices to spike, a cost often passed on the homebuyers.

-          Dallas Business Journal, April 19, 2013