Construction Booms in Frisco
29 Showings in 3 Hours
One of our agents posted in Facebook that a hot new listing yesterday had 29 showings in three hours. This unprecedented housing demand has never been seen in the DFW area before – few listings, so many buyers.
So Few Homes For Sale
In The Colony it is only 23 active pre-owned listings. In Coppell, it is 51 active pre-owned listings, and in Flower Mound it is 118 active pre-owned listings. Just name the market, and the inventory is LOW! Ten years ago, Flower Mound averages 735 active listings in MLS, Coppell averaged 250 active MLS listings. Projections for 2014 – a great time for sellers to make a move, the listing inventory will remain very, very low.
Home Prices Will Go Crazy
“Something is going to have to give (in the DFW market) or you are going to see prices go crazy,” said Mark Dotzour, chief economist with the Real Estate Center at Texas A&M. “Forget about the housing bubble issue – this is really about supply and demand in the DFW market.” Supplies of both new and pre-owned homes in the DFW market are at the lowest level in decades because of lower construction levels and record demand for properties. “You have a huge increase in demand because of the change in buyer psychology,” Dotzour said. “The normal supply side is constrained because of credit and availability of labor.”
- Dallas Morning News, January 18, 2014
DFW Needs More Housing Now!
Texas economic growth is the envy of the nation. But a shortage of homes for sale and soaring housing prices could threaten the state’s continued economic welfare, notes Mark Dotzour, chief economist for the Real Estate Center at Texas A&M. “The number one economic challenge for Texas going forward is we don’t start building more homes and putting more subdivisions on the ground, the prices of housing will get so expensive that employers will no longer be able to attract workers.”
- Dallas Morning News, January 18, 2014
DFW Home Prices Escalating Rapidly
DFW area home prices are nearing ten percent over their peak in 2006, and continue to rapidly increase. Ten years ago, nationwide pre-owned home prices were 30 percent higher than in the DFW area. Now, national median home prices are less than 15 percent ahead of those in the DFW area, according to the National Association of Realtors. And that margin continues to decrease monthly. “When our housing isn’t cheap anymore, employers won’t be able to attract workers as easily,” notes Mark Dotzour, chief economist with the Real Estate Center at Texas A&M. “It’s an absolute disaster for economic development and the future of North Texas.”
- Dallas Morning News, January 18, 2014
