DFW Median Home Price Now $10,000 Higher Than 2007 Peak

Just the Facts

30% of Sales Hip-Pocket

Statistics are now showing that 30% of all home sales in certain Dallas neighborhoods are hip-pocket.     The home is sold before it ever hits MLS.  Ted Wilson, a housing analyst with Residential Strategies Inc states, “Those sales may never make it into MLS.”     Numerous North Dallas neighborhoods and various north side suburban communities are experiencing strong hip-pocket sales.   It is estimated then that the actual number of sales are significantly under reported.

-          Dallas Morning News, April 9, 2013 (excerpts)

DFW Median Home Price Now $10,000 Higher Than 2007 Peak

Reported home sales were up 22% in March, and home prices were up 8% from one year earlier.  That is on top of the 7% increase in the previous one year time period.   March’s median DFW area home price rose to $168,000, about $10,000 higher than the peak of the market in 2007, before the recession hit.  And all indications point to significant further increases.  (As a reminder, RMDFW home sales were up 50% from one year ago in March.)

-          Dallas Morning News, April 9, 2013 (excerpts)

Condo Sales Up 55%

The increase in condo and townhome home sales in the DFW area are surpassing the increase in single family home sales.  During March, condo and townhouse sales in North Texas soared by 55% from a year ago.   And some in-town neighborhoods are now seeing a 100% increase in sales.   And condo home prices – now up 11% from one year ago.   The condo and townhouse market has never had this sharp of increase in Dallas history.

-          Dallas Morning News, April 11, 2013

New Home Starts Jump 35% in DFW

A surge in demand has North Texas builders scrambling to start thousands of homes.  Dallas-Ft Worth home starts rose 35% in the first three months of 2013, the highest first-quarter construction volume in five years.  The increase would have been even greater but for a shortage of lots, materials and labor.  And new home prices are soaring, notes David Brown, regional director of Metrostudy.    Further, Brown notes that builders are now in some degree raising prices in an effort to slow down activity because they simply do not have the ability to deliver more houses.

-          Dallas Morning News, April 9, 2013