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
