Business in North Texas is on the rise. Between Toyota moving three separate headquarters to Collin County this year to companies moving out of California and setting up shop in the business-friendly Lone Star state, real estate agents are noticing a steady increase in the number of buyers vying for their inventory. Houses are spending very little time on the market, and buyers are writing checks for over the asking price.
Numbers coming out of North Texas Real Estate Information Systems, Inc. (NTREIS) demonstrate the real estate market in DFW experienced some healthy growth in 2016. View the 2016 data by county here.
Colling County saw a 7.6% rise in average sales price in 2016 over the previous year, a 1.5% increase in the number of closed listings, and homes spending an average of 35 number of days on the market—a 7.9% decrease from 2015.
Likewise, Tarrant County experienced a 4.8% increase in the number of closed listings, a 6.3% increase in the average sales price, and homes spending an average of 32 days on the market—a whopping 23.8% decrease from 2015.
Dallas County itself, which has undergone revitalization in the new Trinity Groves neighborhood and Bishop Arts District, has seen a 19.5% decrease in the number of days homes spend on the market. In fact, homes in Dallas County are only spending an average of 33 days on the market before sale. 2016 also saw a 3.8% increase in the number of closed listings and a 6.1% increase in average sales price.
The Real Estate Center of Texas A&M University reports that single-family housing construction permits increased statewide month-by-month in 2016. Dallas on the other hand, had no increase in the number of permits until the end of the year—5% over last year. Overall, inventory remained low throughout 2016 due to limited lot inventory and lack of available construction labor. View the full report here.
By all accounts, 2017 may not stem the growth of the local real estate market. The number of Toyota employees, for example, are still coming, and will continue to do so throughout the first half of 2017 at least. The Toyota move will affect some 4,000 employees across the three former headquarters, but there is no data to show exactly how many will end up in Texas.
Given the limited lot inventory in Dallas, developers may start looking to expand other areas, creating a boom much like Frisco and the outer suburbs have experienced over the past decade or so. Either way, demand shows no sign of slowing down in 2017, and North Texas real estate agents will most likely continue to see inventory snatched up the moment it is put on the market.
This is good news for those contemplating putting their home on the market—odds are it will sell quickly. Buyers on the other hand, do not have much time to consider their options, so it is important they establish their housing needs and budget with an agent right out of the gate.
Whether you are buying or selling, agents at Eric Cantu Real Estate are ready to help. Call today! 214-295-2622