The Texas Quarterly Housing Report, released the first part of November, saw increases in sales volume and prices for singly family homes. This was the fifth consecutive quarter of improved results and the apparent demand for Texas real estate.
The report showed 66,746 single family home sales, which is 14.17% more than the same quarter last year. The median sales price rose 6.46% from the same time period 2011.
Supply and demand in the real estate market is what determines if we are in a sellers market or a buyers market. The Texas market featured 5.5 months of inventory in 2012-Q3. That is a 1.9 months less than 2011-Q3 and marks the fifth quarter in a row in which inventory has decreased from prior quarter, this determining that Texas is officially in a sellers market. The Texas A&M Real Estate Center, who gathers the data,tracks the information and publishes the report, cites 6.5 months of inventory as a market in which demand is balanced with supply.
I have had several listings that received offers within hours of being listed to sell and receiving multiple offers. The price range tends to be $150K to $250K price range for the North Dallas area, especially in Frisco. Many sellers are getting offers over the list price of their home. It's very exciting to see this turn in our economy!