All indicators tell us that 2017 will be another fast-moving market for home sales across North Texas. Let me share with you a snapshot of what we can expect to see in the next 12 months. You may have seen recent headlines touting a 26% rise in homes sales across our area during the month of November – the highest increase in five years. That’s no surprise when you consider that almost 400 people move to Dallas every day, thanks to our area’s strong economy and rising job market. I’d like to share with you a few details about our local market.
Dallas is still the nation’s second-hottest market, according to economists at the Home Buying Institute who are forecasting home-price gains. Demand remains high for homes across our area, putting upward pressure on home values. Last year saw double-digit gains in home values, some as high at 16%, in sought-after neighborhoods. Dallas’ growth is expected to produce home value gains around 7-9% in the year ahead. With the election in our rearview mirror, economists expect interest rates to take a slight step upward –likely no more than 4% for a conventional fixed-rate mortgage.
In 2016, our area saw housing inventory hit all-time lows, with an average of 2.2 months of availability compared to a balanced inventory of 6 months, according to a recent Standard & Poor’s/Case-Shiller Home Price Index. At the close of 2016, we saw a rising market throughout North Texas with sellers getting 97.4% of their asking price, and homes averaging just 41 days on market, according the North Texas Real Estate Information Systems, Inc.
Besides starting out a New Year, I’m thrilled to partner with a brand that offers legendary strength, marketing and expertise in the Dallas real estate market. Together Allie Beth Allman & Associates and Berkshire Hathaway are leading in key markets throughout Dallas/Ft. Worth.
I’ve been blessed for 34 years to be a top producer in the Park Cities and surrounding markets and would love an opportunity to help you with any of your real estate needs should you decide to buy or sell in 2017. I’m hands on every aspect of my transactions – you’re too important to delegate to an assistant.
Call me if I can be of service for any real estate needs! 2017 is going to be a great year!