The real estate market has been in an upswing around the nation, and Dallas is experiencing an increase in market home sales and prices, as well. We’ve listed some very interesting stats that show various indicators that the market is improving.
While the market is in a slow and modest recovery, there is no doubt this is a time that will not be mistaken as a boom in the housing industry.
Dallas Inventory Is Rising…
But has dramatically decreased from a year ago…
Dallas’ housing inventory is up 2 percent at 2,582 homes on the market. Last month the supply of homes on the market was 2,540. When compared to March 2012, homes on the market decreased 33 percent from 3,858 during the stay period last year. This is a dramatic decrease in inventory, which has caused prices to rise.
Dallas Home Prices Are Going UP, UP, UP…
The median home list price has gone up by 4 percent from last month when the median list price was $249K. The median home list price in March 2013 is $260K. When compared to March 2012, the median list price stood at $243,500. That is a 7 percent increase.
The March 2013 median price per square foot stands at $234 per square foot. This figure is up 4 percent from last month when the median cost per square foot stood at $129 per square foot. Last year at this time, price per square foot stood at $126.
Low Days On Market & Mortgage Rates
This month shows a decrease in number of days on the market. The median days on market in March 2013 is 50. This is a drop of 2 percent from last month when the median days on market was 51. When compared to a year ago when the median days on market decreased 18 percent to 61 days.
Mortgage rates are still at historic lows, but are starting to experience increases. A 15 year fixed mortgage can be obtained for a 3.375 percent interest rate. A 30 year fixed mortgage can be obtained for a 4.125 percent interest rate. A 7/1 ARM mortgage can be obtained for a 2.750 percent interest rate.
Overall, it is yet another good month for Dallas’ real estate market.
