Real Estate Market Report for the city of Dallas, TX

Current through the end of the second quarter (6/30/2014)

As the second quarter of 2014 ends and we transition into the late summer, the real estate market in Dallas, TX will likely remain very strong as it has been in previous quarters.  Most notably, the lack of supply of home listings has led to an inventory crunch due to continued strong demand, but this is gradually leveling out.  As summer winds down, expect the supply of homes to increase somewhat.  The market should remain strong, but we will likely see fewer instances of homes seeing multiple over-list-price purchase offers.  A “normal and balanced” real estate market is said by many real estate economic experts to have between a six and eight month supply of homes. As of last month, the supply of homes in Dallas was 2.7 months.  It remains to be seen if the seasonal reduction in active listings that normally occurs after summer will be greater than the seasonal decline in buyers that normally occurs around the same time.

The last time East Dallas saw a supply of at least six months was late 2011 and the area has had a less than three months’ supply for all of 2014.  This record-low supply coupled with steady demand has resulted in higher prices, lower marketing times and more pressure on home buyers to make their move quickly to secure homes that are selling fast.

If you’re a home buyer looking to purchase a home in Dallas, the first thing you’ll notice is that the majority of homes that are in good condition and in the most desirable areas and school districts are selling fast, sometimes in as little as one day on the market and often with multiple purchase offers.

Highlights from the 2nd Quarter of 2014 | Dallas, TX Real Estate Market Data from NTREIS:

  • The median home price was $245,000, down 1.2% from the June 2013 median of $248,000. The median home price set a seven year record in May of 2014 at $255,000.  Median prices have been above $200,000 every month in 2014 except for December.
  • The average sales price per square foot for June 2014 was $163, which was a 6.3% increase over the June 2013 average of $153.  The average price per square foot also saw a seven year record of $171 in May of 2014.
  • The average days on market was just 44 days in June of 2014, which is the lowest in seven years and a full 14.9% lower than in June 2013.  In many areas of Dallas, homes in the best condition and most desirable locations are selling in as little as one day on the market and often with multiple purchase offers.
  • Homes were selling at 95.5% of their list prices on average in June 2014 which was down a very slight 0.8% from June 2013.
  • The supply of inventory in June 2014 was just 2.7 months, down an astonishing 20% from June 2013.  The inventory supply trend has leveled off in recent months but is still near seven year lows.  This will continue to put upward pressure on prices and downward pressure on marketing times.
  • There were 1,040 pending sales in Dallas in June 2014, down 4.1% from June 2013.  This is a reflection of the lower inventory of homes.
  • There were 1,150 closed sales in Dallas in June 2014, down 2.6% from June 2013.  This is also a reflection of the lower inventory of homes in the Dallas real estate market.

Median Home Price in Dallas for June 2014:

Chart of Median Home Price in Dallas for the Last Seven Years:

Average Sales Price per Square Foot for Dallas in June 2014:

Seven Year Chart of Average Sales Price per Square Foot for Dallas:

Average Days on Market for Dallas June 2014:

Seven Year Chart of Average Days on Market:

 

Average Percentage of List Price Received by Dallas Home Sellers in June 2014:

Seven Year Chart of Average List Price Received:

Supply of Inventory (in Months) for Dallas in June 2014:

Seven Year Chart of Inventory Supply:

Pending Home Sales for Dallas in June 2014:

Seven Year Chart of Pending Home Sales in Dallas:

Closed Sales for Dallas in June 2014:

Seven Year Chart of Closed Sales for Dallas:

DISCLAIMER: Powered by 10K Research.  All data provided by NTREIS.  Information deemed reliable but not 100% accurate.

Are you thinking of buying a home in Dallas?  Do you have a home in Dallas you’d like to sell?  Please give me a call today at (972) 978-3553 or complete the contact form below for a prompt response:

 

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