It’s June already and time for my monthly column on real estate in Fort Worth, and surrounding communities (including that other city east of here!). June is always the busiest month of the year for real estate as families begin to look for their new home and get it bought before school starts up again in August. This June, we are seeing more of the same in terms of the overall area market. Buyers are lining up outside of homes with a hope of finding the perfect home. Sellers are eagerly waiting to hear from their listing agents that their hard work on getting the home on the market brought the rewards they were seeking. Investors are finding ways to get deals in a market where deals are so very difficult to find. Real estate agents are scrambling to help them all, often putting in long hours and juggling several contracts at once.
We saw some interesting real estate news this last month. One article was a great piece written by Jill Cowan of the Dallas Morning News about how many of the single individuals buying real estate are women.
Texas Association of Realtors data shows that from mid-2014 to 2015, single women in the state were twice as likely to buy homes as unmarried men.
Across the country, single women have consistently purchased homes more often than single men since at least 2001, National Association of Realtors data shows.
Jill went on to say that women have become an unexpected force in real estate in Fort Worth and surrounding areas. Women are looking to invest in themselves and make a strong commitment to building wealth. Fourteen percent of single woman made up home buyers. While not close to the 70 percent of couples buying homes, it is still a solid number that has me thinking about how I can appeal to this sector.
Dallas was in the news a couple of times in May. First, Dallas saw the fifth largest percentage increase in home sales price in the country.
Case-Shiller reports that the biggest March increases were in Portland, Ore. (12.3 percent) and Seattle (10.8 percent). Dallas was tied with San Francisco with the fourth largest home price rise from a year ago.
Dallas also took over the top market for new housing starts, overtaking our favorite Texas city, Houston. Dallas had over 28,000 reported in the first quarter while Houston came in just under the 28,000 mark. In my opinion, this is great news for our market here in North Texas. Since we are seeing such a large jump in our population, it is good to see builders working on keeping up with the demand. .
Before we get to the three numbers for the month, just a reminder that the area I cover is below. I do business in any part of Texas. If you want to chat about Texas real estate, I can talk your ear off about the topic. It is my second passion in life, with only my wife and family beating it out.
May Inventory of Homes
Well, our inventory went up from this time last year(from 1.9 to 2.0), as can be seen from the graph below, but not enough to really make an impact on the tight inventory we have been seeing the last two years. For those not in the know, inventory measures how many months supply of homes we currently have available on the market. A healthy market will have 6 months worth of housing available. We have not seen that number for several months now. For sellers, this is a dream come true with any decent looking home going fast with very high sales prices, many above the original asking price. With this kind of market, we are seeing many listing agents place homes into a bidding process much more quickly that we have in the past. Many agents forego the traditional model of selling a home and put their homes on auction sites like Hubzu.com or auction.com. These type of auctions allow a seller to set a reserve amount to meet so they don’t sell it at rock bottom prices. Many of these homes will see the bidding go up higher than their reserve amount and some seller enjoy the rush of watching the auction sites. We are also seeing many homes being sold by the owners themselves, bypassing agents all together. Buyers are having their agents look out for these type of homes as they are desperate to find something, anything closely resembling their target property. I have even had some buyers ask me to drive homes looking for any properties that might be ready to be sold. Investors call this driving for dollars, but I had never been asked to do from a traditional client before this crazy market.
May Days on Market
With this stat, we see a lower number again. Homes are selling in my coverage about eight days faster than this time last year. It now takes the average home less than a month to sell. Sellers are loving this fact of the market. Buyers are hating it. As I have written many times in the past, buyers need to move fast to put in an offer on a property. Many homes require it the day the home comes on the market. If a buyer waits to think things over, they will not have anything the next day to think about.
May Median Sales Price
As always, I leave the most interesting number to the last. How much are houses going for today? In my coverage, we have seen another leap in the median sales price as it goes up another 10.8% to a median sale price of $239,900. Since 2014, we have seen a 24.8% increase in the median sales price. Unbelievable! If you are seller looking to start the process, I encourage you to check out our new service at imadeumove.com, where you can find out how much your house is worth for free. Just another service we provide to the public here at Integrity 1st Real Estate.