Desoto Contributes to Area’s Record-Shattering Housing Market
New federal lending regulations won’t derail massive market growth
With more than 20 billion dollars flowing into North Texas through the housing market this year, 2015 will safely land on the “Nice” list for most. Meanwhile, area lenders are ready to put a few lumps of coal into the stockings of the new federal lending requirements.
“Sales dollar volume of single family homes has more than doubled in four short years,” said Steve Habgood, president of the MetroTex Association of Realtors. “We were ecstatic when the market reached $11B at the end of 2011. This year, we reached $22.7B by the end of November and could conceivably reach $24B for the year. Condo sales have also topped a billion already this year.”
“There was concern in the industry that the new lending requirements might slow the market at the end of the year,” continued Habgood. “But lenders seem to have taken the new regulations in stride, for the most part. While the mandatory disclosure timeframes have caused some delays, most lenders report being able to close on time without issue. And November results certainly seem to reflect that.”
In November’s housing report, Desoto sales and rentals also moved at a brisk pace. Highlights of the MetroTex report include:
- 49 homes were sold in the Desoto area in November, an 11% increase over last year.
- The average price per square foot is $79.
- The average sales price in Desoto was $187,934, a 13% increase over last year.
- There are 71 homes under contract and waiting to close.
- Houses are selling in an average of 44 days, a decrease from 87 last year.
- There is a 1.7 month inventory in Desoto. Less than 3 months inventory is considered to be a strong sellers’ market.
- Rent has increased to an average of $1,390 at about $74 per 100 square feet.
MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.