East Dallas Contributes to Area’s Record-Shattering Housing Market
New federal lending regulations won’t derail massive market growth
December 10, 2015 – Dallas - 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, East Dallas sales and rentals also moved at a brisk pace. Highlights of the MetroTex report include:
- 152 homes were sold in the East Dallas area in November.
- The average price per square foot is $180.
- The average sales price in East Dallas was $355,114, a 13% increase over last year.
- There are 410 active homes on the market.
- Houses are selling in an average of 32 days.
- There is a 2 month inventory in East Dallas. Less than 6 months inventory is considered to be a sellers’ market.
- Rent has increased to an average of $1,628 at about $122 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.