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Bill Head

lu
Apr 12 2017

Well-heeled buyers seem to be trading in their Louboutins for cowboy boots this spring. An unexpectedly   massive spike in luxury home sales led the housing market in the first quarter for the Dallas-Fort Worth area, according to the market report released today by the MetroTex Association of REALTORS.

“Our biggest growth category in March was in homes priced at a million or more,” said James Martin, president of MetroTex. “There’s a healthy amount of inventory in the luxury home category, and the buyers are certainly out there. It’s a market segment that we are watching closely these days. We’ve certainly seen prices trending upward over the past several years, but the first quarter was remarkable. We’re talking about a 70 percent increase compared to March of last year.”

While luxury sales are growing, Martin also acknowledged that the bulk of sales in North Texas remains in the range of $200,000 - $500,000. According to the report, 9,573 homes were sold in the DFW area in March, a 12 percent increase from 2016. The dollar volume of sales in the area increased 25 percent year-over-year to $2.86 billion. The average sales price increased 11 percent to $298,356.

For Grapevine in particular, there were 47 sales. Total dollar volume increased 4.3 percent to $16 million. Grapevine’s monthly housing inventory was 1.6 months in March. According to the Real Estate Center at Texas A&M University, a balanced market between buyers and sellers is achieved at about 6.5 months of inventory.

Single family homes spent an average of 30 days on the market in March. There were 80 active single family listings for the Grapevine housing market.

March 2017 in Grapevine

  • 47                 Homes sold, 4.4 percent higher than March 2016.
  • $322,130     Median sales price for homes, 1 percent lower than March 2016.
  • $342,022     Average sales price for homes, a 2.9 percent decrease from March 2016.
  • 1.6                Monthly housing inventory in March 2017.
  • 30                 Average number of days homes spent on the market in March 2017.
  • 80                 Active listings on the market in March 2017.
  • $158             Average price per square foot for a single family home, up 15 percent year-over-year.

New records set in March 2017 for DFW

  • Homes sold in March. Sales for single family homes sold in March beat the previous record set last year by more than 1,000 units, an increase of 13.3 percent.
    • Median sales price for single family homes. The previous record of $237,000 was set in July 2016.
    • Average sales price for homes. The previous record of $289,204 was set in June 2016.
    • Number of active listings in March. Last year’s record was bested by more than 1,000 homes.
    • Average price per square foot for a single family home. The previous record was $124 per square foot, in February 2017.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

Bill Head
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Well-heeled buyers seem to be trading in their Louboutins for cowboy boots this spring. An unexpectedly   massive spike in luxury home sales led the housing market in the first quarter for the Dallas-Fort Worth area, according to the market report released today by the MetroTex Association of REALTORS.

 

“Our biggest growth category in March was in homes priced at a million or more,” said James Martin, president of MetroTex. “There’s a healthy amount of inventory in the luxury home category, and the buyers are certainly out there. It’s a market segment that we are watching closely these days. We’ve certainly seen prices trending upward over the past several years, but the first quarter was remarkable. We’re talking about a 70 percent increase compared to March of last year.”

While luxury sales are growing, Martin also acknowledged that the bulk of sales in North Texas remains in the range of $200,000 - $500,000. According to the report, 9,573 homes were sold in the DFW area in March, a 12 percent increase from 2016. The dollar volume of sales in the area increased 25 percent year-over-year to $2.86 billion. The average sales price increased 11 percent to $298,356.

For Lewisville in particular, there were 99 sales. Total dollar volume increased 4.5 percent to $25.3 million. Lewisville’s monthly housing inventory was 0.9 months in March. According to the Real Estate Center at Texas A&M University, a balanced market between buyers and sellers is achieved at about 6.5 months of inventory.

Single family homes spent an average of 16 days on the market in March. There were 90 active single family listings for the Lewisville housing market.

March 2017 in Lewisville

  • 99                 Homes sold, up 3.1 percent from March 2016.
  • $255,000     Median sales price for homes, 9 percent higher than March 2016.
  • $255,248     Average sales price for homes, a 1.3 percent increase from March 2016.
  • 0.9                Monthly housing inventory in March 2017.
  • 16                 Average number of days homes spent on the market in March 2017.
  • 90                 Active listings on the market in March 2017.
  • $127             Average price per square foot for a single family home, up 8.0 percent year-over-year.

New records set in March 2017 for DFW

  • Homes sold in March. Sales for single family homes sold in March beat the previous record set last year by more than 1,000 units, an increase of 13.3 percent.
    • Median sales price for single family homes. The previous record of $237,000 was set in July 2016.
    • Average sales price for homes. The previous record of $289,204 was set in June 2016.
    • Number of active listings in March. Last year’s record was bested by more than 1,000 homes.
    • Average price per square foot for a single family home. The previous record was $124 per square foot, in February 2017.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

Bill Head
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Well-heeled buyers seem to be trading in their Louboutins for cowboy boots this spring. An unexpectedly   massive spike in luxury home sales led the housing market in the first quarter for the Dallas-Fort Worth area, according to the market report released today by the MetroTex Association of REALTORS.

 

“Our biggest growth category in March was in homes priced at a million or more,” said James Martin, president of MetroTex. “There’s a healthy amount of inventory in the luxury home category, and the buyers are certainly out there. It’s a market segment that we are watching closely these days. We’ve certainly seen prices trending upward over the past several years, but the first quarter was remarkable. We’re talking about a 70 percent increase compared to March of last year.”

While luxury sales are growing, Martin also acknowledged that the bulk of sales in North Texas remains in the range of $200,000 - $500,000. According to the report, 9,573 homes were sold in the DFW area in March, a 12 percent increase from 2016. The dollar volume of sales in the area increased 25 percent year-over-year to $2.86 billion. The average sales price increased 11 percent to $298,356.

For The Colony in particular, there were 62 sales. Total dollar volume increased 35.1 percent to $19 million. The Colony’s monthly housing inventory was 1.5 months in March. According to the Real Estate Center at Texas A&M University, a balanced market between buyers and sellers is achieved at about 6.5 months of inventory.

Single family homes spent an average of 45 days on the market in March. There were 84 active single family listings for The Colony housing market.

March 2017 in The Colony

  • 62                 Homes sold, up 6.9 percent from March 2016.
  • $265,000     Median sales price for homes, 19.1 percent higher than March 2016.
  • $307,245     Average sales price for homes, a 26.4 percent increase from March 2016.
  • 1.5                Monthly housing inventory in March 2017.
  • 45                 Average number of days homes spent on the market in March 2017.
  • 84                 Active listings on the market in March 2017.
  • $133             Average price per square foot for a single family home, up 16.5 percent year-over-year.

New records set in March 2017 for DFW

  • Homes sold in March. Sales for single family homes sold in March beat the previous record set last year by more than 1,000 units, an increase of 13.3 percent.
    • Median sales price for single family homes. The previous record of $237,000 was set in July 2016.
    • Average sales price for homes. The previous record of $289,204 was set in June 2016.
    • Number of active listings in March. Last year’s record was bested by more than 1,000 homes.
    • Average price per square foot for a single family home. The previous record was $124 per square foot, in February 2017.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

Bill Head
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Well-heeled buyers seem to be trading in their Louboutins for cowboy boots this spring. An unexpectedly   massive spike in luxury home sales led the housing market in the first quarter for the Dallas-Fort Worth area, according to the market report released today by the MetroTex Association of REALTORS.

 

“Our biggest growth category in March was in homes priced at a million or more,” said James Martin, president of MetroTex. “There’s a healthy amount of inventory in the luxury home category, and the buyers are certainly out there. It’s a market segment that we are watching closely these days. We’ve certainly seen prices trending upward over the past several years, but the first quarter was remarkable. We’re talking about a 70 percent increase compared to March of last year.”

While luxury sales are growing, Martin also acknowledged that the bulk of sales in North Texas remains in the range of $200,000 - $500,000. According to the report, 9,573 homes were sold in the DFW area in March, a 12 percent increase from 2016. The dollar volume of sales in the area increased 25 percent year-over-year to $2.86 billion. The average sales price increased 11 percent to $298,356.

For Wylie in particular, there were 82 sales. Total dollar volume increased 29.1 percent to $23.5 million. Wylie’s monthly housing inventory was 1.9 months in March. According to the Real Estate Center at Texas A&M University, a balanced market between buyers and sellers is achieved at about 6.5 months of inventory.

Single family homes spent an average of 35 days on the market in March. There were 138 active single family listings for the Wylie housing market.

March 2017 in Wylie

  • 82                 Homes sold, up 18.8 percent from March 2016.
  • $257,000     Median sales price for homes, 2.8 percent higher than March 2016.
  • $286,166     Average sales price for homes, an 8.7 percent increase from March 2016.
  • 1.9                Monthly housing inventory in March 2017.
  • 35                 Average number of days homes spent on the market in March 2017.
  • 138               Active listings on the market in March 2017.
  • $117             Average price per square foot for a single family home, up 7.0 percent year-over-year.

New records set in March 2017 for DFW

  • Homes sold in March. Sales for single family homes sold in March beat the previous record set last year by more than 1,000 units, an increase of 13.3 percent.
    • Median sales price for single family homes. The previous record of $237,000 was set in July 2016.
    • Average sales price for homes. The previous record of $289,204 was set in June 2016.
    • Number of active listings in March. Last year’s record was bested by more than 1,000 homes.
    • Average price per square foot for a single family home. The previous record was $124 per square foot, in February 2017.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

Bill Head

Well-heeled buyers seem to be trading in their Louboutins for cowboy boots this spring. An unexpectedly   massive spike in luxury home sales led the housing market in the first quarter for the Dallas-Fort Worth area, according to the market report released today by the MetroTex Association of REALTORS.

“Our biggest growth category in March was in homes priced at a million or more,” said James Martin, president of MetroTex. “There’s a healthy amount of inventory in the luxury home category, and the buyers are certainly out there. It’s a market segment that we are watching closely these days. We’ve certainly seen prices trending upward over the past several years, but the first quarter was remarkable. We’re talking about a 70 percent increase compared to March of last year.”

While luxury sales are growing, Martin also acknowledged that the bulk of sales in North Texas remains in the range of $200,000 - $500,000. According to the report, 9,573 homes were sold in the DFW area in March, a 12 percent increase from 2016. The dollar volume of sales in the area increased 25 percent year-over-year to $2.86 billion. The average sales price increased 11 percent to $298,356.

For Prosper in particular, there were 70 sales. Total dollar volume increased 33.1 percent to $38.5 million. Prosper’s monthly housing inventory was 5.0 months in March. According to the Real Estate Center at Texas A&M University, a balanced market between buyers and sellers is achieved at about 6.5 months of inventory.

Single family homes spent an average of 100 days on the market in March. There were 276 active single family listings for the Prosper housing market.

March 2017 in Prosper

  • 70                 Homes sold, up 16.7 percent from March 2016.
  • $490,495     Median sales price for homes, 5.5 percent higher than March 2016.
  • $549,726     Average sales price for homes, a 14.1 percent increase from March 2016.
  • 5.0                Monthly housing inventory in March 2017.
  • 100               Average number of days homes spent on the market in March 2017.
  • 276               Active listings on the market in March 2017.
  • $145             Average price per square foot for a single family home, up 8.5 percent year-over-year.

New records set in March 2017 for DFW

  • Homes sold in March. Sales for single family homes sold in March beat the previous record set last year by more than 1,000 units, an increase of 13.3 percent.
    • Median sales price for single family homes. The previous record of $237,000 was set in July 2016.
    • Average sales price for homes. The previous record of $289,204 was set in June 2016.
    • Number of active listings in March. Last year’s record was bested by more than 1,000 homes.
    • Average price per square foot for a single family home. The previous record was $124 per square foot, in February 2017.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

Bill Head
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Well-heeled buyers seem to be trading in their Louboutins for cowboy boots this spring. An unexpectedly   massive spike in luxury home sales led the housing market in the first quarter for the Dallas-Fort Worth area, according to the market report released today by the MetroTex Association of REALTORS.

 

“Our biggest growth category in March was in homes priced at a million or more,” said James Martin, president of MetroTex. “There’s a healthy amount of inventory in the luxury home category, and the buyers are certainly out there. It’s a market segment that we are watching closely these days. We’ve certainly seen prices trending upward over the past several years, but the first quarter was remarkable. We’re talking about a 70 percent increase compared to March of last year.”

While luxury sales are growing, Martin also acknowledged that the bulk of sales in North Texas remains in the range of $200,000 - $500,000. According to the report, 9,573 homes were sold in the DFW area in March, a 12 percent increase from 2016. The dollar volume of sales in the area increased 25 percent year-over-year to $2.86 billion. The average sales price increased 11 percent to $298,356.

For Prosper in particular, there were 70 sales. Total dollar volume increased 33.1 percent to $38.5 million. Prosper’s monthly housing inventory was 5.0 months in March. According to the Real Estate Center at Texas A&M University, a balanced market between buyers and sellers is achieved at about 6.5 months of inventory.

Single family homes spent an average of 100 days on the market in March. There were 276 active single family listings for the Prosper housing market.

March 2017 in Prosper

  • 70                 Homes sold, up 16.7 percent from March 2016.
  • $490,495     Median sales price for homes, 5.5 percent higher than March 2016.
  • $549,726     Average sales price for homes, a 14.1 percent increase from March 2016.
  • 5.0                Monthly housing inventory in March 2017.
  • 100               Average number of days homes spent on the market in March 2017.
  • 276               Active listings on the market in March 2017.
  • $145             Average price per square foot for a single family home, up 8.5 percent year-over-year.

New records set in March 2017 for DFW

  • Homes sold in March. Sales for single family homes sold in March beat the previous record set last year by more than 1,000 units, an increase of 13.3 percent.
    • Median sales price for single family homes. The previous record of $237,000 was set in July 2016.
    • Average sales price for homes. The previous record of $289,204 was set in June 2016.
    • Number of active listings in March. Last year’s record was bested by more than 1,000 homes.
    • Average price per square foot for a single family home. The previous record was $124 per square foot, in February 2017.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

Bill Head
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MetroTex Association of REALTORS releases monthly real estate statistics for March sales

Well-heeled buyers seem to be trading in their Louboutins for cowboy boots this spring. An unexpectedly   massive spike in luxury home sales led the housing market in the first quarter for the Dallas-Fort Worth area, according to the market report released today by the MetroTex Association of REALTORS.

 

“Our biggest growth category in March was in homes priced at a million or more,” said James Martin, president of MetroTex. “There’s a healthy amount of inventory in the luxury home category, and the buyers are certainly out there. It’s a market segment that we are watching closely these days. We’ve certainly seen prices trending upward over the past several years, but the first quarter was remarkable. We’re talking about a 70 percent increase compared to March of last year.”

While luxury sales are growing, Martin also acknowledged that the bulk of sales in North Texas remains in the range of $200,000 - $500,000. According to the report, 9,573 homes were sold in the DFW area in March, a 12 percent increase from 2016. The dollar volume of sales in the area increased 25 percent year-over-year to $2.86 billion. The average sales price increased 11 percent to $298,356.

For Allen in particular, there were 112 sales. Total dollar volume increased 3.9 percent to $45.9 million. Allen’s monthly housing inventory was 1.8 months in March. According to the Real Estate Center at Texas A&M University, a balanced market between buyers and sellers is achieved at about 6.5 months of inventory.

Single family homes spent an average of 45 days on the market in March. There were 250 active single family listings for the Allen housing market.

March 2017 in Allen

  • 112               Homes sold, down 12.5 percent from March 2016.
  • $325,000     Median sales price for homes, 9.0 percent higher than March 2016.
  • $409,901     Average sales price for homes, an 18.7 percent increase from March 2016.
  • 1.8                Monthly housing inventory in March 2017.
  • 45                 Average number of days homes spent on the market in March 2017.
  • 250               Active listings on the market in March 2017.
  • $134             Average price per square foot for a single family home, up 6.8 percent year-over-year.

New records set in March 2017 for DFW

  • Homes sold in March. Sales for single family homes sold in March beat the previous record set last year by more than 1,000 units, an increase of 13.3 percent.
    • Median sales price for single family homes. The previous record of $237,000 was set in July 2016.
    • Average sales price for homes. The previous record of $289,204 was set in June 2016.
    • Number of active listings in March. Last year’s record was bested by more than 1,000 homes.
    • Average price per square foot for a single family home. The previous record was $124 per square foot, in February 2017.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

Bill Head
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Before you submit an offer on your dream home, get pre-approved or pre-qualified for a mortgage loan. Either one can make your offer more attractive to the seller, but they mean different things.

What are your qualifications?

To get pre-qualified for a mortgage loan, you provide a lender your approximate income, current debts and any important details from your credit history. The lender will then use these details to determine how much you may be eligible to borrow. You may receive a Conditional Qualification Letter from the lender, which determines your likelihood of getting a home loan. However, it’s important to know that all information submitted during pre-qualification is subject to verification when your actual loan application is submitted. There is no guarantee that you will receive a home loan until your financial situation is actually verified.

Seeking approval

Being pre-approved for a loan typically means that the lender has gone one step further and verified your financial situation. When you get pre-approved, you will complete a mortgage loan application and may have to pay an application fee. Your lender will commit in writing to fund your loan, but only after an extensive examination of your financial situation and pending a successful appraisal of the home and a few other conditions.

But I haven’t found a house yet

Being pre-approved for a mortgage loan doesn’t mean you are borrowing the money or that you are obligated to. It just means the lender must stand behind his written commitment to fund the specified amount unless something changes with your situation. Think about how attractive your offer will be to the seller if you submit it with a letter pre-approving you for the loan.

Can the lender change his mind?

Some situations could cause a lender to withdraw from funding a loan even after a pre-approval letter is issued. If your credit situation changes between the time the pre-approval letter is issued and the loan’s funding, then the lender could change the interest rate or even deny the loan application. So, while you’re buying a house, it’s important not to apply for credit cards or other loans that could change your credit situation.

Avoid surprises in your credit

The best way to check out what a lender is going to see in your credit history is to get a copy of your credit report. This document lists your financial history, including total debt and whether you pay your bills on time. Regularly checking your credit report is the best way to spot identity theft, credit report errors or other blemishes that could affect your ability to buy a home.

By law you are entitled to one free credit report every year from each of the three credit-reporting bureaus—Experian, Equifax and Transunion. Visit AnnualCreditReport.com to find out how to get your free reports.

By taking steps to secure your finances, you increase your ability to get pre-approved for a home loan. And this will put you one step closer to being in the home you dream about for you and your family. For more information about buying and selling property in Texas, I encourage you to visit dfwrealestate.com 

Bill Head
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REALTORS work hard to protect the interests of property owners.

Do you want lower property taxes? Would you like to avoid paying a tax when you buy or sell real estate? 

If you’re in favor of those ideas, I’ve got good news: The MetroTex Association of Realtors worked hard during the legislative session in 2015 to pass a bill ultimately approved by 86% of voters that increased the homestead exemption by $10,000 and constitutionally banned real estate transfer taxes.

Those measures are already saving you real money, and the MetroTex Association of Realtors isn’t done.

This legislative session, the association and its members will work on eliminating the hidden property tax in Texas. This includes reforming the property appraisal and tax rate setting process to ensure a more transparent and honest conversation at the local level as well as advocating for additional state aid in the school finance system.

Texas Realtors will also closely monitor any proposals to change our state’s home equity laws. Why? Realtors were the driving force behind strong consumer protections in home equity legislation passed a few decades ago. Those safeguards are a big reason Texas was not hit as hard during the last real estate downturn as states like California, Nevada and Florida. We want to ensure that any changes designed to improve home equity lending don’t come with unintended consequences that put homeowners and the Texas economy in jeopardy.

MetroTex Realtors will be supporting proposals to decrease traffic congestion and looking for other ways to keep the state’s economy healthy. It’s a tall order. But Realtors have been working for years on behalf of the citizens of Texas to make our great state a better place to work and live.

We do this by staying up to date on legislative news affecting Texas—and sharing that information with friends, colleagues and clients. Realtors volunteer on committees that examine issues affecting the real estate industry and property ownership. We contact our elected officials—thousands of us will visit the Texas Capitol in April.

Yes, the 110,000-plus Realtors help you buy, sell and lease property. But we also protect private-property rights, advocate for property owners and work to keep homeownership affordable.

Learn more about how MetroTex Realtors work to protect the interests of homebuyers at dfwrealestate.com.

Bill Head
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With inventory at critically low levels in Euless, the housing market saw ever-increasing prices in February. While some new construction adding to the supply of homes in Euless, consumers often had to choose between waiting to buy or looking elsewhere, according to the market report released today by the MetroTex Association of REALTORS.

 

“Across the region, we’re still seeing a severe lack of inventory in homes priced below $500,000,” said James Martin, president of MetroTex. “That pressure is driving sales prices higher and higher. In some areas, new construction rates are up significantly over last year, but in Euless, supply still isn’t keeping up with demand. It’s a double-edged sword. We’re lucky enough to have a robust and dynamic economy right now. It keeps our region at the top of the Texas market and it’s bringing a lot of people into the area, but it does make the housing market very tight.”

According to the report, 52 homes were sold in Euless in February, a 30 percent increase from 2016. The dollar volume of sales in Euless increased 56.9 percent year-over-year to $14.7 million. The average sales price increased 20.7 percent to $282,253.

Euless’s monthly housing inventory was 1.2 months in February. The Real Estate Center at Texas A&M University remarks that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 50 days on the market in February. There were 59 active listings for the Euless housing market.

February 2017

  • 52                           Homes sold, 30 percent higher than February 2016.
  • $260,000               Median sales price for homes, 17.5 percent higher than February 2016.
  • $282,253               Average sales price for homes, a 20.7 percent increase over February 2016.
  • 1.2                          Monthly housing inventory in February 2017.
  • 50                           Average number of days homes spent on the market in February 2017.
  • 59                           Active listings on the market in February 2017.
  • $54                         Average price per square foot for a single family home, up 13.9 percent year-over-year.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association.  We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.