Federal regulations, interest rate rise seem to have no impact
With no signs of slowing in sight, the North Texas housing market obliterated sales volume records in 2015. Even experts in the field are astounded by the rapid growth in the size of the market.
“We knew the market was very strong,” said Russell Berry, president of the MetroTex Association of Realtors. “We astounded to see sales volume at nearly $25 billion for the year. That’s an increase of $9 billion in one year. To give that some perspective, in 2011, our total sales volume was $9 billion.”
“We can see no discernable slowdown in sales despite a rise in interest rates,” continued Berry. “Rates are still low and buyers seem to have gotten the message that the small increase doesn’t have much impact on their monthly payments. We fully expect a robust market to continue for the foreseeable future.”
Highlights of the MetroTex market report include:
• Total sales volume for 2015 was $24,927,700,674, an increase of $9,051,887,636 over 2014. This is roughly equivalent to the total size of the market in 2011.
• 8,543 homes were sold in the DFW area in December, a 21% increase over last year.
• The average price per square foot is $114.
• The average sales price in Dallas/Ft Worth in December was $264,804, a 6% increase over last year.
• There are 6,179 homes under contract and waiting to close.
• Houses are selling in an average of 48 days.
• Condos are selling at an average of $155 per square foot in the area.
Inventory continues to remain low in the area. For homes listed for sale between $100,000 – $400,000, there is an average of 1.3 months of existing housing stock on the market. Less than 3 months inventory is considered to be a strong sellers’ market.
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.
Original article: http://www.mymetrotex.com/news/dallas-fort-worth-housing-market-unstoppable
