Dallas, TX (PRWEB) April 09, 2014
Dallas area real estate has been in high-demand for the past year, and according to the National Association of Home Builders, the city is among the tightest inventories in the U.S. The association reports the vacancy rate in Dallas is just 1.3 percent, making it the fifth tightest major market in the nation.
Prudential Texas Properties reports that the area has a current homeownership of just over 58 percent, and more than 27 percent of homes have been built in the past 14 years. And in the first quarter of the year, North Texas home starts jumped nearly 60 percent as builders worked on roughly 7,300 single-family homes during that time, The Dallas Morning News reports.
“Vacant properties are virtually non-existent in Dallas,” DD Flynn, VP of Marketing at Prudential Texas Properties says. “Everywhere you look new businesses, retail, shopping and restaurants are popping up throughout the Dallas region, and home buyers from throughout the state and country are noticing. It’s exciting to be a part of the growth of this great region.”
According to Altos Research, a California-based real estate analytics company, there are about 1,947 available properties in Dallas as of March 28. After coming off the heels of a major decline in inventory, Dallas homes for sale have seen a stagnant month of March in terms of supply.
As the busy spring and summer season gets underway, home buyers in Dallas are hopeful that home sellers will gain confidence in their ability to sell. After all, demand shows that the market is in seller’s court in Dallas.
Altos’ Market Action Index measures conditions of a market to determine whether they favor buyers or sellers with a neutral value of 30. As of the end of March, the index was marked at 37.08, putting the favor with sellers. However, with an index still within the 30s, buyers should be confident entering the market.
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