Dallas, TX (PRWEB) May 02, 2014
2013 was a banner year for real estate in Dallas. Prudential Texas Properties cites data that found the median home sales price rose by 9 percent in the first quarter, and the volume of home sales was the second-highest ever seen in the region. But the story is much different in 2014.
The high volume of sales has left the market with a depleted inventory, and the harsh winter weather didn’t help much either. According to data released by the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems, 7,116 homes were sold in March. Year-over-year, there were fewer than 19,500 homes for sale in North Texas, which is a 2.6-month supply of properties.
Prices jumped by nearly 12 percent in 2013, which causes some people to wonder what is going to happen to home values heading into the busiest time of the year for real estate.
“Inventory is an issue in Dallas, but the first quarter of this year saw a major boom in new home construction,” DD Flynn, VP of Marketing at Prudential Properties, says. “Home building has increased by more than economists predicted, and while it did start later than expected, I believe that home buyers should stay confident in the market that was basically put on hold this winter when North Texas experienced unordinary cold.”
Metrostudy found that home-building activity in the first quarter of 2014 increased by 27 percent compared with the final quarter of 2013. Builders started work on 5,562 homes in January, February and March, compared with 4,363 home starts during the first quarter of 2013.
Economists expected housing starts to increase by 10 to 15 percent based on consumer needs and available lots, but the weather pushed a lot of activity into the start of the year.
“I’m hopeful that we’re going to have another great year for real estate in the Dallas metro area,” DD continues. “The season may just ramp up a bit later than normal.”
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