Richardson Home Market Remains Hot In Cooler Months
Dallas, Texas (PRWEB) November 21, 2014 -- As cooler temperatures prevail in North Texas, local housing markets are maintaining hot-as-ever conditions. Prudential Texas Properties that demand for Richardson homes has softened only slightly following the close of the busy summer selling season, which has the possibility of resulting in a very strong market for what is typically slower part of the year for real estate.
According to a November 7 report from Altos Research, a California-based real estate analytics company, the median home value in Richardson has been making slow but strong progress upward since late summer and well into fall. As of their most recent calculations the median, single-family home value in Richardson was $250,034, which is broaching the 12-month high point last seen in May.
Higher home prices are typical for this time of year as many Richardson home owners opt to take their homes off the market and sit on the sidelines through the hustle and bustle of the holiday season. However, what is not exactly typical for this time of year is a strong demand for homes such as that noted in Richardson.
Altos measures buyer demand versus seller supply through a unique value known as the Market Action Index. This value indicates from a neutral zone of 30 whether conditions are high in favor of the seller or low in favor of the buyer. At it’s high point, the Richardson market saw an MAI around 55, but has since come down to a current value of 48.20.
Despite a slight cooling, this value indicates that conditions are still well in favor of home sellers with buyers continuing to put on an extreme amount of pressure for available homes.
“We’re used to seeing things slow down around this time of year as people want to get ready for the holidays,” says DD Flynn, VP of Marketing for Prudential Texas Properties. “It looks like home buyers are keeping that dream alive for Richardson properties, it really is a testament to this great community.”
Click here for a 60-second Richardson home market update.
Another indicator of the strong demand is the white hot amount of time Richardson homes are selling in. Altos reports the average property in Richardson spends about 56 days on the market before being sold. Coupled with a lean inventory of about 170 properties, this is a market that is showing no signs of slowing down soon.
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Kim Manning, TRIBUS, http://www.tribusgroup.com, +1 (312)957-8831 Ext: 3001, [email protected]
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