Although we are having a “mild” summer (mild here in Texas is high 90s) here in North Texas right now, the housing market is on fire and setting record levels. Its no secret that the Dallas – Fort Worth is one of the hottest housing markets right now, but Q2 in particular is one of the strongest quarters of the year.
The reason for this around this time buyers go into a frenzy to try and swoop in and buy a house before the school year starts in August.
Housing Inventory Continue to Decline, Prices Rising
Inventory continues to remain very tight at 2.7 months of supply; however, month of supply of inventory actually increased marginally.
Days on Market has further reduced since Q1 to 42 average DoM down from 42. This is probably as perfect as you will get to the by the book definition of a “sellers market”.
But, let’s take a brief overview the stats below and take a look at what’s going on in DFW for Q2 of 2014, take a look at some of the key stats listed below that shows why DFW is such a strong real estate market.
How Hot is this Market?
To give you an idea of how much things have heated up, its not uncommon to list a house, receive multiple offers and go under contract that day if the property is in decent shape and in a desirable school zone.
In some areas of Dallas we are seeing near record prices for average price per square foot, such as in Plano.
The low levels of inventory, combined with DFW being one of the most highly sought after markets, is making it difficult for both realtors and investors right now to find homes to purchase or list.
Is it the Texas Heat or will this Market Fizzle Out?
How long will this robust market last?
Will this market “cool off” as summer draws to a close? I am of the opinion months of supply of inventory will continue to gradually rise but not nearly enough to bring the market back to equilibrium, at least not until anytime soon. In fact, builders are currently struggling to find enough land to develop, but that’s a different matter entirely. We will just have to stay tuned until Q3, until then, check out some of the more in-depth statistics below.
Related: Texas: The Next Real Estate Boom?
Average price per square foot in Dallas County for Q2 2014
Average months of supply in Dallas County for Q2 2014