by Jeff Knox
on Thursday, September 29th, 2016 at 12:45pm.
According to the new data released by NTREIS (North Texas Real Estate Information Systems) in conjunction with the Metrotex Association of REALTORS® for August 2016, the Dallas real estate market is showing no signs of slowing down.
In what was already considered a red hot seller's market a year ago in August 2015, the real estate statistics from August 2016 show indicators which favor sellers to an even greater advantage.
Every indicator listed above favors sellers. The number of new listings is down while the number of closings is higher. This means less inventory, yet more sales. Basic economic principals mean the demand has increased over the supply when comparing August 2015 & August 2016.
The median sales prices on homes in Dallas has increased 10.5% over 12 months. That's a huge increase in the median price! In addition, homes are getting a higher list price to sale's price percentage. While not by much, it means buyers are less able to negotiate much from the asking price of the property.
Keeping with the trend of still slim inventory, the total, overall inventory in the Dallas real estate market has dropped even lower to 2.8% as compared to 3.2% a year ago.
Here is a look at the numbers from the 2016 August real estate market report for Dallas homes.
The overall market is showing no signs of slowing. However, if you are thinking about selling, it is always best to talk to a qualified, licensed REALTOR® who can provide you with better, local stats about your specific neighborhood, city or area.
This Market Report covers all of Dallas, TX and the surrounding suburbs.
Jeff Knox is the Broker Owner of Knox & Associates Real Estate and his team of Dallas Realtors assists both buyers & sellers with homes for sale in Dallas, Frisco, Plano, Southlake, Highland Park, McKinney, Prosper, University Park, Colleyville, Dallas Condos, Grapevine, Coppell, Lantana, Allen, Flower Mound, Keller, SMU area, M Streets, Lake Highlands, Bluffview, Lakewood, White Rock Lake, Westlake, Wylie and all DFW real estate areas. Call us at 972-342-0000 for additional information on any of the areas mentioned above.