Housing market strong in DFW in first half of year even as sales slowed in July

DFW home sales increased 6 percent to 58,865 sales in the first half of 2016, although July sales were down compared to last year, according to the July 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.

“The demand for housing is undoubtedly strong,” said Russell Berry, president of MetroTex. “While we didn’t sell quite as many houses this July as we did last year, we’re still seeing more than 10,000 sales per month in the busy summer market – something that was unprecedented before last year. But with shrinking inventory, it’s difficult to maintain that pace. I have no doubt that we could see continued growth if more housing were available.”

According to the report, 10,011 homes were sold in North Texas in July 2016, a 2 percent decrease from the year prior. The median price for DFW area homes increased 9 percent year-over-year to $230,000 during the same time frame.

North Texas’ monthly housing inventory remained at 2.4 months in July 2016. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 36 days on the market in June 2016. There were 20,546 active listings for the North Texas housing market during the same time frame, a 4 percent drop.

July 2016

  • 10,011 – Homes sold, 2 percent fewer than June 2015. 
  • $230,000 Median sales price for homes, 9 percent more than June 2015.
  • $277,966 Average sales price for homes, 5 percent more than June 2015.
  • 2.4 – Monthly housing inventory in June 2016.
  • 36 – Average number of days homes spent on the market in June 2016.
  • 20,546 – Active home listings on the market in June 2016.

Market Snapshot at the end of the 2nd Quarter

  • 58,865 – Homes sold, 6 percent more than first half of 2015.
  • $16,113,575,977 – Total dollar volume of sales in North Texas in 2016, an 11 percent increase over first half of 2015.
  • $222,640 Median sales price for homes, 9 percent more than first half of 2015.
  • $273,738 Average sales price for homes, 5 percent more than first half of 2015.
  • 43 – Average number of days homes spent on the market in first half of 2016, down 8 percent.
  • 18,061 – Average monthly active home listings. Unchanged from 2015.

The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.

2016 MetroTex Charitable Trust Public Education Grant

This year, the MetroTex Charitable Trust received 63 applications for public education grants. Through a successful fundraising campaign over the past year, the Trust was able to award seven grants totaling nearly $15,000. To contribute funds for next year’s grants, contact Susan Kaplan at susank@dfwre.com.

Each of the grants awarded are described below.

Rosemont Elementary School, (Dallas ISD) Bison Robotics will be awarded $3,000 in order to fund VEX Robotics classroom Lab kits and extra. This program is designed to help students master the fundamentals of robotics and the engineering design process while learning to use design software and the leading classroom robotics solution, the VEX Classroom Lab Kit. The kits will increase student interest and involvement in science, technology, engineering, and mathematics (STEM) by engaging students in hands-on sustainable and affordable curriculum-based robotics engineering programs.  

Lancaster Middle School, (Lancaster ISD) STEM Infinity 8th Grade Student Organization will be awarded $2873.51 in order to build a STEM Makers' Laboratory (SML), where students can engage in higher order thinking, experimentation, engineering, collaboration, and other 21st century activities.  The SML will be a place where robotics, computer science, circuitry, and electronics become haptic experiences, as opposed to abstract concepts.  Students will learn to disassemble, examine, and reassemble electronic devices.  Soldering new components, transplanting new and used components for repairs, and using old components for new purposes will be commonplace.  3-D printers and Raspberry Pi computers will allow learners to research, design, develop, and engineer components for a multitude of projects.

Silver Lake Elementary, (Grapevine/Colleyville ISD) Dual language prekindergarten will be awarded $500 in order to purchase headphone sets to use with existing hardware that run educational apps like IStation, Doceri, ABC apps and preschool Math apps. 

Heritage Elementary School, (Keller ISD) Library will be awarded $500 in order integrate computer coding devices into the library’s Makerspace, a place where students gather to create, invent, tinker, explore and discover. The specific coding gadgets requested include Dot and Dash, an explorer that students can code to zip around the room, the Code Bug, which allows a student to use an iPad to program a "bug" to create their own games, robots or other wacky inventions, and the Ozobot, which allows students to practice their coding skills to get the Ozobot to follow colorful lines they've drawn on a page.  Students will be able to work with these devices during their classroom library visits and during open library times.  Since computer classes are no longer available at the elementary level, Heritage students will be able hone their technology skills in an engaging and supportive environment.

Early College High School

Early College High School, (Carrolton-Farmers Branch ISD) ECHS SPTSA will be awarded $3,000 in order to advance literacy for English Language Learners.  This grant will enable students to advance their English language literacy during their Advisory time and the school will offer intense literacy instruction on Saturdays for students and to provide them with supplemental materials for their college classes. Early College High School is an innovative program which offers students the opportunity to earn over 60 college credit hours during their high school career. Over 75% of ECHS students are students living in poverty, nearly 90% of our students will be the first in their family to graduate from college and over 65% of our students have learned English while in school. Many students do not have the funds to purchase the books and supplies required of college students. All ECHS students will benefit from this project.

Central Elementary

Central Elementary, (Carrolton-Farmers Branch ISD) Makerspace & Coding will be awarded $2,999.95 in order to implement a High Tech Makerspace project which will empower Students in Pre K through 5th grade to create and share resources and knowledge using 3D, robotics, and coding technology.

These new High Tech Makerspace stations would give students the opportunities to create, tinker, design, and discover with materials they do not have at home. The resources will provide students with the chance to think, share, and grow.  Since most students will be using some kind of technology in their future jobs and many of these future jobs students haven’t even been created, it’s imperative that libraries provide opportunities for students to create and problem solve using technology.

Hurst Euless Bedford ISD

Hurst Euless Bedford ISD, (HEB ISD) Dyslexia Department will be awarded $2,100 in order funds to implement a strategy for providing effective technology to over 900 students with dyslexia.  Dyslexic students need iPads to access programs such as Learning Ally and Bookshare as well as many other apps that will promote reading independence for students.  These are free resources that have enormous data bases of audio/visual textbooks and books for pleasure.  

REALTOR Call to Action

The United States Senate is missing an opportunity to improve housing markets across the country, and we need your help to tell them to get to work and make homeownership a priority!

Take action now to urge your Senators to pass H.R. 3700, the “Housing Opportunity Through Modernization Act of 2016,” a bill that makes needed reforms to the Federal Housing Administration (FHA) condominium loan program, federal-assisted housing programs and Rural Housing Service loan programs.

This legislation provides significant benefits to taxpayers, homebuyers and the real estate market by:
1) Removing a burdensome and expensive FHA Condo approval process
2) Reducing FHA restrictions on the number of condos available to homebuyers
3) Permanently streamlining Rural Housing Service loan processing


Bottom Line: This bill makes buying a condo A LOT easier by expanding opportunities for first-time homebuyers and streamlining rural housing programs for low-income rental residents. Condominiums are among the most affordable homeownership options for first-time homebuyers, as well as lower income borrowers, but barriers to safe, affordable mortgage credit for condos still exist. H.R. 3700 takes a number of steps to address those concerns.
The House of Representatives passed this bill unanimously with a bipartisan vote of 427-0 and now we need the Senate to act!


Even if your business model is not based on Condominium or Rural Housing Service transactions, all REALTORS need to band together on this Call for Action. Although it may not affect you directly, the next one could very well be of critical importance to your business. Please support your REALTOR family by responding to this important Call for Action!
 
4 easy ways that Realtors can follow important issues that affect their business and respond to Calls for Action
1. Email:  NAR sent you an email.  It takes just 2 clicks to respond.
2. Web: If you didn’t get the email, you can respond at WWW.TexasRealEstate.com/Action
3. There’s an APP for that: The REALTOR® Action Center mobile app is now available for download for the iPhone and DROID. Simply search for NAR Action Center in their respective app markets.  
4. Text: To stay informed about upcoming calls for action alerts via text message, sign up for the REALTOR®Party Mobile alerts program below or text the word REALTOR to 30644

Number of Available Homes Dwindling in Busy Market

DALLAS – In an ever-tightening housing market, it’s the average homebuyer that’s really feeling the pinch. 


“Inventory of mid-priced homes is extremely low,” said Russell Berry, president of the MetroTex Association of Realtors. “We’re looking at mere weeks of inventory, rather than a few months’ worth that would be available in a more balanced market. This situation is great for sellers because there is a lot of demand, but buyers will probably have to be a little patient to get into a home.”


The biggest market segment in North Texas is for homes priced between $100,000 and $300,000. That price bracket has about 1.1 months of inventory. There is much more availability in higher priced homes, with nearly four months of inventory for homes priced above $300,000.  All of these inventory numbers do indicate that North Texas is still a strong sellers’ market; however the higher price points are seeing a very welcome, if slight, increase in available homes.


“Properties are coming to market at a brisk pace,” continued Berry. “They are leaving the market just as quickly with the number of days on market down 12% over last year.”
According to the monthly MLS report released by the MetroTex Association of REALTORS today, prices are still on the rise, and sales dollar volume is rising quickly. Highlights of the report include:
•    There were 9,978 sales of single family homes in Dallas-Fort Worth in May, a 10% increase over May 2015.
•    The average price per square foot for single family homes in the area is $123, a 7% increase.
•    The average sales price in DFW in February was $289,377, a 7% increase over last year (and an all time high). 
•    There are 10,730 homes under contract and waiting to close. 
•    Houses are selling in an average of 38 days.
•    Most homes sell for 98.4% of list price when sold through a MetroTex Realtor.
•    There is approximately 2.3 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market. 


MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.

 

Global Alliances Gather in Washington

Experiencing the power of the global community in the world’s most powerful city is something you’ll never forget. While the global business community might not be the first thing that pops into your mind when you read about the annual NAR Legislative Meetings, you’ll find the meeting is a goldmine for REALTORS with an international focus. If you’re looking for a great way to network with agents around the world and to grow your global business pipeline, these meetings are a great place to start.

At the NAR meeting earlier this month, there was ample opportunity to network with REALTORS® from all over the world. Plus, the global meetings gave Global Business Council members the chance to meet presidential liaisons from affiliated organizations around the world. There are also opportunities to meet with your congress members and senators to voice your concerns about the flow of business between countries. Plus, many embassies sponsor events to highlight their particular country economically and culturally.

But it’s not all about networking with your foreign counterparts and legislators. You can learn a lot about the global economy at the Legislative Meetings as well. There are CIPS and other related classes, presentations on current market conditions, and seminars about the economies in other countries. A veritable treasure trove of learning is available for members with an interest in international business.

This year, the Global Programs for Associations kicked off the NAR meetings, and the CIPS Advisory Board met early to discuss CIPS classes and institutes around the world. Hot on their heels, the Global Alliances Advisory Board met to discuss the state of global alliances around the world, new efforts to bring more associations into membership, and efforts to create associations in countries without a strong professional real estate presence. Later, the meetings included an international housing update.

Outside of Global Business Council events, the NAR Legislative Meetings featured several prominent speakers, including General Colin Powell, Bob Woodward, Lawrence Yun (NAR Economist), Julian Castro and Senator Elizabeth Warren (D.-Mass). And to add a bit of fun away from the meetings, there were visits to various government buildings and departments, Smithsonian exhibits, monuments by moonlight tours and the NAR offices open house.

Building your global business practice requires networking and staying on top of the latest news and trends. Participating in events like the NAR Legislative Meetings is a great way to build your brand and to be the best at what you do for your clients. To find out more about upcoming events, be sure to join the MetroTex Global Business Council and watch MetroTex E-News for updates to the events calendar.

Housing Market off to Strong Start for the 2nd Quarter

More than 9000 homes were sold in April in North Texas, further boosting an already bustling housing market.

“The second quarter is shaping up to be very exciting for North Texas,” said Russell Berry, president of the MetroTex Association of Realtors. “Especially when you consider the sales records already set in the first part of the year.”

“While houses aren’t staying on the market for long, there is a lot of turnover,” Berry continued. “We saw a 15% increase in the number of sales over last April and with nearly 18,000 homes on the market we can expect the strong sales figures to continue well into the year.”

Prices do continue to rise as the demand for housing continues to be strong. Most cities in North Texas saw price increases in all types of housing and in the price of land, according to a report released by the MetroTex Association of REALTORS today. Highlights of the report include:

  • There were 9,178 sales of single family homes in Dallas-Fort Worth in April, a 15% increase over April 2015.
  • The average price per square foot for single family homes in the area is $119, a 5% increase.
  • The average sales price in DFW in February was $274,368, a 4% increase over last year.
  • There are 10,210 homes under contract and waiting to close.
  • There were 11,958 new listings in the area, a 2% decrease from February 2015.
  • Houses are selling in an average of 41 days.
  • Most homes sell for 98.3% of list price when sold through a MetroTex Realtor.
  • There is approximately 2.4 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.

MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.

MetroTex Candidate Endorsements

The MetroTex Association of REALTORS actively supports candidates for office who have demonstrated knowledge and concern about housing in North Texas. Because our area is experiencing both tremendous growth and a burgeoning housing market, we need local leaders who understand the impact of key decisions on housing in their communities.  As you are no doubt aware, Dallas-Fort Worth is expecting a continuation of the enormous population boom for several more years. MetroTex maintains that it is critical for local governments to plan for the future by understanding homeowners’ concerns and to bolster homeownership in the area. Supporting those efforts is the Association’s top priority this election season. Through the candidate interview process with MetroTex, our endorsed candidates clearly showed a command of issues critical to sustaining our economy, as well as the needs and challenges our fast-growing area faces.

On May 7, 2016, Texas voters will go to the polls to elect candidates in local mayoral and city council races.  Early voting will be held Monday, April 25 – Tuesday, May 3, 2016.  During the early voting period, you may vote at any early voting location in the county in which you are registered.   For exact dates, times and early voting locations, please visit the website of the county in which you are registered. On Election Day, you must vote at the location that has been assigned to your precinct. Your polling place location number can be found on your voter’s registration card.  Polling places will be open from 7:00 a.m. – 7:00 p.m.   Election Day precinct polling places will be published in the Dallas Morning News and the Fort Worth Star-Telegram.

The following candidates have received Support of MetroTex Association of REALTORS® for the May 7, 2016 Municipal Election: 

30 Under 30

MetroTex wishes a hearty congratulations to our three 2016 30 Under 30 nominees! Out of nearly 400 applications, our own Scottie Smith, Sam Sawyer and Kristin Smith were selected as among the very best young REALTORS in the country. Let’s take a few minutes to get to know each of them.

Scottie Smith of Scottie Smith II & Associates is dedicated to helping owners of challenging properties and all prospective buyers to achieve their goals. His primary goal is to guide everyone along the path to achieving ownership. Scottie is a native of Houston and is a graduate of both UNT and Notre Dame. Scottie is active within MetroTex through YPN, Diversity & Housing Initiatives, Government Affairs, and is a graduate of the MetroTex Leadership Program.

Sam Sawyer, with Briggs Freeman Sotheby’s International Realty is an alumnus of SMU and strives to combine his expertise with technological innovation with his close ties to the community to pair his clients with optimal solutions for their real estate needs. When not actively helping clients, Sam might be found on the Katy Trail, around White Rock Lake or at Klyde Warren Park. Sam has previously been active with MetroTex YPN.

Kristin Smith of Dave Perry Miller Real Estate endeavors to take every opportunity to gain referrals. She prefers a very personal style of connection with her clients and believes in a continuous stream of communication with her sphere as a steady source of referrals. Kristin is currently Vice Chair of YPN, and a member of the TREPAC Committee, Government Affairs, the Coming Soon Task Force, and is a volunteer with 100th Anniversary Planning Committee. She is also a graduate of the MetroTex Leadership Program.

Congratulations to all three of our 30 Under 30 nominees! We are proud to have you as members. 

Fast-Paced March Home Sales Signal Growing Market this Spring

The normally busy spring market came roaring into March and bore no signs of slowing any time soon.

“The robust market in Dallas-Fort Worth is stronger than ever,” said Russell Berry, president of the MetroTex Association of Realtors.

“Sales were up nearly 13% over last year. The turnover in homes is incredible,” said Berry. “We saw nearly 8,500 closed sales in the area in March. To put that in perspective, the Houston area closed about 6,600.”

The burgeoning Dallas-Fort Worth market is selling homes more quickly, too, according to the monthly market report released by MetroTex. Highlights of the report include:

  • Houses are closing in an average of 42 days, down from 53 days in March 2015.
  • There were 8,474 sales of single family homes in Dallas-Fort Worth in February, a 12.9% increase over March 2015.
  • The average price per square foot for single family homes in the area was $116, a 7.4% increase.
  • The average sales price in DFW in March was $276,577, a 5.1% increase over last year.
  • There are 7,827 homes under contract and waiting to close.
  • There were 11,144 new listings in the area, a 7.8% increase from March 2015.
  • Most homes sell for 98% of list price when sold through a MetroTex Realtor.
  • There is approximately 1.9 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.

MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.

North Texas Real Estate Market Growing at Record Pace

More people are selling homes in the Dallas-Fort Worth area than ever before, and they’re propelling the DFW real estate market even deeper into record territory.

“We experienced a huge increase in listings and sales in February,” said Russell Berry, president of the MetroTex Association of Realtors.

“New listings were up 20% over last year, and sales increased by a staggering 22% last month,” said Berry. “What’s really exciting about that is the fact that 2015 shattered all kinds of records in the real estate market, and 2016 is vigorously outperforming last year’s numbers.”

The local market is surging past expectation both in terms of the size of the market and housing prices, according to the monthly market report released by MetroTex Market. Highlights of the report include:

  • There were 6,836 sales of single family homes in Dallas-Fort Worth in January, a 22% increase over January 2015.
  • The average price per square foot for single family homes in the area is $111, a 4% increase.
  • The average sales price in DFW in January was $254,037, a 3% increase over last year.
  • There are 8,800 homes under contract and waiting to close.
  • There were 10,058 new listings in the area, a 20% increase from February 2015.
  • Houses are selling in an average of 52 days.
  • Most homes sell for 97.8% of list price when sold through a MetroTex Realtor.
  • There is approximately 2.8 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market. 

Did you know there are real estate forms other than your sales contract?

If you’ve never worked with a MetroTex Realtor before, you may not know what to expect beyond touring houses together or pricing your home for sale. Your MetroTex Realtor will explain every step of the process, but you can get a head start by understanding some of the forms you’ll see besides the sales contract. Here’s a rundown of a few common ones.

The Information About Brokerage Services form

One of the first forms you’ll get is the Information About Brokerage Services form, which you may also hear referred to as the IABS form. Texas law requires all real estate license holders to provide this form to prospective buyers, tenants, sellers, and landlords. The form gives you general information about how a real estate transaction in Texas works. For example, it explains the difference between a broker and a sales agent, and it outlines the services a client should expect from a broker as required by Texas law. Don’t be afraid to ask your MetroTex Realtor questions about this form before you sign it.

The Residential Real Estate Listing Agreement form

Once you find the MetroTex Realtor who is the right fit to sell your home, he or she will ask you to sign the Texas Association of Realtors Residential Real Estate Listing Agreement – Exclusive Right to Sell. This form helps you both know what to expect while your MetroTex Realtor represents you. It will cover the time period your MetroTex Realtor will manage your listing and how much your MetroTex Realtor will earn from the sale. It also authorizes access to your property while it’s on the market and provides other details about how you will work together. Make sure you understand what the agreement entails and how your MetroTex Realtor will handle your listing.

The Seller’s Disclosure Notice form

Texas law requires most homesellers to disclose the condition of their property and any property defects they are aware of. The Seller’s Disclosure Notice is for sellers to complete and provide to buyers on or before a sales contract’s effective date.

Completing the Texas Association of Realtors Seller’s Disclosure Notice will help sellers meet Texas’s legal requirements about disclosure and reduce your risk of facing problems after the sale. The disclosure is also helpful for buyers, but buyers should not rely only on this completed form for information about a property. It’s a good idea for buyers to hire a professional to inspect the property in addition to carefully reviewing the disclosure notice.

But wait … there are more forms!

There are several other types of forms you may encounter depending on your situation. For example, you might see an Information About On-Site Sewer Facility form if your property has a septic system, or the Request for Information From an Owners’ Association to get information from a homeowners association about its bylaws or restrictions. Your MetroTex Realtor has exclusive access to these and dozens of other forms that other real estate license holders who aren’t members of the Texas Association of Realtors can’t use. The TAR forms are useful for many situations you will encounter in your transaction.

Find a home and your MetroTex Realtor on dfwrealestate.com. Be sure to ask how these forms will help you when you’re buying, selling, or leasing property in Texas.