Homes are being snatched up in Dallas, signaling an overwhelming demand with little supply according to MarketWatch contributor Thomas Randall. In a highly unusual time where there are almost as many homes being sold as there are being listed, the Texas city saw 2,506 listings come onto the market in the Metroplex and 2,305 listings sold in a recent seven-day span. Demand is high as Texas sees almost 1,200 per day moving to the state, half of which move to the Dallas-Fort Worth metro.
Any home up to the $2 million range is being sold almost immediately, with well-priced homes being taken off the market before Realtors can even hold an open house. A property that sits on the market for more than 30 days is considered stale.
Randall, a local Realtor, writers: "The buzz among Reators is that a shift is coming in 2016. It is only recently that we are starting to hear about more relaxed mortgage rules. The prices that are being slapped onto some homes are unsubstantiated. Recently a 2-bedroom, 1,400-square-foot home in the M-Streets — an ever-popular neighborhood because of its central location, excellent elementary schools and limited area — was listed at $525,000. Less than one year ago you could have gotten a comparable home with well over 1,400 square feet and an extra bedroom in the same condition for under $500,000. This same home would have been listed in the $200,000 range during the Great Recession less than a decade ago.