Market snapshot: As of Monday, January 28th, 2008
The Dallas Real Estate Market has cooled off, there are less homes being built and sold in the area, but market conditions are not nearly as bad as one would expect. Without question, the meltdown of the subprime mortgage market and the subsequent tightening of credit standards for buyers has decreased the number of homes being sold in the Dallas area. However, there are a number of indicators that suggest that the Dallas Real Estate Market is relatively stable. According to the Dallas Business Journal, the Dallas Real Estate Market ranks 3rd in the nation for investment. Dallas has one of the shortest average sale times in the nation. According to various reports, the Dallas area is the least likely of any major real estate market to see a significant drop in home values. In fact, the trend in home values in Dallas and in North Texas in general has been fairly flat. This has not been the case in many other major U.S. real estate markets, where a 20 to 30% drop in value is not uncommon. The 2007 median home price in the Dallas area was up 1% from 2006. According to a recent report in the Dallas Morning News, 30 of 45 Dallas area neighborhoods saw flat or now growth in median sale price, but various neighborhoods in north and east Dallas saw up to a 21% increase in sale price.
Commercial Real Estate - The Society of Industrial and Office Realtors' annual forecast indicates that commercial real estate will slow down in the Dallas market in 2008. Expect to see a decline in building sales and leases as the economy slows, causing more caution in the commercial market.
What does it all mean? Overall, the Dallas Real Estate Market is somewhat down from recent years, but is doing better--in some cases much better--than other major real estate markets nationwide. The rate of new construction is down, but homes are selling quickly, and new housing demand is expected to rebound later in the year, into 2009. The market areas in Dallas that have suffered the most have been those with homes in the price ranges that subprime buyers are most likely to afford. As the subprime market has largely vanished, these areas have taken the biggest hit in falling sales volume and prices. However, statistically, these areas have a higher instance of foreclosed homes, creating an opportunity for investors to pick up bargains.
Seth Callen is an insurance and mortgage broker in Lawton Oklahoma.
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