Category Archives: Leasing

DFW Market Analysis: May 2018 vs May 2017

Rising housing market concept with multi-floor buildings.

According to the North Texas Real Estate Information System Summary MLS Report for: May 2018 compared to May 2017, the DFW Metroplex real estate market is escalating at impressive rates. The Median price of a Single Family Residential (SFR) home in the DFW Metroplex is 5% more in May 2018 than it was in May 2017. The SFR in the Metroplex averaged 39 Days on the Market (DOM) for homes that closed in May 2018. That is 3% slower than last year, and there are about 13% more homes on the market this year versus last year.

Condos are holding their value as well. The average price for a condo in the metroplex stayed the same from 2017 to 2018 ($286,196), but the average time on the market is 48 days- up 9% from last year. There are 17% more condos on the market in May 2018 than there were in May 2017.

Some notable changes in the market are in multifamily properties. Multifamily properties were on the market 15 days that reflects a 53% faster time compared to last year with prices up 25% on average compared to last year.

Rentals are also a great story, and congratulations if you purchased a rental property in January of 2016. The median price for rent in January 2016 was $1588 in the NTREIS compared to $1791 in May 2018. In January 2016, it took about 42 days to lease a home as a landlord (42 DOM) compared to about 36 days (36 DOM) in May 2018.

If you are renting, it is still a good time to buy. Yes you could have purchased cheaper if you had not waited, but I believe that the market will continue to pick at its current rate if not pick up at a higher pace. If you own a home that you are wanting to change, now is a good time to do it. I have worked with many people to make this happen. It is tricky, and it requires experienced real estate agent, the right lender, timing and a little luck. And, if you are considering purchasing investment property, just look at the numbers. I am very familiar with investors, the terminology and closing deals that sometimes close quickly and sometimes can take a year or longer.

If you are looking for a good and honest agent, reach out to me. I can help you with your real estate needs here in the Metroplex and am also very familiar with the Austin market as well as the Corpus Christi-Rockport-Copano Bay areas. I live on referrals, so please give my information to your friends who may need an agent in this crazy competitive market.

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DFW Area home sales and prices hit records!

Home prices in the DFW area are at another record-setting high in April 2017. Median sales prices are up 12% from a year ago, according to MetroTex Association of Realtors (MetroTex), North Texas Real Estate Information Systems (NTREIS)! 12% higher across the metroplex is what was documented in the record books, but were even higher in some neighborhoods according to the Real Estate Center at Texas A&M University and the NTREIS. Not only are the prices soaring, which is not projected to plateau off in most studies out there, real estate agents closed on 5% more homes in April 2017 than they did a year ago in April, 2016.

More than 30,000 North Texas properties changed ownership in the first quarter of this year (MetroTex). There is a tight supply with homes selling in hours sometimes, especially in those under $400,000 (NTREIS). On average, it took less than 40 days to sell a house in the area, slightly less time on the market than last April, and even less in markets under $200,000 and in certain locations. The current market supply consists of a 2.5-month supply of houses listed for sale with real estate agents, which is less than half of a normal market (NTREIS). I have sold two listings this year that were in contract within 24 hours of going onto the market.

So, do you wait for the market to ‘calm down’? That is a question I get a lot. It is never a bad time to buy in my opinion. If you have property, then you have profits/ proceeds out of that at a high market while taking it and applying it to what you want. If you do not currently own, there are some excellent programs out there in attempts to convert lessors into home owners. Those are most likely short lived in my opinion, so, now is an appropriate time to jump in there. With some down payment assistance programs, it is cheaper to buy than to rent.

Further, interest rates continue to remain consistently low and even have dropped when projected they were to rise. Interest rates are so low that it makes sense to finance property now. So, with that in mind, call me or text me with any questions. I will help you get started, introduce you to some great lenders in the area, and we can find your next home or investment.

Hottest Housing Markets for Early 2016

The overall national housing market in January mimicked the traditional seasonal trend of fewer homes on the market and slower sales, however the market is projected to increase into a possible record-breaking Spring season. According to Realtor.com, initial results from January documents positive growth at statistically significant higher numbers than January 2015. This should result in the positive growth in the residential real estate market in 2016, which is the prediction by almost all experts in the field.

Realtor.com noted in their report that the median days in inventory is now 100 days, which calculates to 6% longer to sell in January than in December, 4% faster than January 2015.

Here are the 20 hottest housing markets in January 2016, according to Realtor.com:

  1. San Francisco, California
  2. San Jose, California
  3. Dallas, Texas
  4. Vallejo, California
  5. San Diego, California
  6. Sacramento, California
  7. Nashville, Tennessee
  8. Stockton, California
  9. Denver, Colorado
  10. Los Angeles, California
  11. Santa Rosa, California
  12. Oxnard, California
  13. Palm Bay, Florida
  14. Yuba City, California
  15. Modesto, California
  16. Detroit, Michigan
  17. Midland, Texas
  18. Santa Cruz, California
  19. Tampa, Florida
  20. Fort Wayne, Indiana

And here’s Zillow’s top 10 of the hottest housing markets in 2016.

  1. Denver, Colorado
  2. Seattle, Washington
  3. Dallas-Fort Worth, Texas
  4. Richmond, Virginia
  5. Boise, Idaho
  6. Ogden, Utah
  7. Salt Lake City, Utah
  8. Omaha, Nebraska
  9. Sacramento, California
  10. Portland, Oregon

 

Dallas/Fort Worth’s Booming Market

It is hard to name the metroplex. We call it DFW or Dallas Fort Worth. However, there is a lot more to the metroplex. South like Arlington, Grand Prairie and now a booming Mansfield.  These areas are hot, but the real growth is north! Plano, Frisco and Allen are on fire! Homes last less than 24 hours in those areas with multiple full-price offers. That is actually the case all over this big ol town.

It is a sellers market for sure. It is hard to find a home, and when one is available that a buyer likes, then the competition really begins.  For listings, some cannot even get the signs in the yard before the offers start rolling in – sight unseen at many times. This makes the hussle hard for buyers but easy for sellers. The reason? 4,000 people are moving here each week. That’s crazy!  According to the Dallas Morning News, Dallas-Fort Worth added more new residents than almost anywhere else in the U.S. in the latest population estimates.

The following chart is from the Dallas Morning News (with permission) and depicts what is going on up here.

I have clients ask me if the market is going to correct. I can only say that I cannot see it going anywhere here in this boom economy. Businesses are moving to Texas for the amazing tax breaks. People are moving here to work for those businesses and also because Texas has no income tax. I had several clients who wanted to purchase property just before the end of the year for that purpose alone. I do not think that the prices or housing stock are going to correct any time soon, so if you want to buy, do NOT wait a few months for things to calm down. The stats show that will not happen. If you buy now, and things continue as they are, you will have equity in your home in just a few minutes, pardon me months!

I am experienced and know this area very well – all over it! I am back home here in DFW most of the time, though I still work in the Austin market, mostly lake properties and student housing. I love helping people, so call, text or email me. I can help make this process fun and reduce the stress…

Condos and Townhomes for sale in the ATX!

I am getting a lot of chatter about home sales, record prices, etc. The interesting thing is that many of the stats that are out there in most of the news rags are not specifically about the condo and townhome stock in this crazy hot market. The number of listings are up for condos/ townhomes, so there is stock. The median price is higher than every historically in the downtown market. I have heard some conjecture about overbuilding and price correction in this area. The numbers do NOT tell that story. They tell a story of a great opportunity to buy a chic downtown condo with the data showing historical median price increases that have shown an impressive growth curve for three years in a row. If you look at how many condos/ townhomes have sold, you will see that not even half way through this year, we are looking at numbers indicating selling more in this market than ever before. And look at the median prices.

Matrix – Click here to view this chart that indicates the median sales prices over the past several years indicating a dramatic increase.

Historic Sales x Price Range – Click here to look at the median sales prices and how many condos and townhomes were sold during each month of each year.

Austin Student Housing

Hey parents, are your kiddos flying the nest and heading off to Austin to go to school? I have lived in Austin for over 20 years and am the proud mother of three children, the oldest of whom just graduated from college. Living expenses have been most significant in my college experience and many would agree! I am a licensed real estate professional in the Austin, Texas area working in the JB Goodwin REALTOR Westlake office – in an energetic, high-producing, award-winning office. If you have kids moving to Austin and need a place to lease, let me help you find the right property for their needs. The Austin real estate market is unbelievably dynamic (according to the City Demographer there are an estimated 110 people a day moving to Austin!).  I live in the West-central area of Austin, just a few blocks from the campus area, and know the area well.

If you are in a position, I highly recommend you look into purchasing a condo or other property near the university or downtown area. With the current market in Austin setting sales and price records for the past three years, now is a good time to buy. By offsetting some of the property costs by renting rooms to roommates and then adding in the property equity acceleration, purchasing is a great alternative to leasing. Contact me for more information and to discuss how I can help you with your property needs!  I do keep up with the current stock and can help you through a very complicated market down here! Best of luck to you all!

Great West Campus Property!

22nd-1

22nd-2

915 W 22 1/2 ST Unit#203

This property is new on the market and will not last long! It is in a great location and is ideal for students! Green building on the corner of San Gabriel and W 22 1/2. Huge penthouse condo in the heart of a vibrant West Campus neighborhood. 4 blocks to campus, shuttle stop right outside the front door. With 2 master suites upstairs and an extra half bath down, this is a perfect roommate floorplan that can comfortably accommodate 2-4 persons. The formal dining room is a big plus. 2 reserved parking spaces included. Washer and dryer in the unit. Ready for July 1 move-in.

Contact me to discuss this property!

512-507-1498

mistimeyers@yahoo.com

May Leasing Statistics

20141021_141438_HDR_resized

The Austin leasing market is still VERY tight. Even with an increase in inventory, we still see MULTIPLE OFFERS on solid lease properties. Apartments are 95% occupancy city wide —– in popular areas they are at 97% and some have waiting lists.  So, if you are your college student is moving to Austin and plan to lease, start looking NOW! The markets changes on an hourly basis in some areas!

Investors, it is a good time to buy MORE rental property, even though supply is up.  US Census figures show from July 2013 to July 2014 the number of people moving to the Austin area was 157 new people per day and City of Austin Demographers estimate 110 per day. Either way, there are a lot of people moving here EVERYDAY! Opportunities are abundant…Angelos Angelou (angeloueconomics.com/) predicts the Austin area will add 70,000 ate a create conducive investment market! The following table gives a graphic snapshot of the hot Austin leasing market…from both sides:

Total Lease Properties Median Price per Single Family Median Price per Total Total Home
Home, Condo, TH & Dpx Price Foot Homes for Lease Price Foot Leases Leases
1-May 1,281 2014 1.29 675 2014 1.08 Total Houses
2014 12 mo 12 mo 3,757 2,404
$1,395 $1,595 2014 2014
4 mo 4 mo
1-May 1,563 4 mo 1.44 687 4 mo 1.18 Total Houses
2015 $1,500 $1,600 3,823 2,385
2015 2015
4 mo 3 mo
% ^ 22% 7.50% 2% Level 2% Level
1 year

Sources:

Texas Real Estte Center                http://recenter.tamu.edu/Data/hs/hs140b.htm

Multiple Listing Service

REALTOR.com          www.reltor.org/

MetroStudy Austin  www.metrostudy.com/view_market.php?id=10

MPF Research Greg Willett   www.realpage.com/market-research/mpf/

Capital Market Research  http://cmraustin.com/

JB Goodwin REALTORS®  

Austin-area home sales, prices hit monthly records in February 2015

Austin Board of REALTORS® (ABoR) released real estate statistics for February 2015 – The following is the ABoR Press Released Report/ Statement: 

AUSTIN, Texas – March 20, 2015 – Austin-area single-family home sales and home prices hit an all-time high for the month of February according to the February 2015 Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®.

Barb Cooper, 2015 President of the Austin Board of REALTORS®, explained, “The first two months of 2015 have broken monthly records for single-family home sales, yet nearly half of the homes sold in the Austin area in February 2015 were purchased outside of Austin’s city limits. This growing urban sprawl has put a strain on our region’s infrastructure. Long-term and sustainable solutions for statewide transportation funding in addition to policies that allow more affordable housing options inside Austin’s city limits will be critical to making Austin an affordable place to live for all residents.”

According to the report, 1,775 single-family homes were sold in the Austin area in February 2015, a year-over-year increase of five percent and the highest number of homes sold for the month of February. In February 2015, 69 percent of single-family homes sold in the Austin area were priced $200,000 or higher, outside of an affordable price range for many Austin homebuyers.

Home prices also set new records for the month of February. The median price for Austin-area homes in February increased eight percent year-over-year to $248,640 and the average price rose five percent to $307,928 during the same time period. While less than the double-digit price increases seen in previous months, the pace of home price appreciation in February 2015 remains higher than the historical norm of around four-and-a-half percent.

Austin-area monthly housing inventory ended February 2015 at 2.2 months, an increase of 0.2 months from the same time period last year but still only one-third of the 6.5 months inventory level the Real Estate Center at Texas A&M University says equals a balanced housing market. Homes spent more time on the market in February 2015, increasing three days year-over-year to an average of 58 days.

Active listings in February 2015 rose nine percent year-over-year to 5,142 listings, while new listings increased three percent to 2,619 listings from the same time frame last year. Pending sales in the Austin area increased eight percent to 2,278 sales.

Cooper concluded, “The Austin area continues to see more homes on the market, rising housing inventory and homes spending more time on the market. While these trends would typically create more favorable market conditions for buyers, most all of the available housing stock within Austin proper continues to be unaffordable for the typical homebuyer. The Austin Board of REALTORS® urges statewide and city leaders to enact solutions now that will ensure the long-term sustainability of our region’s housing market and economy.”

February 2015 Statistics

  • 1,775 – Single-family homes sold, five percent more than February 2014.
  • $248,640 – Median price for single-family homes, eight percent more than February 2014.
  • $307,928 – Average price for single-family homes, five percent more than February 2014.
  • 58 – Average number of days single-family homes spent on the market, three days more than February 2014.
  • 2,619 – New single-family home listings on the market, three percent more than February 2014.
  • 5,142 – Active single-family home listings on the market, nine percent more than February 2014.
  • 2,278 – Pending sales for single-family homes, eight percent more than February 2014.
  • 2.2 – Months of inventory* of single-family homes, 0.2 months more than February 2014.
  • $546,572,200 – Total dollar volume of single-family properties sold, 10 percent more than February 2014.

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin area in February 2015 was 201, a four percent decrease from February 2014. The median price for condos was $196,580, which is five percent less than the same month of the prior year. When compared to February 2014, these properties spent the same amount of time on the market, or an average of 50 days.

Leasing

In February 2015, a total of 1,265 properties were leased in Austin, which is 10 percent more than February 2014. The median price for Austin-area home leases was $1,450, which is four percent more than the same month of the prior year.

The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data. For more, contact the ABoR Marketing Department at marketing@abor.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. 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.

Now Is A Great Time To Lease Apartments Downtown!

20150117_182509_HDR_resized (1)I love living near downtown Austin. If you are looking for an apartment in the downtown or surrounding areas, this is a good time to look, in my opinion. It is just after the holiday lul in real estate followed by the wait period that a lot of apartments experience between now and May-ish. Though my building is reporting 96% occupied. It is amazing, but to beat this lul, I am seeing a lot of incentives, like a month free rent and/or almost no deposit.  I also offer various incentives for using me as your agent. So, if you are interested, just email, text or call me, and I will help you drill down your search. There are so many choices down here, that it takes a little information to get it to a reasonable search for you to look through and decide which ones are best for you. I love showing down here too.