According to the article, monthly sales of preowned single-family homes by real estate agents have increased from about 4000 in 2010 to 9022 in October 2017.
Median home sales prices for preowned single-family homes sold by real estate agents in North Texas have risen from under $150,000 in 2010 to $240,000 in October 2017.
And home inventory has fallen for the number of preowned single family homes listed with real estate agents in North Texas from about 34,000 to 21,416 in October 2017
What does this tell us?
Short home sale times indicates that the market is strong, demand for newly listed preowned homes is still a driving force in the North Texas housing market.
The cities with the highest sale price per square foot take longer to sell and are found in cities with higher inventories
Falling inventory means less homes on the market and therefore less choice for the home buyer. It also indicates that prices will not fall, but hold firm or increase with the increased demand for preowned homes.
In short, if you are a buyer, the best time to buy was 6 years ago. The second best time to buy is NOW!.
If you have a home to sell and you live in a city with the lowest home inventories AND the shortest home sale time, your home is a desired commodity. Consider converting your preowned principal residence equity into a tax free (up to $500, 000 per couple) capital gain, or make use of your appreciated real estate and convert your equity into cash and use those funds to invest in other ventures.
A good real estate will sell your home, or help you find one to buy, but a GREAT REALTOR will guide you, educate you and assist you in finding you your "Forever Home" or sell your home to one who will make it their "Forever Home".
Debra Collins has over a decade of real estate service! After 14 years in an account executive management position and raising two children with her police officer husband, Debra transitioned into Real Estate in 2002. The attributes of her success are superior market knowledge, hard work, and her commitment to provide great service and representation to all of her clients by offering sound advice to help her clients make the most informed real estate decisions. Holding the Accredited Luxury Home Specialist (ALHS) and Accredited Buyer Representation (ABR) Designations, Debra has a keen eye for helping discerning clients market or purchase a home.