The real estate market in Dallas shows no signs of slumping as home purchases continue to rise. Increased demand in the property market has seen property prices rise. This is not only reflected in Dallas but the nation as a whole. I recent times of the 2,506 properties advertised in the Metroplex were area, 2,305 were purchased by buyers. This may not seem out of place to outsiders. But to seasoned players in the industry it is simply unheard to see that many houses being sold off in comparison to the properties being advertised. It simply shows demand is simply not backing down despite sellers not adequately meeting this demand.
In the Dallas region were seeing properties being valued for as high as $2 million dollars still attracting buyers. Before an open house is available is even ready for viewing we are witnessing reasonable priced houses being bought off. The last three houses in which I acted on behalf of the seller were bought off for prices that were significantly higher than what the client had valued them for. In central Dallas where undeveloped land is practically nonexistent and newly built properties rare to find properties are viewed as being stale if they have been advertised for more than 30 days.
There were rumors among property developers of a complete overhaul being done in 2016 and as expected there has reduced regulation in the mortgage market. The asking prices for some houses is simply ludicrous. In M-Street a lucrative area for sellers because of its good elementary schools, limited land and central location a 2-bedroom, 1,400-square-foot home was advertised for more than $525,000. Last year the same property was going for little more than $500,000 a decade earlier during the great recession would have been priced for about $200,000.
One wonders if this is the same case for the top tier market. In Lakeside Drive, Highland Park a development of about 30 homes there are three houses ready for purchase with one pending each selling for $7.5 million. Sellers have found it difficult to get buyers to purchase these properties as there are multiple alternatives, each carrying a piece of history attached to it. In relation to the level of sophistication used in its construction such properties are priced at a range of $700 to $1,300 per square foot.
Akin to the recent $100 million dollar valuation for certain properties in Dallas, sellers are witnessing properties once going for between $3 million to $5 million dollars being bought off for between $7 million to $10 million dollars. It is under these circumstances that people are being coerced into this uncompromising market as a result of higher incomes. The presidential elections seems to be the only thing that has garnered more attention than the unstable real estate market. It is quite obvious that there is high demand in the market and buyers should be ready to fork out more from their pockets if they are to stand a chance of owning property in this city. Every day about 1,200 people are migrating to Texas, half of whom are moving in to the Dallas-Fort WorthMetroplex. Development in Dallas has always taken place in the North. The past two decades has seen property developments and population follow this trend.
However the past 5 years has seen a change in pattern. With no undeveloped land available in the North unless you want to cross the border in to Oklahoma, Dallas develops within its borders. Any area within the 2-5 mile radius of Dallas such as Lakewood, Harwood, Oak Cliff, Bishop Arts, M Street, Oak Lawn, State Thomas, Downtown, Uptown growing upwards. Thousands of multi-story buildings are planned for construction.
About 25,000 single-family homes and 35,000 apartment are under construction as developers snap up idle land as no one can match their purchasing power. Most have no interest in converting or selling off this properties. They noticing the economic boom and are positioning themselves to take advantage of this.