Every new day Dallas’s real property market is becoming more and more active. So, thanks the increasing of home prices, Dallas continues to rising too and is going straight ahead. In a recent period, about 2,506 listings appeared into the Metroplex market, and more than 2,305 listings have been sold. This is not normal. It’s amazing uncommon that in this period there are so many sold houses how it was mentioned in the said list. It’s a really sign that now there is a big demand and very little supply.
We normally are seeing in Dallas that any house up to $2 million range is being sold almost immediately. The last two or three houses that I have represented, the real estate seller has sold in less than seven days, and it was sold for most elevated price that it was planned initially. In central Dallas, where the recently built communities are atypical case and there is a shortage of land, a property which is not sold in the 30 days is named as stale.
According realtors, the shift will come during 2016. The mortgage rules now are more relaxed – we have started to hear about it just in the last months, and the costs of some houses are now really unsubstantiated. Recently a 1,400-square-foot house with two bedrooms located in M-Streets – very popular neighborhood located near the city centre and near good elementary schools – costs about $525,000. Just twelve months ago we could have obtain a similar home with more than 1,400 square feet, with one other bedroom, and all in the same good condition for about $500,000. And at the time of Great Recession the same house would have been costed $200,000.
And what we can say about the really luxury market? In Highland Park and Lakeside Drive as an example – in this area are located more than 20 homes – we can find three big and active houses for sale, and in this moment one of them is pending. In the market there are four homes, which cost around $7.5 million. In this moment is trying to sell these houses, each of which has its own beautiful and interesting historical tale. This houses are growing up in cost and each of them costs around $700 or $1,300 for every square foot.
There are a lot of Dallas’s houses, like the case of home which costs about $100 million, that are estimated by the sellers of $3 million to almost $5 million of dollars – price, that then rises to $8 million, or to almost $10 million. In this time of the summer approaches, when many people are trying to survive in conditions of this crazy market, looking for the money, the prices continue to rise and rise, pushed by the market. And in this situation the only process, that continue to hold buyers and sellers on the sideline, is the presidential election. Sure enough, one of the best ways to construct the really solid footing in the market, is the good cooperation of buyers and the seller’s market.
In Texas are living and working every day more than 1,200 people. The biggest part of them are working in the Dallas-F. Worth Metroplex. And the development of Dallas always has progressed from the north. All new-house developments, population and suburbs were incremented in the north for over than 20 years.
But during the last 5 years occurred big changes. With no more space and room to continue expand to the north (except if someone will want to continue moving into Oklahoma), Dallas is expanding internally. Uptown, Downtown, State Thomas, Oak Lawn, Harwood, M Streets, Oak Cliff, Lakewood, Bishop Arts and some other that are located in 2-5 mile of Downtown, now starts to construct upward. Thousands of apartments and high rises now are in the process of planning and constructing. Also in this moment are building in Dallas almost of 25,000 single-family houses, and 35,000 apartments too.
The builders of apartments are buying any piece of land and in this situation is impossible to compete. Whereas the owners of this condominiums and apartments haven’t the intent to sell of someday this property. Because they certainly know how the Dallas is important for the business, because the level of population now is relatively low compared with the number of free places for work.