How many homes are for sale in North Dallas?

The word in North Dallas real estate right now is that inventory is way low. We don't have enough homes for sale to meet the current demand. Prices are inching up as a result. In some price ranges, it is a seller's market and prices are rapidly increasing. In the higher price ranges, the market is still turning and prices are slowly rising.

Here is a look at the number of homes for sale based on price. Click on the chart to view it larger.

Looking at homes priced under $265,000 ; we have 105 properties for sale as compared to a high of 191 for sale in December 2010.

 

Looking at homes priced over $950,000 ; we have 146 properties for sale as compared to a high of 283 for sale in August 2009. 

But the real picture of the market is the Months Supply of Home Inventory. This chart shows how long it would take to sell all the homes on the market based on sales in the past 6 months.

 Looking at homes priced under $265k ; we have a 6 month supply of properties for sale compared to an 11 month supply in 2009.

 

A look at homes priced over $950k shows that we have an 11 month supply of properties for sale compared to a 22 month supply in 2009.

This low inventory signals a seller's market in some price ranges. I predict that inventories will stay low and the market will favor sellers this year. Traditionally in our area, home inventories of 6 months or less signal a seller's market, while inventories of 10+ months signal a buyer's market. Click here to see more of how we define a buyers or sellers market in North Dallas.
[where: 75230]

Bad Real Estate Photos 2013

Lets take a look at the worst real estate photos in our MLS system so far this year. These are not my listings folks. Just an example of what NOT to do when you put your house on the market.

This homes is actively for sale - now - in January 2013.

Check out the date on the photo.

Is there a landing pad nearby?

Cause this looks like a UFO in the room.

Maybe this property comes with a great view of the neighbors?

Will your home will spring a leak?

Into each life, some some rain must fall ... and into each home, some water may fall too.

Water damage to a home can be costly if not detected quickly. Whether it is a burst hose from a washing machine hose or a toilet overflow, the damage costs can soar into the thousands. However, there are ways to help avoid leaks before they become expensive.

The folks at the Institute for Business & Home Safety (IBHS) have come up with their predictions of the likelihood of leaks from a water heater or shower. According to the IBHS, homes more than 20 years old are 37% more likely to have a shower leak than newer homes.

But the biggest concern is usually the water heater. When a water heater is 5 years old, the chance it will leak or burst begins to increase dramatically. About 75% of all water heaters fail before they are 12 years old. Good reason to have it in the garage or ensure the drain pan is clear of debris on a regular basis.

There are ways to avoid leaks and there are products on the market that can detect a leak if it occurs and stop the water before serious flooding. Here are a few tips to help keep your home puddle free:

• Hoses, such as the supply connections to the dishwasher or ice maker, should be inspected annually for deterioration or loose fittings.
• Pipes under sinks can become loose over time and should be checked. Slow-moving drains are also a signal that pipes need inspection.
• In bathrooms, check for any staining or soft spots around walls and floors that could indicate a leak. Drain pipes and shower pans are prone to leaks as they age and should be checked every couple of years. For a toilet, the sound of constant running means the flapper or fill valve assembly may need to be replaced.
• Washing machines can leak a serious amount of water into a house. Check the hoses regularly for cracking, fraying or leaks and replace them every 5 years to keep problems from developing. There should be at least 5 inches of space between the water connection and the back of the machine to keep hoses from kinking.
• Water heaters should be located on the lowest level of a home and over a drain pan, in case a leak occurs.
• Every family member should know where the main water supply valve is located and how to turn the water off. I can tell you from experience that trying to find the shut off when water is flooding your home is harrowing.
• Get a leak detection device to help detect and prevent water damage. An "active system" generates an alarm and prompts the device to stop water flow when the moisture sensor detects a leak. A "passive systems" or "water alarm" is intended to alert you to a possible leak with an alarm or flashing light. Passive systems are easy to install and inexpensive. If you are away from your home for extended periods of time, consider a whole-house system with a shut off valve located on the main water supply pipe. If the system detects a leak, it will automatically shut off the entire water supply to the home. [where: 75230]

Sunday Open House = Sales

Just a few years ago, I avoided holding open houses as much as possible. At the time, most visitors to these Sunday events were "lookie-loos" - folks getting decorating ideas, noisy neighbors, people with time on their hands, ... and just general tire-kickers. Most agents held a home open in hopes of picking up new clients from the potential buyers walking in the door. For a seller, an open house was usually a waste of time.

Not so today. More and more buyers - real buyers - are spending their Sunday afternoons visiting open houses. They shop on-line for potential properties and then visit open houses when they are ready to start looking in earnest. I've seen the traffic at open houses more than double in the past couple of years. And the people coming in the door are serious about buying a home. Several of my sales in the past few months have been to folks who viewed the property at an open house.

Often 'hip pocket' properties that are not in MLS can be viewed at a Sunday open house. Check out 6340 Brookshire Drive, 6622 Norway Road and 5847 Saint Marks Circle this Sunday. [where: 75230]

Why People are Moving

More folks are shopping for homes right now. So lets take a look at what is driving people to move.

The main reason that 29.3% of folks moved was for family. Job related causes were why 19% of people moved. And the rest cited housing reasons. Here is the breakdown:

Reasons People Moved in 2012

These statistics come from the US Census Bureau 2012. [where: 75230]

2012 North Dallas Real Estate Statistics

Now that 2012 is quickly fading into memory, lets take a look at the local housing recovery. Here are two sets of North Dallas stats - north and south of Northwest Hwy. These are both for areas between Midway Road and Central Expressway.

For the Park Cities and vicinity:

For Preston Hollow and vicinity:

For both areas, the number of sales were up and the number of homes now available for sale are down. [where: 75230]