Thanks to corporate relocations, more people are moving into North Texas, and that’s just one of the reasons housing is getting more expensive; prices are up 10 to 30 percent in some areas. Candace Carlisle covers real estate for the Dallas Business Journal and she takes a look at the market.
Interview Highlights: Candace Carlisle ...
... on the size of the price jump: "Home prices can be subjective. You've got different locations, what markets are hot. But I've heard some homes along the Dallas North Tollway are selling for as much as $100,000 more than a year and half ago. So, what a lot of people are doing are putting their homes on the market and going and buying houses a little further out."
... on the reason for the increase: "The builders can't keep up with the demand. Right now, there's just a little bit over two months supply of homes -- normally and historically, there should be six months of inventory. So, there's little inventory. There's about 50,000 to 60,000 listings that we're short right now and so it's just supply and demand, pure economics. People need a home and so they're willing to pay for it."
... on prices in areas outside of Dallas: "There are similar price increases, but there are pockets. It seems like if you are in certain areas such as those urban, whether it be Fort Worth or Dallas or even in the West Plano/Frisco area, there's these pockets that you are seeing home prices escalate quite a bit. ... Phillips Creek Ranch in Frisco -- Republic Property Group is working on that project and I believe the last time they quoted me an average price of a home sold at Phillips Creek Ranch, it was over $500,000, upwards of $600,000 -- average price."
... on advice for potential homebuyers: "A lot of economists feel like for the next two years that the market is going to stay hot and heavy in North Texas. We're going to continue to see jobs coming into the metroplex. Think a little counterintuitively. Everyone is headed up to Frisco and Plano -- that's exactly where the home prices are going to be jumping, right around those jobs. Look at some of the other markets like Anna and Princeton instead of McKinney -- or just move a little further out."
Candace Carlisle covers real estate for the Dallas Business Journal.