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The Local Market Monitor Report for the Dallas, Plano, and Irving areas calls the real estate market “Low Risk.” This is echoing what we’ve heard since November — prices are up, homes are on the market for a 30 to 60 days, inventory is low.
Dear Candy: Thinking about selling my house. I have been told that inventory is incredibly low on my type of house: 6600 square feet, built in 07, area 11 (North Dallas), price probably $1.45 – $1.49.
Read more on Ask Candy: Sell or Not to Sell, Now or in Fall?…
I know that with inventory so low, it is mighty hard to find homes out there. The new thing is to find a home BEFORE it hits the market! If you are looking in Preston Hollow, very close to St. Mark’s — we are talking roll out of bed and you are in your classroom — here is a 5900 square foot beauty with five bedrooms, five and a half baths, great pool and spa, one-third acre, newer than new, and only $1,250,000. Might be listed next week, unless you want to buy it first! I LOVE that master bath!
Read more on Hip Pockets Not in MLS: This Home Might Be Going On The Market –Twist My Arm!…
Really nice piece here in the New York Times explains why we are beginning to see home prices creep — I said CREEP — upwards, even in markets like Phoenix and Las Vegas: lack of inventory. It’s a very similar situation here in parts of Dallas, mostly the Park Cities, Preston Hollow, and Lakewood: hip pocket is becoming a mainstream word, as agents clamor for listings. There’s just not enough to go around for several reasons:
Read more on Why Home Prices Are Rebounding in Some Cities: Supply, Supply, Supply…
So. It’s 2012 and we have been at this for what now, three years? Our market first started feeling the pinch about 2008. Texas is like the caboose on a long train: we are the last to fall off the cliff.