Real estate agents in the Dallas/Fort Worth area may find their schedules filling up in the coming months, as the demand for houses in North Texas has begun to translate into new developments. Hillwood Communities is currently readying 1,100 acres of land for 3,000 new residences, and plans for addition land are underway, according to The Dallas Morning News. About 320 homebuilding lots are expected to be finished by July.
"My guess is there is such demand that we will be adding more phases quicker than we expect," Fred Balda, president of Hillwood Communities. told the news source. "There is such a pent-up demand right now in this marketplace for home lots."
Dallas housing market looks to have reached recovery
During the collapse of the housing market, most developments were halted, and home starts in the Fort Worth/Dallas area fell 70 percent, according to The Dallas Morning News, but it seems as though the market has nearly made a full recovery.
Balda compared the amount and size of the developments to pre-recession days: He noted that the region was back to where it was during North Texas' heyday, at 20,000 new home developments started in 2012. The attitude of the market in North Texas reflects that of the nation - according to Fannie Mae's National Housing Survey, 76 percent of potential homebuyers feel that it is currently a good time to buy.
North Texas homes still selling quickly
Public property records revealed that in April 2013, the number of home sales experienced an uptick of 700, reaching 5,594, despite a rise in home sale prices overall, according to the Texas A&M University Real Estate Center. The average home sale price during that time was $260,700, an increase of $21,200 from the prior month.
A Housing Trend Report from ZipRealty shows that the median home price has risen 16.4 percent in 24 metropolitan areas since 2012, but sales are still going strong.
"We're seeing sales close quickly - in 32 days on average - at nearly full listing price or 98.9 percent of their asking price," said Lanny Baker, CEO of ZipRealty. He went on to note that homes were selling at their full listing price or more in nine cities in the report, and that in six cities homes were selling in a span of two weeks - sometimes less.