Conventional wisdom might dictate that the current economic downturn, which has resulted in more Americans being out of work than at any time since the Great Depression, is not necessarily the time to buy a house.
But a recent trend has proven, once again, that Dallas-Fort Worth is not necessarily a conventional real estate market.
“It is kind of crazy,” said Wanda Charles, a realtor with The Wanda Charles Group.
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Charles is referring to what she sees on a consistent basis – multiple offers being made above asking price on homes across multiple price points.
“I think we have all kind of been at home and kind of hunkered down, but then what’s happened is a lot of people are still coming to Texas, a lot of companies are still relocating here and, with that said, a lot of clients have just really hit the floor running,” Charles said when asked how she explains the hot market in recent weeks.
The Collin County Association of Realtors (CCAR) tracks multiple data points about the local real estate market and indicates in its latest report that this is a “favorable market” for sellers.
“Multiple offers [being made] on all price points is something we don’t have statistics on. But we reached out to multiple brokerages, and all [of them] confirm the same story,” said David Lang, CCAR President.
The primary reason for the current sellers’ market is the low inventory of homes available for sale, according to Lang.
The current inventory of homes on the market in Collin County is 2.8 months’ supply as of the end of May, said Lang, who noted a balanced market would feature six months’ supply.