While they aren’t saying Dallas-Fort Worth’s red hot housing market has slowed, real estate experts say home prices that have grown by leaps and bounds for several years have finally leveled off.
“We’re definitely still seeing buyers and sellers with lots of new listings on the market and lots of homes going under contract, but the prices are definitely holding more steady then they have been,” said Melissa Hailey, President of the Collin County Realtor’s Association.
Hailey says appreciation is no longer increasing at the rate it has been for the last several years. Still, it’s a seller’s market.
According to Hailey, in an even market, realtors expect to see about six months of inventory, meaning the amount of time it would take to sell all of the available homes on the market. Right now in most areas, there’s less than three months of inventory. In some of Collin County’s hottest areas, there’s less than one month inventory, especially for homes at a lower price point.
Today’s inventory is slightly up. She says some of that’s due to time of year.
Homes tend to go on the market in spring as buyers look to move during the summer when kids are out of school.
“Now is still the right time to list. Even though we’re getting more homes available for inventory, at the end of the day if you list now you’re going to have the most available buyers because people want to move in the spring they want to move in the summer,” said Hailey.
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The trend's least noticeable for so-called starter homes, those priced under $250,000. In Collin County, Hailey says first time buyer's will get the most bang for their buck to the north in Prosper and Celina or to the east in Princeton and Farmersville.