State of DFW Real Estate Market - April 2012

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From RE/MAX DFW Associates in Flower Mound:

Dallas-Ft Worth Listing Inventory
The Dallas-Ft Worth MLS system (NTREIS) reports that there were 16,624 new listings posted in March 2012 compared to 18,377 in March 2011. That is a 9% decrease from one year ago in the 26 county region of NTREIS. Further, there was a 17% decline from March 2010, when 19,998 new listings were posted. Yet, home sales are up 20% over 2011, and 25% over 2010. We have entered a strong seller’s market in many towns and communities of the Metroplex. RE/MAX DFW Associates new listings are up, a reversal from the region’s trend. We posted 362 new listings in March 2012, compared to 322 in March 2011.- NTREIS Stats, April 2012

Renters Make the Move Into the Housing Market
Two housing reports this week provide solid insight to the recovery of the local housing market. Net leasing of apartments in the Dallas-Ft Worth area turned negative in the first quarter 2012, the first time this has happened in several years. At the same time, sales of new homes here rose five percent from a year ago. And pre-owned home sales are running about 20 percent ahead of where they were in early 2011. With the cost to finance homes near record lows and average North Texas apartment rents at record highs, it’s safe to figure that some renters are making a move. The average cost of a new apartment in the area tops $1,000 monthly. “The first three months of the year are reinforcing our forecast that 2012 will be the first year of recovery in the Dallas-Ft Worth housing market,” said David Brown, who heads the Dallas office of housing analyst MetroStudy, Inc. - Steve Brown, Dallas Morning News, April 6, 2012