For those hoping to secure a Dallas mortgage loan, it should be accepted that this is one of the hottest real estate markets in the nation. Dallas home values have been trending up all year, thanks largely to low inventory rates, huge buyer demand and great Dallas mortgage rates for much of the year that have had the market in somewhat of a feeding frenzy. To further break down just how valuable getting a Dallas mortgage loan can be, a look at recent trends might give some insight as to the direction of this vastly upward-trending real estate market.
Data from an August 2 report from California-based real estate tracking company Altos Research saw the median home list price for Dallas home at $337,912. This number has been climbing since February of this year, and is up enormously from about $270,000 at the beginning of 2013. Yes, Dallas homes have become a remarkably solid investment over the past year.
The market action index (MAI) is also indicative of how well Dallas homes are performing, with Dallas’ MAI of 37.9 also trending up as of that report and clearly indicating a seller’s market. As for what this number means, it’s a reflection of supply and demand for Dallas homes, with any number below 30 representing a buyer’s market and any number above 30 representing a seller’s market.
Dallas home inventory has remained relatively flat over the past few months since trending downward at the beginning of the year, making Dallas homes more in-demand. With Altos listing 2,452 properties on the market for its August 2nd report, it’s clear that those looking to secure a Dallas mortgage loan could benefit greatly from the assistance of a Dallas mortgage professional in this intense seller’s market.
Additionally, findings saw days on market (DOM) for Dallas homes at a fairly stable level over the past few months, with the current DOM at 120. This is down, however, from about 160 as recently as March, indicating that homes are being absorbed more quickly.
If you’d like to hear more about Dallas mortgage options, please contact our team of Dallas mortgage professionals. It would be our pleasure to assist you.
+Patrick Glaros empowers people to find their best home loan option. Through planning and education, and a goal-oriented approach, Patrick and the team at Dallas Mortgage Planners have one common goal: Help clients make an informed decision to choose the best home loan for their unique situation. Find other articles written by Patrick.
