More good news today from Texas Association of Realtors (TAR).
Homes in Texas continued to hold their value as sales jumped up 18% over the same quarter in 2010. Dwight Hale, chairman of TAR says "We are thrilled by the performance of the market this quarter and believe these results illustrate the strength of Texas' housing economy."
Jim Gaines, Ph.D. an economist with Texas A&M real estate research center says "The market is starting to look like it did before the real estate boom and bust. Sales this quarter are comparable to levels in 2002 and 2003, indicating the market is returning to a more normal sales pace."
Mr. Gaines goes on to say "Despite being behind the first half of the year, we expect the second half of 2011 to outperform last year, ending the year slightly higher than 2010."
This is good news for all home owners in Texas. As is the fact that homes listed for sale also dropped over this same period. 7.4 months of inventory vs. 8 months in third quarter of 2010.
Chairman Hale concludes, "It's encouraging to see the Texas real estate market returning to pre-recession levels. Looking ahead, it will be important to maintain the affordability, access to natural resources, and quality of life that have drawn so many homebuyers to Texas, which is the continual focus of the Texas Association of REALTORS
I have been seeing the same things happening in the Dallas market and especially the Uptown and in-town markets. Sales are up, buyers are out and inventory is falling. There are still bargains to be had and interest rates are still at historic lows. With the end of the year coming, I expect sales to continue to be strong as buyers want to get that purchase closed before the end of the year so they can get their tax credits in place this year.
If I can help you in any way - buy, sell or lease please give me a call or email!
Alan Shaffer
www.AlanShaffer.com
214-335-8956
Clay Stapp + Co Realtors