What Q1 statistics say about the future of Texas real estate markets,
The Texas housing market gained positive momentum in the first quarter of 2012, according to the 2012-Q1 edition of the Texas Quarterly Housing Report. Here are some highlights from the report:
From January through March 2012, the volume of single-family home sales in Texas was 45,502, 12% more than the same quarter in 2011.
The median price for Texas homes during the quarter was $147,100, 2.7% more than 2011-Q1.
Months inventory decreased from 7.6 months statewide in 2011-Q1 to 6.0 months in the first quarter of this year. Economists at the Real Estate Center at Texas A&M University say that 6.5 months of inventory represents a balanced market.
The 21% drop in housing stock could mean demand is starting to overtake supply and Texas home prices are about to rise again.
My two cents:
Even though these stats are statewide, Tyler has definitely been on the upturn. I am seeing multiple offers and buyers are having to make quicker decisions when it comes to choosing the housing they love. I have also seen more interest in new construction. You know, sellers are also getting right on pricing their houses when listed. It is all about supply and demand. Remember taking college economics, I cringe as I think of taking Economics... Guess I should have paid more attention in that class. ha!
All in all, the first part of the year has started out good! I am encouraged!