The hot spring market is coming to an end and will cool as summer comes upon us. But, interest rates are still low, buyers are still relocating to Dallas more than ever, more inventory is coming on so don't wait to buy or sell. The Dallas market is hot and will continue to be the place to move. There are definitely "sweet spots" in the market and certain price ranges and locations sell instantly in this market. Under $1M in the Park Cities is impossible to find and sell within a week. The best locations in University Park is still the golden corridor (between Preston and Hillcrest) and bring top dollar. I did a market study of just the Park Cities and in the last 90 days 85 houses sold between $1-2M, 16 houses sold between $2-3M and only 5 houses have sold between $3-4M!! You can see where the sweet spot is....between $1-2M!
Lot prices continue to skyrocket and there is beginning to be a good supply of new construction and those prices are higher than they've ever been (makes user homes a better buy). There are a good supply of homes in Highland Park over $4M and University Park is getting an abundant amount of new construction above $3M. Devonshire, M Streets and Lakewood continue to be hot and out of control on prices. You'll be lucky to find anything decent under $500,000.....If you have been looking in the $500's in those locations, be prepared to pay $600,000+ now. Preston Hollow seems to be the only area that hasn't appreciated as much but lots are still in demand. All indicators seem to think interest rates will rise the last half of the year (haven't they been saying that for a while)....but I wouldn't risk it because the cost of money is too cheap now. Some people think the slump in oil prices will affect the luxury Dallas market, but Texas is a consumer state and the more money in buyers pocket from low pump prices means more consumption of products. Bottom line, there are plenty of silver linings in the clouds.
(Britt Fair, Hexter-Fair, Jan. 2014 vs Jan 2015)
