People often ask me: “Mike, how’s the market?” My first response is usually to say, “Why do you ask?” You see, the answer depends on where you are in the market: your price point, whether you are buying or selling, and the time of year.
Below is a review of 2014 and the first quarter of 2015 through March 20 to give you a sense of the local high end property activity. The zip codes included are: 75024,75093,75287,75252,75248,75254,75240.
|$4M and up||4||0||0||1||60 months|
Many of the newspaper headlines highlight broader activity, but that activity is greater at lower price points. By contrast, there were 2,479 homes sold in this same time period in the $100K to $500K range in the same zip codes.
For the period of 2012-March 2013, we did this same analysis, and it showed an 11-month supply in the $1M to $2M range and a 15-month supply in the $2M to $3M range. We think the market in the higher end will continue to show steady, slight improvement but will not come roaring back as the market for homes in the $100K to $500K range has.
The good news is this is still a great time to buy because interest rates are still low. The combination of pricing, interest rates, and motivated sellers create a perfect climate for buying.