Dallas

Last month’s pre-owned home sales in DFW rose 11 percent over March 2009. The largest monthly gain since September 2009, March’s data provided even more evidence that the housing market has seen the bottom and begun to bounce back.

In addition, the median home sales price increased 6 percent to $144,900 — the highest its been since September.

The Dallas Morning News’ Steve Brown relays a few other positive points:

• Pending pre-owned home sales in North Texas were up 22 percent at the end of March.
• The latest North Texas housing report indicates that the housing market surge is likely to continue at least for a while.
• There is currently a 6.4-month supply of homes on the market in North Texas – close to what is considered a balanced market.

For more details, visit dallasnews.com.

Economy.com, an independent provider of high-quality data about the world economy, expects that 2010 holds 12,000 more jobs for the Dallas-Fort Worth metroplex. “Not bad,” says Steve Brown of the Dallas Morning News.

Furthermore, the study predicts that North Texas’ labor market will gain 230,000 additional jobs during 2011-2013. Since the housing market is closely connected to employment rates, this is excellent news for real estate.

Dallas real estate agents are reporting positive open house activity over the past several weeks. Coupled with the latest national statistics, this information points toward housing market stability and future growth.

Two weeks ago, LeeLee Gioia and Anne Goyer were somewhat surprised by the constant flow of folks that visited 5808 Falls Road for a Sunday open house. Eager to explore the gorgeous soft contemporary, Dallasites traveled from across the Metroplex – some with an agent, but several on their own.

Because so many people are now researching properties online, they are often incredibly serious shoppers by the time they attend an open house. LeeLee and Anne were both very encouraged by visitors’ genuine interest in their high-end property.

Agent Lisa Besserer recently showcased 9024 Broken Arrow and also reported signs of housing market recovery. The four-bedroom Georgian estate was part of a ‘Great Yards for Easter Egg Hunts’ home tour, which highlighted the property’s lushly landscaped grounds, extensive patio space, and negative-edge pool. Lisa was thrilled to see several “real buyers” rather than casual browsers or drop-by neighbors.

Adding a fresh twist to the traditional open house, Tessa Mosteller and Lucinda Buford have been hosting various shows at their listings. Whether it be jewelry, monogramming, or clothing, each show gives guests a fun reason to step inside a beautiful home. Have they been successful? Most definitely. In fact, the two ladies are displaying little girl dresses tomorrow (4/7) at 4112 Hanover, a light and bright home perfect for spring. For more information, contact Tessa at 214.505.1248.

To sum it up, Dallas agents confirm that consumer confidence has improved significantly, and serious shoppers are back browsing the web, driving the streets, and even taking time to tour the homes.

Click to see this Sunday’s opportunities.

Dallas is known for its wonderful neighborhoods, many of which come alive with lights during the holiday season. Ride a carriage through Highland Park, ice skate around the Galleria’s massive indoor tree, or visit the trains at Northpark, and you’re sure to find that holiday cheer is abundant in Big D. Click to watch a beautiful compilation of  festive photos from around town.

The Dallas Business Journal hosted a well-attended Industry Outlook 2010 breakfast and panel discussion at the Westin Galleria Tuesday morning. Moderated by KERA’s Dennis McCuistion, the speaker panel included an impressive group of CEOs from various industries. The overall consensus was that we are fortunate to be in Texas and specifically Dallas. Here is the insight they offered:

Banking:

Elaine Agather said that her bank was lending, but the money was a bit more expensive and many of their clients are more conservative than ever, choosing to remain in cash and waiting for investment opportunities. Her major concerns for 2010 were credit card debt, national debt, and the commercial real estate sector.

Energy:

Jason Few expects that gas prices will remain low, and therefore has no reason to believe that electricity prices will escalate dramatically.  He supports deregulation of his industry, and is confident that Reliant is in a solid position due to technological advances and potential growth in Texas’ nuclear plants.

Pro Sports:

Bill Lively addressed the positive effects that the Super Bowl will have on North Texas’ economy.  Over 280 sponsoring companies have already joined the local effort to make this Super Bowl 2012 the first of many to come.  With Cowboys Stadium’s “50 yard line” location between Dallas and Ft. Worth, Lively foresees that many businesses will benefit from Super Bowl XIV.

Health Care:

Doug Hawthorne astounded the audience with the fact that Texas has the largest uninsured population in the country. Though this issue creates an assortment of problems for Texas hospitals, he reported that Texas Health Resources remains strong.

Retail:

John Menzer spoke positively about Michaels and Aaron Brothers, and is hopeful to keep making modest improvements in 2010. Unemployment certainly has a negative effect on retail, so much of his business’s performance depends on the economy’s continual recovery.

Manufacturing:

A producer of pumps and valves for the energy sector, Mark Blinn does 70% of his business outside of the U.S. in markets such as China and India.  He predicts a positive future for Flowserve, since many foreign countries are beginning to modernize their plants.

While none of the panel speakers were exuberant about the economy in 2010, each had a positive attitude and spoke with a bright glimmer of hope.

If only they sold a GPS system for the real estate market. (Can somebody get on that?) It sure would help in determining precisely where the housing market is, and where it is headed. Though the exact answers to those questions remain uncertain, the latest numbers indicate further improvement and stabilization.

What are the facts?

Nationally:

• The October housing inventory reached a 7 months’ supply, down from 8 months in September. (A 6 months’ supply is considered a balanced market)
• New-home starts dropped by a seasonally adjusted rate of 10.6%. New-home inventories are at the lowest levels since 1982, which is helping to liquidate the existing-home inventory and bring it back to normalcy.
• The median sale price of existing homes declined 7.1% from October 2008, which was a lower rate than the 8% year-over-year decline in September.
• Mortgage rates are incredibly low, with 30-year loans averaging around 4.8% and 15-year loans around 4.3%.
• As of the 3Q of 2009, average home prices across the U.S. are at similar levels to what they were in the fall of 2003. The latest numbers show improvement over Q1 and Q2 of 2009, and have risen well off their recent bottom. (See chart below.)

Locally:

• DFW’s existing-home prices stayed steady from September to October, according to the latest Standard & Poor’s / Case-Shiller Home Price Index.
• Foreclosure filings for the upcoming December foreclosure auctions are down 12% in Dallas County when compared to the same period last year, reports the Dallas Business Journal.
• Dallas saw an annual home price decline of only 1.2% from October 2008. (See chart below)
• Dallas tied Denver for the U.S. markets with the smallest annual price decline.

Due to variables such as the temporary tax credit and the fragile labor market, the future trajectory of the housing market is not entirely clear. Nonetheless, we have reason to be thankful today: the graphs are pointing in the right direction.

For more information, see dallasnews.com, businessweek.com, dallas.bizjournals.com, and realestatechannel.com.

Steve Brown of the Dallas Morning News gave Dallas residents some good news this afternoon:

Housing and finance analyst First American CoreLogic has upped its outlook for the Dallas housing market. The Dallas area will see a 1.85 percent increase in home prices over the next year, First American says in its latest 12-month forecast based on September data. The Dallas price gain is better than the 1.1 percent national increase First American is predicting.

Click to read his full post at dallasnews.com.

When developed and maintained effectively, urban parks can be invaluable. Think New York’s Central Park. Chicago’s Millenium Park. San Francisco’s Golden Gate Park. Boston’s Fenway Park. (Ok, so maybe that last one doesn’t fit.) But these premiere examples prove that urban parks can increase property value, foster community cohesion, and boost tourism. Immensely.

Though downtown Dallas hasn’t had much green space to offer, things are changing. A dedication ceremony for Main Street Garden will take place this evening at 5:30pm, showcasing the multi-use park that now graces the front of the Municipal Courts Building. Providing a playground, a dog run, a wading pool, and a cafe, the 1.7-acre space hopes to help reawaken the eastern edge of downtown.

Unpaving the way, Main Street Garden will soon be followed by Belo Garden, the Woodall Rodgers Deck Park, and the Pacific Plaza. Three cheers for an increasingly green downtown!

For more details, visit dallasnews.com.

Tuesday morning north Dallas realtors gathered early for a weekly MLS meeting, and left having learned a lesson or two about disaster relief. The speaker was Arthur Sterbcow – a New Orleans native and the current President of Latter & Blum Inc. Realtors. The topic – surviving storms.

As the leader of a residential and commercial firm that consists of nearly 1,000 agents, Arthur knows real estate. (In fact, he’s the only Realtor® in the Gulf South who has achieved the CCIM, CRB, CRS, GRI, ABRM, and ABR designations.) And as a Katrina survivor, he also knows resourcefulness and recovery. Needless to say, when it comes to overcoming tough times in real estate, he has insight.

Arthur brought along a visual prop: a gym bag. When Katrina hit, Latter & Blum’s 28 offices were suddenly reduced to four – a mayhem that motivated the firm to become almost entirely paperless. Seeing the importance of preparation, Latter & Blum leaders consolidated the company (records, passwords, etc.) to fit into a gym bag, which all affiliates now keep in their car trunks.

After sharing bits of his inspiring Katrina story, Arthur likened that disaster to the storm the U.S. now faces. The current economic downturn isn’t what disturbs him most, however. The hurricane he fears happens to be the federal government’s recovery plan.

Mentioning the mountain of paper that the government has published to “clarify” its housing support programs, Arthur assured his audience of agents that Internet search engines and property databases cannot possibly replace their role. Expert Realtors® are now especially valuable, helping clients to navigate the ins and outs of the government’s options. Arthur highlighted the need for “good, caring, and informed” professionals.

A solutions-minded man who seems to embrace adversity, Arthur wrapped up his talk on a positive note. “Whatever cards they deal us, we’re going to find a way to play the game successfully.” Whether it takes the form of a natural disaster, tough economic times, or a government bailout, a storm…is a storm…is a storm.

In December 2010, soccer’s governing body—the Fédération Internationale de Football Association (FIFA)—will select the countries that will host the 2018 and 2022 FIFA World Cup™.

FIFA has received confirmations of interest from ten potential bidders, including the USA, to host one of the two tournaments. The other countries currently in the process of bidding for the event are:

Show your support for Dallas’s candidacy to be selected for the U.S. World Cup Bid. Twenty-six other U.S. cities are in the running…sign the petition below to bring the game to Dallas!