NEWS RELEASE

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Cindy Miller, Director of Communications
North TX Real Estate Info Systems, Inc. (NTREIS)
214.800.8436 (office)
communications@ntreis.net

DECEMBER 2011 MARKET INDICATORS & LOCAL UPDATE

STATISTICS FOR DECEMBER 2011 ARE NOW AVAILABLE

Market Indicators for December 2011
Local/County Update for December 2011
 
There's no way to be certain what 2012 will bring. However, a few things do seem clear enough to make some assessments. First, 2011 was not the recovery year it was expected to be. It was yet another “transition year” for most. Second, multi-decade low mortgage rates and suppressed home prices coalesced to form an attractive purchase environment. And buyers did just what their name implies. This has driven down inventory levels in many locales, which—thirdly—nudged the market balance toward equilibrium. Here's how the final month of 2011 concluded the year.

New Listings in the North Texas region decreased 24.2 percent to 5,830. Pending Sales were up 3.0 percent to 4,178. Inventory levels shrank 26.2 percent to 30,817 units, extending the signature trend of 2011.

Prices were fairly stable. The Median Sales Price increased 0.7 percent to $150,000. Days on Market decreased 5.1 percent to 108 days. Absorption rates improved as Months Supply of Inventory was down 26.3 percent to 5.3 months.

Ultimately, the upcoming spring market should be a major tell about the future direction of housing. Sellers are seeing multiple-offer situations; buyers are seeing sub-4.0 percent loans; supply-demand trends are more balanced. When it gets down to it, that's a stable foundation and a far cry from 2009. While the fundamentals are better, the foreclosure situation and political unknowns remain wildcards. For now, enjoy the fresh canvas.