In yet another sign of the Dallas real-estate market's turn-around, home foreclosures in the DFW were down over 50% from this time last year. Nationally distressed sales are at their lowest mark since 2007, and the DFW is one of the areas seeing even lower numbers than the national average.
Lowest number in over a decade
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| Distressed sales are down 50% in the DFW market |
Less than 2000 homes are set to be foreclosed on next month in the DFW area, the lowest total in over a decade.“There are a lot fewer short sales and distressed home sales, too,” said George Roddy Jr. of Foreclosure Listing Service. “A lot of the owners who have been upside down in houses are now being able to sell because the market values have risen.
Home Buyers are starting to take notice
Just a few years ago it was not uncommon to purchase a foreclosure property for 85-90% of its listed value. Today that is not the case. Many distressed homes are receiving multiple offers and selling for well above list price. It is not uncommon for a home in decent condition to get over 20 offers and sell for 10-15% more than listing price.
The shrinking inventory of distressed and foreclosed properties has had an effect on the overall price trends of traditional sales as well. With distressed sales making up less and less of the market, traditional sales have seen a steady increase in price over the last 12 months. The median home price in the DFW area was up 11% from this time a year ago and experts expect this trend to continue.
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