New Listings dropped for a second month yet remain slightly above Closed. Considering the trajectories, expect the lux market to invert again. Anecdotally, buyer demand remains while seller pricing is inflated and the primary cause of excess inventory.
According to the National Association of REALTORS, Texas saw the highest percentage of institutional buyers of residential home purchases in 2021 at 28%. Dallas County has the second-highest number of investors at 43% with the highest share of renters nationally at 50% and a rent growth of 64%. Investment properties include high-end single-family homes as well as high rise residences.
For the record, Texas is a “non-disclosure state.” This means that although agents must report and share the sales prices to the Multiple Listing Service (MLS), we don't publicly disclose that information – directly or indirectly. Texas REALTORS states, "It means that the state government, including local appraisal districts, cannot force anyone to provide the sales price to it." However, agents can talk about the last listed price since it is public knowledge.
The property with the highest list price to enter the market this month is an incomplete new construction home in Highland Park. It is listed at $13,900,000. It is a Mediterranean style 9,501 Sq. Ft. 5 bed, 6.1 bath house with a 3-car garage on a nearly half-acre corner lot.
The highest closed property is unusual this month. It’s technically 37.614 acres of land in Celina listed at $8,750,000. The highest priced actual luxury property to close this month was listed at $7 million. It is a 5 bed, 5.3 bath with a pool and four garage spaces on 4.54 acres in Southlake.
There are currently 38 Active luxury lease properties in North Texas with list prices of $10,000 or more per month. The highest listing price for a lease is a 4 bed, 5.1 bath with a 4-car garage, no pool and a 5-stall barn with a tack room, bathroom and office on 4.9 acres in Colleyville for $27,500 per month.
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
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