Each Friday, Robbie Briggs, CEO of Briggs Freeman Sotheby’s International Realty, writes about luxury, trends, business and more in the advertising pages of the Mansion section of The Wall Street Journal. Below is his letter of July 16, 2021.
FROM MY PERSPECTIVE
For a little over a year now, the residential real estate market has witnessed a period of growth unmatched in recent memory.
Local homebuyers have looked for more space or to make a change, while others have relocated from out of state to North Texas in record numbers, throughout the pandemic. We’ve consistently seen increases in sales volume — across our entire market — on a weekly, monthly and quarterly basis, compared to last year.
That upward trajectory began in June 2020 in North Texas and has really not let up since. Buyer demand remains much greater than the supply of homes available, and this phenomenon has sent prices surging. The bottom line: More properties are selling for more money. The median listing price in the Dallas-Fort Worth-Arlington area is up 8.7 percent year-over-year — while the median number of days on the market is down 19 days. That means homes are selling very quickly.
As long as the balance of supply and demand tilts so heavily in sellers’ favor, we will continue to see prices escalate in this hot market, with its multiple bids and all-cash sales. We are encouraging homeowners who may be weighing whether or not to sell to take advantage of this moment — but not without the support and guidance of a skilled and trusted real estate agent.
The economic picture on a national scale provides reason to feel optimistic that the housing market will continue to thrive. With the stock market and American wealth reaching all-time highs, consumers are spending money. The unemployment rate continues to drop, while mortgage interest rates remain low.
We’ve distilled all of this into our exclusive quarterly report called Market Moves — and it’s all yours at briggsfreeman.com/market-moves. It’s got stats, facts and figures, plus a look at what the market is doing in several counties.
Nothing, though, can help you more than talking with one of our agents. We have more than 400 of them across North Texas who can help you with all of your real estate needs — in markets that are hot or cool, up or down.
They know their stuff, no matter which way the market moves.