Sales of luxury homes were one of the fastest-growing segments of the housing market in Dallas-Fort Worth in 2013.
Between January and October, 809 luxury homes — priced at $1 million and above — were sold locally, which was 22 percent more than the number sold during the same period of 2012, according to a report of the Texas Association of Realtors and Texas A&M’s Real Estate Center.
The luxury market made up 1.1 percent of total sales in Dallas-Fort Worth over the first 10 months of last year, the report said.
At the end of October, 922 luxury homes were listed for sale, or 4.1 percent of all active listings in Dallas-Fort Worth, the report said. The number of listings constitutes 11.4 months of inventory, which compares with three months inventory of homes for sale in the other segments, the report said.
“It’s common for luxury homes to have a significantly longer sell time and higher housing inventory than the average home simply because the pool of interested home buyers is so much smaller,” said Jim Gaines, an A&M housing economist.
In Austin, homes of $1 million or higher are close to 10 percent of all active listings and are selling in less than six months, Gaines said.
Fort Worth-Arlington home prices up in November
Fort Worth-Arlington home prices increased 5.9 percent in November from a year ago, according to a recent home price index report from CoreLogic.
Nationally, home prices were up 11.8 percent in November from November 2012, CoreLogic said.
Home prices have been increasing monthly, on a year-over-year basis, for nearly two years, CoreLogic said.
“Year-over-year home prices are up an impressive 11.8 percent,” said Mark Fleming, CoreLogic’s chief economist. “Our pending HPI projects that home prices will grow by 11.5 percent for the full year 2013. That will make 2013 the best year for home-price appreciation since 2005.”
States with the highest home appreciation in November were Nevada (+25.3 percent), California (+21.3 percent), Michigan (+14.4 percent), Arizona (+13.5 percent) and Georgia (+13.3 percent).
Texas saw an 8.7 percent increase in prices in November. Arkansas was the only state to show depreciation, down 1.1 percent.
Our Country Homes buys McKinney lots
Tarrant County-based custom home builder Our Country Homes has bought 21 home sites in The Settlement in Craig Ranch in McKinney.
Our Country Homes said it will introduce a series of new designs in Craig Ranch. Construction of a model home and three additional home designs will begin this month. Home prices will start in the $500,000s.
Our Country Homes is a third-generation custom builder that has built primarily in and around Fort Worth, Hurst, North Richland Hills and Keller. Craig Ranch is a 2,200-acre master-planned business, retail and residential community.
Realty Capital Management has sold 3 acres in the Meadows Creek development to TAK Enterprises. Mark Boone of Realty Capital represented the seller. Kyle Moss of Moss Commercial Real Estate represented the buyer.
John Kasperbauer has leased 3,209 square feet of office space in Westpark Centre from Golden Walkman LLC. Darrel Higginbotham of SCM Real Estate Services represented the landlord. Rik Massengale of ReMax Commercial represented the tenant.
Edgerton Emanuel Crandell has leased 1,696 square feet of office space from the Duvar Family Trust. Beaux Riley of SCM Real Estate Services represented the landlord.
Party City has leased 13,721 square feet in the Lake Worth Towne Crossing shopping center. Jeff Kitttleson and Andrew Wiley of CBRE represented the landlord, RPAI Lake Worth Towne Crossing. Jonathan Cooper of Venture Commercial represented the tenant.