Source: WFAA —
DALLAS — The supply of houses in the Dallas area has sunk from bad to worse for buyers, with market inventory decreasing by more than half year over year.
The decrease of 53.3% locally in January is more than three times the national average decrease of 2.3%, according to a new report from Compass real estate brokerage.
The extreme shortage has exacerbated the seller’s market, causing the number of offers received to shoot through the roof, said EA Stribling-Kivlan, senior managing director for Compass (NYSE: COMP).
“In the Dallas market, Compass agents have noted that it is not uncommon for a property to receive upwards of 50 offers, many cash, with full appraisal waivers, quick closing schedules, and no option period,” Stribling-Kivlan said.
