About a third of all Texas home sales in February took place in North Texas, according to the MetroTex Association of Realtors. Using the dollar volume metric, Dallas-Fort Worth accounts for about 35 percent of total state sales.
For reference, Dallas’ population of just above 7 million represents about 25 percent of state’s population.
There were 6,909 homes sold in Dallas-Fort Worth last month, the report said, a 5-percent increase from last year. Both the average home price and median home price, $285,940 and $235,000, respectively, were up 13 percent from last year.
See the complete article at the Dallas Business Journal.
KVUE has been investigating the issue and found that while the sky seems to be the limit for home prices in the city; salaries can’t keep up and it’s pushing people out of town.
According to federal housing data housing prices have risen faster in Austin than anywhere else in the country.
But the real issue isn’t just a need for housing. Instead, the salaries that most people in Austin receive is not enough to keep up with the price hikes.
Over the last 26 years in the city, family incomes rose 97 percent. At the same time, median home prices rose 290 percent.
Put another way, a family making $50,000 in Austin would have seen their income rise to $98,500. However, a home that cost $100,000 then would now cost $390,000.
Read the full article at KVUE News
Another company has decided to move its corporate headquarters to Fort Worth to take advantage of the Lone Star state’s business friendly environment and the city’s longtime history in the aerospace industry.
The move is historic for Burbank, California-based C&S Propeller — an FAA and EASA certified repair station for propeller and airplane maintenance — which has been in California for nearly five decades.
See the full story in the Dallas Business Journal.
Emeryville, California-based Jamba Inc. — which owns and franchises Jamba Juice stores — plans to relocate its headquarters to Frisco’s Hall Office Park, which will bring 100 corporate jobs to North Texas.
Jamba has signed a lease for about 25,000 square feet of office space at 3001 Dallas Parkway in Hall Office Park, which will include about 19,000 square feet of office and meeting space, as well as about 6,000-square-foot test kitchen and retail store front.
Read the entire story at the Dallas Business Journal.
Sure, the low taxes, relaxed regulatory environment and Central Time Zone are nice. But none of those factors tops the list of reasons Toyota decided to plant its North American headquarters in Plano, bringing in more than 3,000 jobs, mostly from California.
The main driver of Toyota’s move from Torrance, California, was housing costs, according to Albert Niemi Jr., dean of the Cox School of Business at Southern Methodist University, who has inside knowledge about the move. Niemi shared the anecdote at an SMU Cox Economic Outlook Panel on Friday morning.
“It wasn’t so much that we don’t tax income,” he said. “It was really about affordable housing. That’s what started the conversation. They had focus groups with their employees. Their people said, ‘We’re willing to move. We just want to live the American Dream.’”
Toyota did the math and found that housing costs in Los Angeles County, where Torrance is located, are three times per square foot the cost of a house in Dallas-Fort Worth.
“They’re paying the same salary,” Niemi said. “So in real terms, they’re going to triple the affordability of housing they can buy if they move to Texas.”
Read the entire article at the Dallas Business Journal.
Four Texas metro areas together added more people last year than any state in the country except for Texas as a whole, according to new U.S. Census Bureau population estimates released today. The population in these four metro areas increased by more than 400,000 people from July 1, 2014, to July 1, 2015.
The Houston-The Woodlands-Sugar Land and Dallas-Fort Worth-Arlington metro areas added about 159,000 and 145,000 residents, respectively — the largest gains of any metro areas in the nation. Two additional Texas metro areas adjacent to each other — Austin-Round Rock and San Antonio-New Braunfels — were each also among the 16 nationwide to gain 50,000 or more people over the period.
These four Texas metro areas collectively added about 412,000 people. Texas as a whole gained about 490,000.
Eight counties drove Texas’ metro area growth and were among the 20 counties nationwide that gained the most population between 2014 and 2015. Altogether, they added 306,736 people:
- The Dallas metro area contained four of these counties: Tarrant, Dallas, Collin and Denton.
- The Houston metro area contained two: Harris, which led the nation by gaining more than 90,000 people, and Fort Bend.
- Bexar, in the San Antonio metro area.
- Travis, in the Austin metro area.
While not related to the relocation industry, I found this very interesting and wanted to share it with everyone. I hope you enjoy.
Few material possessions speak to “having” as do acres upon acres of one’s own land. Land to ranch, to fish, to hunt, to farm, to grow timber, or merely to wander over or gaze upon is like almost nothing else. It concretizes place-ness in most of our minds, and it’s the finite raw material without which we’d have no home building or residential development.
Here’s the 2015 Land Report 100, a 5th annual analysis that profiles America’s 100 leading individual landowners. It’s a production and publication of Fay Ranches Inc., a land broker.
Researched by Jeremiah Jensen, Lisa Martin, Katy Richardson, and Roxanna Thompson, the piece profiles John Malone, Ted Turner, and the 98 other families, dynasties, and individuals who own the millions of acres of America’s most pristine tracts, whatever the purpose.
The area’s housing supply didn’t increase as home buyers are snapping up new homes as fast as they become available.
This is good news for outbound transferees, but it will likely lead to higher prices for inbound employees.
See the complete article at the Dallas Business Journal.
The Collin County real estate market has been setting sales and sales price records for over a year.
Based on this article and the announcements of other corporate relocations to the area, more new records are very likely on the horizon.
See the article in the Dallas Business Journal.