The Dallas-Ft. Worth real estate market is going strong; understanding the drivers in the market allows for re-calibration of the supply to its demand. Texas is still leading the nation in
Good News in DFW - July 2020
The DFW metroplex is buzzing with activity every month. I collect news from all corners of our part of Texas that make it easy for you to stay informed on our market, brighten your day, and joyfully take in this great place we call home. Make it a great day!
HISTORIC REBOUND FOR THE HOUSING MARKET
When determining the appropriate market value for a home, how long a home may expect to remain on the market, or when completing an appraisal, real estate professionals look at "sold" properties. However, "pending" home sales are a key indicator of the strength and health of the housing market. Pending home sales show how many homes went under contract, in anticipation of the final step, closing, which usually happens about a month or two later. In May, pending home sales increased 44.3% according to NAR, registering the highest month-over-month gain since tracking began in 2001. With the COVID-19 pandemic and its subsequent shut down of the economy, we saw a sharp decline in the number of homes under contract. Armed with this information now, we are seeing an equally strong market comeback.
DRIVER-LESS AURORA PICKS DALAS FOR PILOT
More hiring is on the horizon now that driverless company Aurora is coming to Dallas. Aurora, an Amazon-backed startup company led by ex-Google executive and driver-less-car technology pioneer Chris Urmson, has kept its technology below the radar until recently. According to The Verge, Aurora says it is bringing a "small" fleet of vehicles to the Dallas-Fort Worth area within the next few weeks. According to the company, its first commercial service will be in trucking "where the market is largest today, the unit economics are best, and the level of service requirements is most accommodating." Texas is now a nationwide hub for AV testing; other companies coming to Texas for a similar purpose include Ford/Argo, Uber, and Tu Simple, not to mention a remote operated driver-less shuttle already operating at Texas A&M University.
28 NEW RESTAURANTS OPEN DESPITE PANDEMIC
Shocking? Maybe. But the fact is, many of these restaurateurs have been working on their concepts for years, and not opening is simply not an option. Emily Williams Knight, President and CEO of the Texas Restaurant Association told Dallas Morning News that of the 53,000 restaurants operating in Texas as of 2020, 12% have closed, and forecasts that 25% percent will eventually close in time. “All the data indicates there’s pent-up demand for restaurants," Knight says. Many are new concepts hoping to make their own mark in the industry. Others are expanding locations. Dallas, Frisco, Richardson, Carrollton and Fort-Worth are among some of the cities home to these up-and-coming foodie spots. And the diverse offering is something to behold. Frank Seoul, a Korean street-food franchise with more than 50 restaurant in South Korea, opened July 11th in Frisco. Sandoitchi, a Japanese sandwich shop in Deep Ellum, saw 10,000 orders in its first month (!), prompting a newsletter email containing a 5-step ordering process. Other yummy notables such as Torchy's Tacos, Jersey Mike's Subs and La La Land Kind Coffee are expanding to new locations.
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REALTOR, GRI, Certified New Construction Specialist
When you need a guide on your real estate journey, Sherien Joyner is the right choice for you. With over sixteen years of experience as an executive in the advertising and marketing industry, Sherien ....