Tyler homes sales snap, crackle, pop!Tyler homes sales snap, crackle, pop!https://www.recenter.tamu.edu/news/newstalk-texas/?Item=9992015-05-19T08:19:00Z2015-05-19T00:00:00Z

TYLER - It is a seller’s market, as homes in Tyler and Smith County are being snapped up quickly and builders work hard to meet growing demand.

Drew Dunklin, a research analyst for the Appraisal District, says both indicators of supply of homes available and how long homes stay on the market are positive.

“The median days on market is the lowest I can find in the last 20 years or so, down to 42 days,” Dunklin said. “And supply is down to a record low, where it was in 2006–2007.”

Another indicator is how close a home’s final price is to the asking price.

Currently, Smith County has 5.3-month inventory, according to the Greater Tyler Association of Realtors.

Smith County Chief Appraiser Mike Barnett said his report on the real estate market shows high-end homes are hot right now.

“In the past, that upper end — anything over $300,000 — has been a very cautious market,” Barnett said. “But what we think is going on now is that those individuals ready to move up to those homes are in a financial situation to do so. There’s more confidence in the market and in the economy.

There are signs of a shortage of homes in the high end. That is largely because some of the existing high-dollar subdivisions are built-out, close to full."

Another niche market, the manufactured home division, also is showing interesting trends.

“We have 17,000 manufactured homes in Smith County,” Barnett said. “What we see in the manufactured home category is that many of those homes are selling at well more than $100,000 and $125,000."

Granted, the more typical manufactured home is coming in at $55,000 or $60,000. But homeowners, who are looking for more square feet, say 2,000 square feet and up, can get into it for considerably less.”

Construction of new homes in Smith County is nearing historical highs; construction peaked at around 1,000 homes built in each of the years 2005 and 2006. In 2014, Barnett said, Smith County added more than 800 new homes.

“We’ll exceed 1,000 in the coming year,” he said.

One factor keeping the housing market from getting too hot is a relatively tight credit market.

For more, see GTAR: Tyler region home sales April 2015! Take advantage of free Tyler Market Research.

Tyler Morning Telegraph
http://www.tylerpaper.com/TP-News+Local/219710/homes-sellers-marketRead more at {Source}

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