Luxe Living

Million-dollar home sales heat up Dallas-Fort Worth real estate market

Dallas-Fort Worth experienced an astounding 12.4 percent increase in sales of luxury homes in 2015.

Photo courtesy of NTREIS/Allie Beth Allman & Associates

Dallas-Fort Worth home sales reached a record high in 2015, thanks in no small part to million-dollar listings. According to a new report from the Texas Association of Realtors, DFW experienced an astounding 12.4 percent increase in sales of luxury homes — those priced at $1 million or more — in 2015.

From January through October, 1,088 of the 79,988 houses sold in DFW were luxury listings. The median price was $1,400,000, about $325 per square foot and three times higher than the average Dallas-Fort Worth home.

Although DFW's million-dollar sales skyrocketed, these homes were on the market for an average of 76 days, a little over a month longer than the average DFW home.

Texas' three other largest housing markets — Austin, Houston, and San Antonio — also saw a major uptick in luxury home sales, which can be attributed to the state's rising prices.

"Rising home prices across the state are also pushing more higher-end homes into the luxury market. Many homes priced in the $800,000 to $900,000 range a few years ago will now sell for more than a million," Jim Gaines, an economist with the Real Estate Center at Texas A&M University, explained in a statement.

Houston had the highest volume of luxury sales statewide (1,284 sold), a 4.5 percent increase from 2014. Austin experienced a 16.3 percent increase in sales, but luxury homes there tended to stay on the market two months more than average homes.

Luxury homes in San Antonio made up a tiny 0.5 percent of the city's sales, but the market saw a 36.4 percent increase in luxury home sales from the previous year.

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Animal News

Get free pet food, vaccines, and spay/neuter at Fort Worth animal event

If you think this puppy is cute now, wait until he falls down.

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Animal shelters across North Texas are overcrowded right now, due to an increase in owner surrenders, and a group of animal rescues are coming to the rescue.

Several Texas-based animal welfare organizations are coming together on Saturday June 3, to offer a day of free pet food, vaccines, microchips, and spay/neuter vouchers to pet owners in Fort Worth.

The owner surrenders are a symptom of economic pressures and related issues such as food insecurity, which are up in Texas and across the U.S.

According to a release, in Fort Worth alone, the North Texas Food Bank estimates that 30 percent of the population faces challenges accessing nutritious food. These issues affect not only people, but pets as well - often resulting in families surrendering their pets to a shelter or to an animal rescue.

Fort Worth Animal Care and Control (FWACC), which receives animals from the area, has seen an increase in animals—more than 1,000 additional animals coming through its doors so far this ﬁscal year—with many exhibiting signs of illness easily prevented by vaccinations.

The signiﬁcant increase in animals has stressed resources that are already maxed out. FWACC for example, has faced a difficult crease in its "live release rate" - the percentage of animals that leave their care alive. Last year, its live release rate was at 96 percent and a year later, it has decreased to 87 percent.

Keeping pets at home where they have families who love them is a key component to preventing shelter crowding and the impact felt by the organizations who are faced with it.

The event is Saturday June 3, from 8 am-12 pm, rain or shine, and will take place at 1678 Rockwood Ln., across from Rockwood Park.

Organizations stepping up to help include Cowtown Friends of Fort Worth Animal Control; Spay Neuter Network; Dallas Pets Alive; The Love Pit; and SPCA of Texas.Partners: Fort Worth Animal Care and Control; Don’t Forget to Feed Me Pet Food Bank; Saving Hope Animal Rescue; and Rahr to the Rescue.

The event is supported by CUDDLY, a mission-driven company centered around the needs of rescued animals and the community focused programs that sustain them.

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