Douglas Elliman expands into tight Texas housing market
Brokers have “plenty of buyers but not much to sell,” said one Dallas housing analyst
Residential brokerage Douglas Elliman is gone to Texas.
The firm announced Thursday it will expand its presence in the Lone Star State to include Dallas and Austin, two cities where home prices have grown at a rapid rate. It already has a presence in Houston, and will continue its partnership with Knight Frank in the state.
“Texas is the most exciting market in the country right now with buyers from California, New York and Florida relocating here,” said “Million Dollar Listing New York” star Fredrik Eklund, who announced the firm’s expansion in an Instagram video that found him wearing a cowboy hat while perched atop a horse. The video featured 120 Carnarvon Drive in Houston, which is currently listed for $29.5 million.
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Eklund and his partner John Gomes, along with Elliman agent Julia Spillman, will work to gin up interest from buyers. The brokerage said it has a $2.9 billion new project pipeline within the state.
“The luxury market is booming,” said Jacob Sudhoff, CEO of Douglas Elliman Real Estate, Texas.
The firm said it will open a 14,000-square-foot retail space at the Shops at Arrive in Houston during the fourth quarter of this year, while its Texas headquarters would remain in River Oaks.
It’s entering a tight market: The median price of a single-family home jumped 16 percent last month to $312,000, the highest price ever for property in North Texas, according to the Dallas Morning News.
Meanwhile, inventory in the Dallas area is at historic lows: In March, only 6,085 single-family homes — or less than a one-month’s supply — were listed for sale with local agents in North Texas, according to the News.
The mismatch between supply and demand that has driven housing prices to record highs presents a “challenging situation” to brokers, Dallas-based housing analyst Ted Wilson told the News.
“While most had a terrific 2020 and sold most of their listings, they are now facing a severe imbalance — plenty of buyers but not much to sell,” Wilson said.