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Dallas Real Estate Market Update – this week


Dallas Real Estate Market Update

dallas_skyline

This is a little early with the September numbers, officially they won’t be out till early next week.

But with a little input into the MLS you can get a very good idea of the real estate climate locally. Figures are for resales of single family homes.

September will be the largest decrease in sales units we’ve seen, against 2006

Dallas home sales are 33% below 2006 numbers.*
Plano home sales are 27% below 2006 numbers.*
*certain areas on this site*

What’s interesting though –  is price per sq ft is holding.

Dallas:

2006 – price per sq ft – $117. vs 2007 – price per sq ft $136.

Plano:

2006 – price per sq ft – $96. vs 2007 – price per sq ft $99.

So value is still perceived, but for how long?

That’s the question.

Basically, if inventory increases along with days on market then it will take more price reductions to move homes.

Pricing is 90% why a home sells or sits on the market!

Take a look at the market action index –
Market_Action_Index_Dallas

This represents a balance for supply and demand – anything above 30 represents a seller’s market, which was back in March.  Look at what happened this week, a severe drop to 18.  This tells me that prices have to come down more to get things moving or some homes need to come off the market.

The point being is there is too much competition in the market and buyer’s aren’t in a hurry to buy! On the flip side…

Dallas market is a very healthy market compared to some east and west coast cities, we never had the run ups like CA or FL – but adjustments need to happen in any market.

Check back for official stats next week and year to date and have a great weekend!

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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