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Dallas Real Estate Update – Sales Down 13% for Oct.


Dallas Real Estate Market is still Chugging Right Along
home_sale

Here’s the broad scoop for the month of October for Single Family Homes in the Dallas Real Estate Market:

  • Sales down 13%
  • Dollar Volume down 10%
  • Average Price up 3% ($194,441)
  • Median Price up 2%  ($146,000)
  • Price Per Sq Ft up 3% ($90.00)
  • Days on Market up 7% (75 Days)
  • Pending Sales down 13%
  • New Listings down 5%
  • Active Listings up 4%

Although this this an accurate picture of the current market – each sub area needs to be looked at separately.

October will be the first month where HOT Areas south of LBJ have felt substantial decreases, take a look at N. Dallas and Park Cities.

North Dallas

  • Sales down 13%
  • Average Price up 30% ($1,039,006)
  • Median Price down 7% ($589,000)
  • Price Per Sq Ft up 15% ($257.00)
  • Days on Market up 3% (74)
  • Pending Sales down 8%
  • Active Listings up 12%
  • Months Supply up 24% (8.2)

Park Cities

  • Sales down 26%
  • Average Price up 38% ($1,150,893)
  • Median Price down 13% ($805,000)
  • Price Per Sq Ft up 16% ($329.00)
  • Days on Market up 43% (75)
  • Pending Sales down 8%
  • Active Listings up 13%
  • Months Supply up 24% (8.2)

Far North Dallas

  • Sales down 26%
  • Average Price down 11% ($341,490)
  • Median Price down 4% ($266,000)
  • Price Per Sq Ft down 8% ($112.00)
  • Days on Market down 5% (63)
  • Pending Sales down 23%
  • Active Listings down 4%
  • Months Supply up flat (5.0)

Plano

  • Sales down 8%
  • Average Price up 5% ($282,865)
  • Median Price down 9% ($220,000)
  • Price Per Sq Ft up 1% ($99.00)
  • Days on Market up 5% (61)
  • Pending Sales down 6%
  • Active Listings up 9%
  • Months Supply up 21% (4.7)

Plano took a big hit a couple of months ago and seems to be weathering the storm just fine – more appreciation to come
faster now.

The Big Shout Out from this is the areas south of LBJ are experiencing a huge adjustment – most resale homes are priced above $500,000 and there is over an 11 month supply on the market once you hit that price level.

North Dallas and Park Cities still show up in all categories by double digits increases – except for sales – that will force a downward pressure in pricing especially for the time of year. (in my opinion) Note: Pending sales are down 8% and that is another disappointing  indicator for Nov. sales.

This does not include builders of new homes and if you’re over the $1,000,000. mark, and have been sitting on the side lines waiting for the right time to buy…This is it!  

Builders will want to get inventory off their books that has been sitting for year(s).  Not kidding…Many builders got caught in speculating before the market changed and it’s lasted longer than they thought.

Many new homes are sitting vacant that would love to have a new family for the holidays and I’m sure the builders would love to sell you. ( I know where some great properties are)….

This also goes for condos and townhomes that are experiencing a huge glut of inventory in areas south of LBJ, including Oak Lawn and Uptown…

source is North Texas Real Estate Information Systems
complied by TX Real Estate Center
as always info is deemed reliable but not guaranteed

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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