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Market Conditions for Dallas – Plano


Mortgage Mess and Media Madness!

The Stats for Dallas – Plano Communities

Overall the market is in a holding pattern because of the mortgage mess and media madness!

Real estate is retail so if the consumer doesn’t feel good, things slow  down.  I preface this by saying it has been a little over a month and we all start to get antsy.  When the Feds lower interest rates on Sept. 18th (being optimistic) – that should start a pre holiday round of activity. Overview of the market in August shakes out like this:

Single family home sales were down 10% from a year ago, dollar volume down 3% and the average price of $212,655 was up 7% from a year ago.

Prices are holding well, the Dallas market is considered value from the rest of the country.  Properties still need to be priced well to sell, in this market –

It is critical!

Year to date sales are also down 6% now, dollar volume down 1% and average price of $204,813 is up 5%.

Across the board there is a 6.4 month supply of homes on the market – this is growing and one of the most important increases year to date.  In the areas covered below with the exception of North Dallas, (-4%)  inventories have increased in double digits from 20 to 31%.

Properties priced over $500,000 are plentiful with a 10.7 to 15.4 month supply.

Townhomes over $500,000 have a 20.4 to 56.5 month supply!

Here are August Results by Area…

Month-to Date Sales Closed by Area for: August 2007 – Single Family

Part I

Far North Dallas- north of LBJ

Sales down 2% from year ago, Dollar volume down 3% from year ago,

Average price flat from year ago.

North Dallas-south of LBJ (Preston hollow)

Sales up 34% from year ago, Dollar volume up 63% from year ago,

Average price up 22% from year ago.

Park Cities Area

Sales up 11% from year ago, Dollar volume down 14% from year ago,

Average price up 3% from year ago.

Plano Area

Sales down 13% from year ago, Dollar volume down 13% from year ago,

Average price flat from year ago.

Lakewood-M Street Area

Sales up 9% from year ago, Dollar volume up 7% from year ago,

Average price down1% year ago.

Uptown-Oak lawn- Condos & Town homes

Sales down 14% from year ago, Dollar volume down 4% year ago,

Average price up 12% year ago.

Year-to Date Sales Closed by Area for: Aug 2007 – Single Family

Part II

Far North Dallas- north of LBJ

Price per sq ft up 2% from year ago, Sold to list price up 1% from year ago,

Days on market down 8% from year ago.

North Dallas-south of LBJ (Preston hollow)

Price per sq ft up 12% from year ago, Sold to list price flat from year ago,

Days on market up 6% from year ago.

Park Cities Area

Price per sq ft up 8% from year ago, Sold to list price flat from year ago,

Days on market up 5% from year ago.

Plano Area

Price per sq ft up 3% from year ago, Sold to list price flat from year ago,

Days on market up 4% from year ago.

Lakewood-M Street Area

Price per sq ft up 4% from year ago, Sold to list price flat from year ago,

Days on market down 2% from year ago.

Uptown-Oak lawn- Condos & Town homes

Price per sq ft up 7% from year ago, Sold to list flat from year ago,

Days on market up 22% from year ago.

Year-to Date Sales Closed by Area for: Aug 2007 – Single Family

Part III

Far North Dallas- north of LBJ

Pending sales up 2% from year ago, New listings down 1% from year ago,

Active listings down 5% from year ago, Months Inventory down 4% year ago.

North Dallas-south of LBJ (Preston hollow)

Pending sales down 9% from year ago, New listings up 4% from year ago,

Active listings up 14% from year ago, Months Inventory up 20% year ago.

Park Cities Area

Pending sales down 3% from year ago, New listings up 5% from year ago,

Active listings up 20% from year ago, Months Inventory up 24% year ago.

Plano Area

Pending sales down 10% from year ago, New listings up 4% from year ago,

Active listings up 15% from year ago, Months Inventory up 31% year ago.

Lakewood-M Street Area

Pending sales down 4% from year ago, New listings up 2% from year ago,

Active listings up 6% from year ago, Months Inventory up 8% year ago.

Uptown-Oak lawn- Condos & Town homes

Pending sales down 11% from year ago, New listings down 12% from year ago,

Active listings down 16% from year ago, Months Inventory up 6% year ago.

A word about average dollar per sq ft as of August 07

Far North Dallas – $120.

North Dallas – $240.

Park Cities – $346.

Plano – $98.

Lakewood – $130.

Oak lawn Condo-Town homes – $198.Source is from North Texas Real Estate Information Systems. (MLS) 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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