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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.