Quick Search

Hot Tuesday: Top 25 DFW areas that are selling fast!


Hotness Factor:  MLS Area Housing Activity Report

Arts District

On the 8th of every month MLS sales are publicly released.  They are reported by anybody and everybody.  And usually people that don’t buy or sell real estate. That’s not a dig, just a fact.

I don’t like these reports for 2 reasons:

  1. The reporting is too early in the month  for the previous month because all the sales data has not been entered.
  2. It gives broad activity of the DFW market not the micro market that we all live in.

One report that isn’t talked about too much is: Sales Closed by Area, Ranked by Hotness.

What is it?

The hotness ratio is pending sales as a percent of active listings.  In other words, where buyer demand is.  It’s put together by the Texas Real Estate Center, a very credible source.

MLS areas target more precise locations and sales activity for buyers & sellers to watch the market.  All properties are entered into the MLS by area, sub area etc.  There are 141 area in the MLS.  So without further ado….

Here’s the Top 25 MLS Areas of Hotness for Single Family

  1. Area 9 The Colony
  2. Area 90 Arlington (Kennedale)
  3. Area 274 GRAND PRAIRIE-NEW 3
  4. Area 88 Arlington SE
  5. Area 124 Grapevine
  6. Area 5 Mesquite
  7. Area 106 FW South (Everman/Forest Hill)
  8. Area 86 Arlington Central SE
  9. Area 23 Richardson
  10. Area 15 Dallas South Oak Cliff
  11. Area 130 FW-Summerfield/Park Glen
  12. Area 120 Bedford
  13. Area 122 Hurst
  14. Area 51 Allen ISD
  15. Area 24 Garland
  16. Area 22 Carrollton/Farmers Branch
  17. Area 53 McKinney ISD
  18. Area 89 Arlington (Mansfield)
  19. Area 121 Euless
  20. Area 50 Wylie ISD
  21. Area 271 GRAND PRAIRIE-NEW
  22. Area 87 Arlington SW
  23. Area 12 Dallas East
  24. Area 127 N Richland Hills/Richland Hills
  25. Area 20 Plano

The Takeaway:

#1 is The Colony, this is where the 121 corridor is being transformed and many businesses and people are moving.   You can also see areas surrounding The Colony are doing well too, Carrollton, Grapevine, Plano. Other Dallas areas are Richardson, Garland, Allen, McKinney, Wylie and East Dallas are all in the top 25. There are 141 areas in the MLS, if you want more information this link will give you the hotness ratio as well as sale, pending sales, days on market, active listings and months inventory of all DFW areas.

Dallas Real Estate Results Year To Date


How’s the Market?

Market_Overview

Dallas Real Estate Results

You know that real estate transactions are never easy, there are many pieces to the puzzle and good title companies help the closing process go smoothly.  Here’s a recap by area for the Dallas metro.  Take a look above, this information is from the MLS  in an easy to read chart.  Overall, number of sales are down compared to last year and that is expected for the time of year.

What’s positive is the average sale prices are holding or are ahead with the exception of a few areas like Park Cities down 14% but sales were 60% above last year.  And this is expected at the higher end but buyers are finding the bottom here with a huge increase in sales activity.  So how’s the market in your area? Take a look and see…it goes to show how affordable prices are in Dallas and an up beat economic factor helps too.

The Contingency Factor


The Contingency Factor

Acive_Contingent

Back a few years ago it was rare to find a contingent listing status.  Usually it meant the buyer had to sell another property first before they could purchase another home.  Today you find them often and they have different meanings.

Let’s start with first things first – What’s a contingency status?  By definition it means the sale is dependent on something else from certain things occurring to certain facts identified.  It is most widely used when a seller of a property has not sold there home first but wants to make sure they have a place to go when they do. Makes Sense? They other seller can accept a contingency, however it does take your home off the market.  But you can accept other offers if one comes along and that is dependent on the original contingency addendum agreed upon.

Now let’s take the market today, there are 16 contingent status home in West Plano.  For buyers these home are good for back up offers because many of them will fall through.  Why? Because some of these are short sales and require lender approval on the price and terms, so the process is long, say 3 to 6 months to close. Most buyers get tired and won’t wait or find something else.  Another factor is financing approval for the buyer.

What we are finding is even though you might be pre-qualified, say a month or so ago, when the loan goes to under writing the programs might no longer exist or sold out, full filled the quota for that particular program.  Also the qualifications might change depending on the lender, for example you might need more of a down payment, credit score is lower so you don’t qualify or a job loss could or has occurred.

So instead of a listing agent marking a property active option, it will be marked contingent first based upon the above scenarios which vary greatly but it’s a tool being used now to let buyers know that a back up offer will and can be taken if a better offer comes around.  Based on the economy and housing market searching for a home should include looking at all status changes on properties, you just never know and more than likely your dream home still might be available. Real Estate is fun, isn’t it?

Remember to ask about those contingency contracts.


Banks don’t know how to sell real estate

It seems these days that banks or lenders really don’t want to sell their REO (real estate owned) properties. You might find that odd since everyone knows they need to dispose of these foreclosed homes. Well, things just seem to take longer and more complicated. Why? Because they are so inundated with listings, offers and don’t understand the process plus don’t have the man power to complete a time is of the essence transaction. Doesn’t seem right, does it? Like I’ve said before banks can’t sell real estate.

Out of 4 contracts we are working now – we have yet to get any signed paperwork back after 2 weeks, a short sale scenario just got a negotiator to work the contracts after being submitted March 3rd. That’s right! So if you are involved in a foreclosure or per foreclosure, please know you are not alone.

One recommendation I would make is even if you have a solid closing date be prepared to extend your moving as the lender or bank might not sign on the day you close. You need patience, along with stamina to complete the purchase of your new home. Just keep looking for that light at the end of the tunnel – It will be worth it because you got such a sweet buy!

https://dallashomesandland.com/440/

The BIG Picture – Dallas Real Estate Results


Dallas Real Estate Results

Dallas_Market_Overview

Here’s an at a glance view of the total Dallas Real Estate Market, for past 3 months and year to date.

Not too bad considering other states in the nation. As soon as market activity resumes, this time of year is typically slower in real estate anyway, you will see closed sales, pendings (listings under contract) and closed sales correct sooner rather than later.

All other barometers show a healthy market waiting for the rebound. Monthly indicator links have been updated on the right along with other area information, take a peek and see results for November and year to date. All data is from the MLS and is deemed reliable but not guaranteed.

It’s more expensive to live in Frisco


Median price for Dallas, Plano and Frisco

app10
Here’s a birds-eye view of median price for Dallas, Plano and Frisco real estate. Dallas pricing is heading up, Plano has been very steady.  Frisco has come down a little and will probably come down more, (my opinion, of course.)

Lots of new building in Frisco has led to builders specials that got caught in the downturn.  Houses are newer in Frisco with the exception of Stonebriar which was built out the same time as West Plano, late 80’s and 90’s.

You could take advantage of builders inventory and foreclosures in Frisco and with the year coming to an end, I bet the builders and banks want this inventory off the books. Time to wheel and deal!

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

The Most Prestigious Undeveloped Lot in Highland Park


Celebrity Parcel For Sale

celebrity lot in Dallas

This is one of the last tracts of land to be undeveloped in Old Highland Park. Trees galore…

It’s part of the Lamar Hunt estate purchased in 1968. They were going to build but never did.

So here’s your chance to own 1.77 acres in Highland Park with views of Turtle Creek and all the privacy anyone could want.  The price?  For you?  Only…$15,000,000.

Cole Street in Uptown Real Estate


Rare Find in Uptown

Cole_2
Yesterday, in Uptown, that’s where much of the revitalization or gentrification, (same thing, different generation) is happening in Dallas Real Estate,  I was taking photos of a new construction listing that will be coming on the market and this is the house next door.  It’s rare to find one of these gems so thought I’d snap a shot before it’s gone too. Prairie style architecture built in 1935 with all its southern charm still standing.

Market Conditions for Park Cities


Market Stats for Park Cities

Highland_Park_Village

Here’s a quick update for this week

Highland Park – 75205

Median list price             $1,580,000
Asking Price per Sq Ft.            $360
Average Days on Market            130
Total Inventory                      153
Sold This Week                         7
Median Age                            25

The Market has been trending down lately. Prices have settled and are stable.  Lower prices are where the buyers are showing interest due to this close in location with excellent schools.  Inventory has been climbing in recent months.

University Park – 75225

Median list price             $1,396,000
Asking Price per Sq Ft.            $320
Average Days on Market            121
Total Inventory                       188
Sold This Week                         15
Median Age                             19

The market has been trending down also. Prices are staying around their high point and “ditto” due to the close in location, excellent schools and police department.

It’s definitely a buyers market with the inventory increasing in both cities, but no matter what the market conditions in the Dallas area, the real estate in the Park Cities always is in high demand and will hold its value.

Even for the first half of this year home sales in the Park Cities are up 4% from last year with a 9% increase in average price!  A great place to live and safe investment!