MLS Market Summary for Dallas Neighborhoods - May 07 Results

Even though sales were down 8% for pre-owned homes for the month of May, YTD shows a more accurate view.

Sales for single family homes are down 5% YTD, Dollar volume is flat and average price is up 5%.
Median price is up 1% from a year ago, price per sq ft is up 4% and day on market is up 4%.
Pending Sales are down 3%, new listings are up 3% and active listings are up 9%.

Buyers are still finding value in this market, even though sales are down, the value of property in the metro area is still undervalued compared to many other cities in the country.  Of course, there are always pockets, and most definitely neighborhoods and streets can determine the value of a home.

Pricing is critical in this market and older home needs to be updated or priced accordingly.  If a property is priced well and in excellent condition with a stellar location, consider it sold. 

Seems like everyone wants to give low ball offers these days, a suggestion to buyers is if a property is priced right, prepare a fair offer, you just might make the seller mad and blow the deal.  (I have seen this happen a few times)

Here are May results...

May 07 for Single Family:  Sales down 8% from year ago, Dollar volume down 3% from year ago, Average price up 3% from a year ago.

Month-to Date Sales Closed by Area for: May 2007 - Single Family - Part I

Far North Dallas- north of LBJ
Sales down 7% from year ago, Dollar volume down 10% from year ago, Average price down 3% from year ago.

North Dallas-south of LBJ (Preston hollow)
Sales down 13% from year ago, Dollar volume up 9% from year ago, Average price up 25% from year ago.

Park Cities Area
Sales up 11% from year ago, Dollar volume up 18% from year ago, Average price up 6% from year ago.

Plano Area
Sales down 13% from year ago, Dollar volume down 7% from year ago, Average price up 7% from year ago.

Lakewood-M Street Area
Sales up 4% from year ago, Dollar volume up down 19% from year ago, Average price down 2% year ago.

Uptown-Oak lawn- Condos & Town homes
Sales up 23% from year ago, Dollar volume up 35% year ago, Average price up 10% year ago.

Year-to Date Sales Closed by Area for: May 2007 - Single Family - Part II

Far North Dallas- north of LBJ
Price per sq ft flat from year ago, Sold to list price down 1% from year ago, Days on market down 15% 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 9% from year ago.

Park Cities Area
Price per sq ft up 10% from year ago, Sold to list price flat from year ago, Days on market up 8% from year ago.

Plano Area
Price per sq ft up 2% from year ago, Sold to list price flat from year ago, Days on market up 2% from year ago.

Lakewood-M Street Area
Price per sq ft up 6% from year ago, Sold to list price up 1% from year ago, Days on market down 1% from year ago.

Uptown-Oak lawn- Condos & Town homes
Price per sq ft up 20% from year ago, Sold to list price up 30% from year ago, Days on market down 1% from year ago.

Year-to Date Sales Closed by Area for: May 2007 - Single Family - Part III

Far North Dallas- north of LBJ
Pending sales up 4% from year ago, New listings down 2% from year ago, Active listings down 5% from year ago,
Months Inventory down 5% year ago.

North Dallas-south of LBJ (Preston hollow)
Pending sales down 11% from year ago, New listings up 3% from year ago, Active listings up 22% from year ago,
Months Inventory up 25% year ago.

Park Cities Area
Pending sales up 3% from year ago, New listings up 12% from year ago, Active listings up 20% from year ago,
Months Inventory up 20% year ago.

Plano Area
Pending sales down 6% from year ago, New listings up 13% from year ago, Active listings up 15% from year ago,
Months Inventory up 24% year ago.

Lakewood-M Street Area
Pending sales up 2% from year ago, New listings up 6% 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 6% from year ago, New listings up 10% from year ago, Active listings up 12% from year ago,
Months Inventory up 1% year ago.

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

Far North Dallas - $116.
North Dallas - $231.
Park Cities - $350.
Plano - $97.
Lakewood - $137.
Oak lawn Condo-Town homes - $192.

Source is from North Texas Real Estate Information Systems. (MLS)
reliable but not guaranteed.