Finally, the North Texas Information System (NTREIS) posted Sept 06 Sales closed by MLS area for the Dallas-Ft Worth Metroplex, (single family homes) it was reported yesterday; then it magically disappeared until today, did they make a mistake? Anyway, here is a brief summary of areas that we watch closely:
- Plano - sales down 33%, pending down 16%, 4.0 months inventory up 5% from year ago.
- N. Dallas - sales down 13%, pending down 11%, 5.5 months inventory up 12% from a year ago.
- Park Cities - sales down 17%, pending down 31%, 5.9 months inventory up 31% from a year ago.
- Uptown - sales down 46%, pending up 33%, 6.2 months inventory is flat from last year. (condo sales were up 1% from last year with a 9.5 months inventory from last year.)
There was an article today in the Dallas Morning News about new home builders singing the blues, housing starts down 12%.
Quick Take on the Dallas market: Sales have slowed, prices are coming down and inventory is growing, there will be some incredible buys to be had, home builders will be cutting deals to get rid of inventory by years end and use a REALTOR®, because they can get you more incentives than you can on your own, the builders pay commission out of a marketing budget not the building budget! Happy House Shopping!