MLS Market Summary for Dallas Neighborhoods - April 07 Results
Well... and so it goes. There is still a slowdown in the North Texas market. April pre-owned home sales were down 6% against last year. April sales lagged March too, usually this is the time when all the hustle and bustle starts, but it is off to a slow ROAR!
At this point in the season it is safe to say that 2007 pre-owned home sales will be down from 2006. It is a slower market. Prices did well in April, the median price is up 5% which does result in slower sales, a little give and take, ya know. Average price up 10%.
It is also a given that it will take you longer to find and buy a home now. Lending practices have tightened considerably and the inventory of pre-owned homes is up 10% from last year. There is a 7.5 month supply of homes available. If you are in the market to buy you need to narrow your criteria and if you are a seller you will need to negotiate. There are many foreclosures in prime neighborhoods that are ripe for the picking.
North Dallas, Far North Dallas, Park Cities, Lakewood have been more robust as stats show below, inventories are building though...Plano has been a bit slower than March results, pricing is crucial to sell your home.
Overall North Texas Market:
April 07 for Single Family: Sales down 6% from year ago, Dollar volume up 3% from year ago, Average price up 10% from a year ago.
Month-to Date Sales Closed by Area for: February 2007 - Single Family - Part I
Far North Dallas- north of LBJ
Sales up 22% from year ago, Dollar volume up 9% from year ago, Average price down 11% from year ago.
North Dallas-south of LBJ (Preston hollow)
Sales down 7% from year ago, Dollar volume up 9% from year ago, Average price up 17% from year ago.
Park Cities Area
Sales up 61% from year ago, Dollar volume up 74% from year ago, Average price up 8% from year ago.
Plano Area
Sales down 10% from year ago, Dollar volume down 8% from year ago, Average price up 2% from year ago.
Lakewood-M Street Area
Sales up 5% from year ago, Dollar volume up 12% from year ago, Average price up 6% year ago.
Uptown-Oak lawn- Condos & Town homes
Sales up 58% from year ago, Dollar volume up 92% year ago, Average price up 21% year ago.
Year-to Date Sales Closed by Area for: February 2007 - Single Family - Part II
Far North Dallas- north of LBJ
Price per sq ft down 2% from year ago, Sold to list price flat from year ago, Days on market down 35% from year ago.
North Dallas-south of LBJ (Preston hollow)
Price per sq ft up 8% from year ago, Sold to list price flat from year ago, Days on market down 17% from year ago.
Park Cities Area
Price per sq ft up 7% from year ago, Sold to list price down 1% from year ago, Days on market down 13% from year ago.
Plano Area
Price per sq ft flat from year ago, Sold to list price down 1% from year ago, Days on market up 7% from year ago.
Lakewood-M Street Area
Price per sq ft up 8% from year ago, Sold to list price up 1% from year ago, Days on market down 18% from year ago.
Uptown-Oak lawn- Condos & Town homes
Price per sq ft up 15% from year ago, Sold to list price up 1% from year ago, Days on market up 2% from year ago.
Year-to Date Sales Closed by Area for: February 2007 - Single Family - Part III
Far North Dallas- north of LBJ
Pending sales up 8% from year ago, New listings down 3% from year ago, Active listings up 14% from year ago, Months Inventory down 7% year ago.
North Dallas-south of LBJ (Preston hollow)
Pending sales down 19% from year ago, New listings up 9% from year ago, Active listings up 14% from year ago, Months Inventory up 25% year ago.
Park Cities Area
Pending sales up 13% from year ago, New listings up 9% from year ago, Active listings up 12% from year ago, Months Inventory up 13% 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 down 6% from year ago, New listings up 16% from year ago, Active listings up 9% from year ago, Months Inventory up 12% year ago.
Uptown-Oak lawn- Condos & Town homes
Pending sales down 9% from year ago, New listings up 13% from year ago, Active listings up 17% from year ago, Months Inventory up 6% year ago.
A word about average dollar per sq ft as of April 07
Far North Dallas - $113
North Dallas - $226.
Park Cities - $323.
Plano - $95
Lakewood - $146.
Oak lawn Condo-Town homes - $211.
Thoughts - All stats are for resales, new construction will vary. Inventories are much higher overall than last year even in Far North Dallas, North Dallas, Park Cities, Plano and Lakewood. If you want to flip a house now is a good time with the foreclosures available and also to speculate the re do of older homes in prime locations. You will have lots of room for profit if you buy it right going in!
Source is from North Texas Real Estate Information Systems. (MLS)
reliable but not guaranteed.
