It would be no surprise to think home sales were going to be in positive
territory for January, here are the results just in.
Single Family home sales were down 16% against last year.
Average Price of $185,229 down 1% from a year ago.
Average Days on market is 88.
Average $ per sq ft is $86.
Condos and Townhome sales were down 22% from a year ago.
Average Price of $184,501 is up 16% from a year ago.
Average Days on market is 93.
Average $ per sq ft is $127.
The only positive sales number was for rentals up 20% from a year ago.
Pending sales were also down 31% for single family and down 40% for
condos and townhomes.
All in all prices for condos and townhomes need to come down some
due to the excessive inventory levels, a 14.6 month supply compared
to a 9.6 month supply for single family homes.
January is typically a slower month and sales were down in:
North Dallas – 14%
Park Cities – 7%
Plano – 9%
Oak Lawn/Uptown condo-townhomes-24%
So, it really depends on the area to how sales shake out.
On a positive note the chart above shows price trending upward
and although it’s not at the peak level, it is a good sign for the
market. There is pent up demand and folks are moving to North Texas.
And there are some great buying opportunities if you’re ready!
source: North Texas Real Estate Information Systems
