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Dallas Housing Update


“The Big Picture”

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 shakeout.

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
About Terry W. Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite & know stuff, ask me...

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