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Dallas Real Estate Market Update: The Bubble Report – March 2009


The March market was not kind to the whole metroplex, Dallas sales were down 20% from last year.  However, you can’t go by general numbers, you need to really look at local activity by area to get a grasp of the current market. We’ll look at Area 11 which is North Dallas and Area 25 – Park cities and vicinities, so this will be the bubble report….if you will…

North Dallas sales were actually ahead of last year by 13%, 34 units were sold. Median price of $601, 120 is down 13%, price per sq. ft. stands at $258. down 9%.  Days on market is right around 112 days which is down 15% and pending sales are also down 16%.  Needless to say there is a lot of inventory, there are 707 active listings, up 26%, months inventory is 17.5 which is also up 69% from a year ago.  Absorption rate is how long it will take to sell your home based on active listings and last months sale, so 20.7 is the number, which is a little over a year and a half. The positive news in this area is that seller’s have adjusted there pricing accordingly (some have and some have not) There are many tony properties under or a little above $200. a sq ft that are a steal and serious consideration is advised.

Park Cities sales were down last year by 39%, 34 units were sold. (funny, same as North Dallas) Median price of $760,000 is down 28%, price per sq. ft. stands at $255. down 27%.  Days on market is right around 103 days which is up 8% and pending sales are also down 66%.  Still the same inventory problem here, there are 790 active listings, up 33%, months inventory is 16 which is also up 16% from a year ago.  Absorption rate is how long it will take to sell your home based on active listings and last months sale, so 23.2 is the number, which almost 2 years!. The positive news in this area is that seller’s have adjusted there pricing accordingly (some have and some have not) Now when price per sq ft in Park Cities rivals that of Preston Hollow, then you know you have a deal – under $300.or low 3’s is a buy in the bubble and careful consideration should be given again.  Price reductions are prevalent here too, take a look below.

For: 75205 and 75225

So, how low can it go and has the bubble burst? My answer to that is prices are waaay low, activity has picked back up, generally after tax day, which is today – the official spring market starts and the bubble has deflated quietly with air to spare.  There are excellent opportunities in any market and these two areas represent some of the best!

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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