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Hard Core Condo Numbers for Uptown Real Estate

You can really get depressed looking at sales data for housing, so
to take a different spin on it – I’ll look at the opportunities that
present themselves from bad data.  While the numbers for September
won’t be out till the 8th lets take a look at the two Uptown zip codes:
75201 and 75204 for August.

In a nutshell, condo sales were down 48% from a year ago and median
price price was up 31% – yes, still going up…

Days on market average is 146 which is 14.4 % increase over last year.
And the percent to original list price sold is 93.2%

The chart below represents a 7 and 90 day rolling average of Condos in
Uptown on median price, the lower end $350K and below is more stable
and steady.  Look at a year ago and you can see not much changed in price,
actually heading up (Blue and green lines is 75204)  In contrast, the upper
end market is above last year, (can you believe it?) but heading in a
downward dive. (orange and black lines are 75201) All prices quartiles are
mashed together on this chart for median price.

Uptown Median Condo prices

Now take a look at the inventory, lines are heading down for 75204, under
400K, lines are heading up for 75201. The one thing about condo developers
is they don’t have to disclose their sales or inventory and not all are listed on
the MLS.  Just because a developer appears to be 90% sold doesn’t mean actual
units have closed.  Big difference. I’m just saying…

Uptown Condo Inventory

Most of the inventory over 400K represents only 2.5% of sales and depending
on the price point a 2 to 4 year months supply.  Prices will need to come down
or units will be leased instead of sold.  Might be a good time to try out an area
to see how you like living there.  Or go ahead and wade in the blood, you might
pick up a great deal.  And because of the lending situation right now, some
sellers might be ready to get out. (especially in the 1 to 2 million range)
Happy Hunting!

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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