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Real Estate Data on Dallas Dirt

Okay, you’ve probably heard or read by now real estate sales in Dallas were
down 25% from last March. Not surprising from the financial meltdown and
more sub prime mess that transpired in March.

Here’s a few stats by area for single family resales:

Far North Dallas

Sales down 27%, Pending Sales down 47%, Months Inventory 5.2
North Dallas
Sales down 56%, Pending Sales down 58%, Months Inventory 10.4
Park Cities
Sales down 38%, Pending Sales down 35%, Months Inventory 9.7
Uptown – Oak Lawn
Sales down 64%, Pending Sales down 55%, Months Inventory 9.1

The numbers don’t look so hot, but activity has been much better the past
6 weeks or so, and those numbers will be reflected in April and be adjusted
for March.

Now, if you look at the condo-town home numbers you can find some attractive
buying opportunities.

Condo – TH- stats for Uptown and Oak Lawn
Sales down 46%,Pending Sales down 54%, Months Inventory 10.7

The true buys are in the upper price ranges, of course, there are good buys
anywhere, but this sticks out like a sore thumb – and pulsating…

Check out these numbers for the condos and town home market.
In the price range of:

$600K to $699K -Sales were down 49.5%, 6 units have sold year to date
and a 99 Months Inventory.
$700K to $799K – Sales down 55%, 3 units have sold year to date and a 55
months Inventory.
$800K to $899K – Sales down 7.5%, 2 units sold year to date and a 47
Months Supply.

Yes, the months supply is years not months. I remember 4 years ago when
all the developers and listing agents were touting the condo hotel theory.
Which all sounded good, but not when the market goes south and there’s too
much of a good thing.

As the market goes forward, you will see price reductions on many of these
units to move them or I guess the builders, investors and developers will hold
on till the market comes back if they can. Good Luck!

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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