The latest numbers have come out from the largest Association of REALTORS® in the DFW area, MetroTex. The numbers show some very interesting information that should be very useful, especially to people who are relocating to the area thinking they're going to get a "deal" and even the investors who think they can come to our area and scoop up tons of properties at dirt cheap prices...
Here's what the numbers tell us:
2007 DFW Single Family Home Sales (so this excludes condos, but DOES include townhouses):
Year to Date compared to same period last year
Number of Sales: 61,746
Percent Change: -6%
Average Price: $204,813
Percent Change: +5%
Median Price: $150,500
Percent Change: +1%
Active Listings: 47,750
Percent Change: +8%
With these numbers, you can see that the Dallas/Ft Worth area is still going strong. We do not follow the average trends of the rest of the Country. We have a very strong economical base right now with many companies still relocating people to the area. Many areas across the country are seeing double digit depreciation, and we've had appreciation. Is the appreciation high? No, but it shows we're in a fairly steady market.
Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!
ARE YOU PACKED YET?!
That documents that real estate is a local issue! Any some parts of the Dallas market are better than others.
Fisco, Richardson, Carollton and Plano are areas that businesses are relocating to. The prices are quite stable based on your numbers above.
Donna,
Sales are down by 6% and active listings are up by 8%. Do you think this might increase inventory?
Mike Lewis
Ntsike, I agree real estate is local which is why I detest all the National news giving such generic information that they say should effect every area.
Mike, Yes, it has created a little more inventory, which means sellers are having to price very competetively, however, they don't have to price below market like in some areas of the country, as sales prices are still steadily increasing. Also, a good portion of our inventory are sellers "testing" the market and just seeing if they can sell, and then they take their houses off the market. With that, I think the actual inventory number is skewed a little.
Donna,
This looks like a dejavue of my market. It started the exact same way, lot's of testers, it does skew the market. We have a strong economical base too. Once the inventory gets out of control it falls apart.
Mike Lewis
Donna,
Good information to know...
Mike,
The Dallas market is nothing like the San Diego market at all, part of the problem in CA is that nobody can qualify using their full income documentation. In Dallas, we don't have runaway home prices dictating the amount of income stated on mortgage applications.
John,
Some of the similarities are "lot's of testers" skewing the market, sales are down and inventory is rising. Those are facts. I agree San Diego has had runaway prices and the correction is going on and has been for almost 2 years now. I'm the first one not to sugar coat a market - any market. I'm just pointing out some trends that are similar to the San Diego market of 2 years ago "lot's of testers" skewing the market, sales are down and inventory is rising, and said it was like a dejavue of my market because it is. The Dallas and San Diego markets like all markets are different - very different or slightly different. But there can also be similarities. It's O.K.
BTY - I have several buyers right now using their full income documentation to buy in San Diego.
Mike Lewis