North Dallas/Richardson/Plano Real Estate

Sales were down year over year by 48% in Richardson for July. The average sales price was up by 1% while the median sales price was up by 5%. These increases were due to fewer sales in the lower price ranges.

The number of new listings increased by 13% and the number of active listings jumped by 76%. The months of inventory is now at 5.9 months. While this number has certainly climber over the last several months, it's still one of the lowest in the area. The good news is, if you are a buyer, is that you now have a much greater number of houses to chose from.

The number of pending sales shrank by 38%. This is not good for September closings.

Sales: 60

Average Sales Price: $179,353

Median Sales Price: $178,200

New Listings: 171

Active Listings: 446

Months of Inventory: 5.9

Pending Sales: 60

The Real Estate Center at Texas A&M is out today with their July Activity Report for North Texas and it does not paint a pretty picture.

Single family sales were down compared to a year ago by 29%. The average sales price was up by 11% and the median sales price was up by 1%. Before you get to excited about those increases you need to ask yourself How prices can be going up while sales are going down. Well, the answer is they can't. What's happened is that there were fewer sales at the lower end of the range. This pulled the averages up. 

The number of new listings increased by 2 % while the number of active listings shot up by 15%.

The problem going forward is the drop of 20% in the pending sales number. This is not a good omen for August.

Before you get discouraged, Houses that are priced correctly for their condition are still selling and of course, just like politics, all real estate is local and that means down to the individual neighborhood.

If you really want to know what's happening in the neighborhood that you live in or want to buy a house in, you need the services of a good Realtor who is familiar with the area.

Over the next couple of days, I will post sales information for Far North Dallas, Richardson and Plano.

If you would like to know how other areas of the City of Dallas and it's surrounding Cities did in July, just send me an email and I would be happy to share that information with you.

Sales were only down by 5% in Plano for June. This is a lot better than other areas. The average sales price was up by 9% and the median sales price was up by 11%. while it's always better to be going up than down, I believe this increase was due to more upper end houses selling than some general increase in prices.

The pending sales number was down by 15% but again this was not as bad as other areas.

The number of new listings increased by 6% while the number of active listings jumped 16%. this pulled the months of inventory up to 5.5 months. If you are a buyer this is good news because it means that you now have more homes to chose from.

Sales: 303

Average Sale Price: $466,333

Median Sales Price: $514,000

Pending Sales: 202

New Listings: 468

Active Listings: 1.353

Months of Inventory: 5.5

With the end of the tax credit Richardson appears to have been harder hit with declining sales that some other areas. Sales were down in June by 28% and the average sales price was down slightly by 2%. More troubling that those figures were the pending sales figure that was down by 41% and the number of active listings that jumped 61%. Even with these numbers, Richardson still has a relatively low months of inventory compared to other areas with a 6 month supply.

Sales: 87

Average Sales Price: $181,784

Median Sales Price: $169,500

Pending Sales: 57

New Listings: 146

Active Listings: 403

Months of Inventory: 5 

For May sales were off by 5% compared to last May. The average Sales price was up by 2 % while the median sales price declined by 2%. The number of new listings contracted by 13%. The number of active listings dropped by 4% helping to keep months of inventory at a relatively low level of 5.3 months.

The real problem was the sharp contraction of 33% in the pending sales. This does not bode well for next months sales.

Sales: 254

Average Sales Price: $251,403

Median Sales Price: $215,000

Pending Sales: 157

New Listings: 397

Active Listings: 1.292

Months of Inventory: 5.3

Sales were up by 10% in May but we saw declined in both the average sales price and the median sales price. Average days on market continues to be low at 48 days. The number of new listings shrank by 15% but the number of active listings increased by 21%. The months of inventory, while creeping up, is still very low at 4.4 months.

The real problem with the May numbers is found in the pending sales which declined by 40%. The end of the tax credit is hitting sales very hard.

Sales: 97

Average Sales Price: $166,257

Median Sales Price: $160,000

Pending Sales: 52

New Listings: 122

Active Listings: 370

Days on Market: 48

Months of Inventory: 4.4

This report covers North Dallas north of LBJ.

Sales were up 49% in April compared to a year ago. The average sales price was down by 2% while the median sales price was up by 4%. The number of pending sales shot up by 68% which indicates another good increase for May. The number of new listings was up by 13% but the number of active listings only climbed by 3%. The months supply of inventory is still high at 7.6 months.

We do not know what effect the tax credits had on this months sales but next months pending sales will give us a good idea if the upward trend will continue.

Sales: 100

Average Sales Price: $284,656

Median Sales Price: $266,400

Days on Market: 69

Pending Sales: 99

New Listings: 188

Active Listings: 540

Months of Inventory: 7.6

Sales continue to be erratic in the Richardson market. Up one month and down the next. March was not an exception. After being up in February sales were off 5% in March. For the year so far sales are just about flat at a 1% decline.

The average sales price moved higher to $175,390 but this was due to more sales occurring in the higher price ranges. It looks like the $6,500 tax credit for move-up buyers may be having some effect.

The pending sales number is up 12% so it looks like April will be a good month for sales as buyers rush to get homes under contract before the tax credits expire at the end of April. I do not believe these credits will be extended again so starting in May will be the real test as to how the real estate market will hold up.

Sales: 72

Average Sales Price: $175,390

Median Sales Price: $170,000

Average Days on Market: 59

Pending Sales: 73

New Listings: 180

Active Listings: 307

Months of Inventory: 3.9

This report covers the City of Dallas North of LBJ.

Sales fell sharply in this area in February as they did in a number of other areas. The average sales price increased slightly due to several sales occurring in the upper price ranges. Pending sales were also off by double digits. The number of new listings and active listing increased putting more supply on the market and increasing the months of Inventory to 6.4 months.

Sales: 46

Average Sales Price: $326,671

Median Sales Price: $264,200

Pending Sales: 51

New Listings: 148

Active Listings: 444

Months of Inventory: 6.4

Sales were up 11% in the Richardson area for the month. however, the average sales price declined by 12% from the same time last year. Pending Sales, a forward looking indicator was off by 7%. We saw a large jump in the number of new listings but the active listings are still down by 2% leaving us with an inventory of only 3.3 months. RRichardson continues to have the lowers supply of homes on the market of any area. The best homes sell quickly!

Sales: 52

Average Sales Price: $157,809

Median Sales Price: $159,900

Pending Sales: 55

New Listings: 127

Active Listings: 268

Months of Inventory: 3.3