North Dallas/Richardson/Plano Real Estate

North Dallas north of Northwest Hwy. and south of LBJ:

October saw a 19% increase in sales along with a 17% increase in the average sales price. The median price increased by 29%. These increases are not a general rise in sales prices but simply reflect some additional sales in the higher end of the market pulling the averages up. This is good news, if it continues, because homes in the upper end prices have not been selling very well.

Sales: 44

Average Sales Price: $930,495

Median Sales Price: $767,500

Days on Market: 127

Pending Sales: 24

New Listings: 96

Active Listings: 616

Months of Inventory: 17

North Dallas north of LBJ:

This area say a much smaller increase in sales of 5%, but its still an increase. The average sales price was down by 9% while the median sales price was down by only 1%. This indicates that the sales were concentrated in the lower price ranges in this area. This area continues to fair better than it's southern neighbor with a 5.9 months supply of homes for sale.

Sales: 78

Average Sales Price: $341,949

Median Sales Price: $275,500

Days on Market: 63

Pending Sales: 50

New Listings: 116

Active Listings: 435

Months of Inventory: 5.9

NORTH OF NORTHWEST HWY. AND SOUTH OF LBJ:

There was a pick up in sales in this area in September but the average sales price continued to erode. Pending sales picked up along with the number of new listings. The number of active listing was flat. There continues to be an over supply on the market with a 17 month supply of homes for sale. Million dollar homes make up over 1/3 of the inventory in this area and they are very slow to sell.

Sales: 48 a 17% increase

Average sales price: $889,828 a 9% decrease

Median sales price: $650,000 a 2% increase

Days on market: 135 a 41% increase

Pending sales: 39 a 39% increase

New listings: 118 a 15% increase

Active listings: 612 a 0% increase

Months of inventory: 17

NORTH DALLAS NORTH OF LBJ:

Sales were down slightly in September and we saw a decline in the average sales price while the median sales price was flat. Days on market increased. Pending sales were off along with the number of active listings. The decline in inventory of homes for sale in this area is helping to keep supply/demand somewhat in balance.

Sales: 69 a 4% decrease

Average sales price: $294,761 an 8% decrease

Median sales price: 269,750 a 0% increase

Days on market: 66 a 22% increase

Pending sales: 63 a 10% decrease

New listings: 117 a 2% increase

Active listings: 444 a 12% decrease

Months of inventory: 6.1 

Effective October 12th, the major mortgage insurance companies will be changing their guidelines in regards to property flipping. The new requirements are:

• If the seller acquired the property fewer than 90 days from the date of the

purchase contract, the loan is ineligible.

• If the seller acquired the property more than 90 days but fewer than 180

days from the date of purchase contract, the loan requires a manual MGIC

underwrite. Form 1004 / 70 will be required.

• The following property sales/transfers are not required to meet this policy

where the seller is:

1. A lender, mortgage investor or a mortgage insurance company

that acquired the property as a result of a foreclosure

or a deed in lieu of foreclosure.

2. A spouse who acquired the property through a divorce settlement.

3. An employer that acquired the property through its relocation

program.

4. An administrator, executor, or personal representative selling

property of an estate.

What does this mean to you as a buyer?

Well if you contract for a property after this date and the property has been not be owned by the seller and does not meet one of the exceptions you simply will not get a loan on the property and you will have wasted your time and money.

If the property falls under the 90 to 180 days guidelines the seller will probably have to provide information as to the types of improvements and their costs that the seller did to the property. This will take additional time and there is the possibility that the loan will not go through.

Before you as a buyer make an offer on a property, I would recommend that you have your agent check on how long the current owner has owned the property.

The Nation Association of Realtors released their Nations Sales Report for August today and I thought it might be helpful to compared the Richardson market to the national market.

The National Association of Realtors reported sales nationally were of by 2.7% in AAugust compared to August of last year. The median price fell by 12.7% and there was a 8.5 months supply on the market.

Our local MLS numbers for August in the Richardson area show sales were flat at 0%. The median sales price declined by only 2% and the months of inventory was 2.9 months. 

The Richardson market is holding up very well as compared to the Nation Market and will continue to do so as long as the supply of homes for sale remains low.

For purposes of this report north Dallas is broken into two section:. North of Northwest Hwy and south of LBJ and North of LBJ.

North of Northwest Hwy and South of LBJ:

Sales in this area in August continued to be weak. The upper price ranges are not moving. Sales were of by12% compared to a year ago. The average sales price continued to decline along with the median sales price. Pending sales showed a strong increase being up by 33%. The number of active listings was flat and we say a decrease in the months of inventory which continues to remain very high at 17.2 month.

Sales: 43

Average Sales Price: $914,178

Median Sales Price: $639,900

Pending Sales: 40

Active Listings: 614

Months of Inventory: 17.2

North of LBJ:

Sales were off again in this area of North Dallas, but we did see an increase in the average sales price of 13% and a smaller increase in the median sales price of 2%. There was a 6% decrease in the number of pending sales. The number of active listings declined by 12% helping to keep supply/demand closer to a balance. The months of inventory in this area is only 6.5 months.

Sales: 73

Average Sales Price: $349,303

Median Sales Price: $272,000

Pending Sales: 59

Active Listings: 478

Months of Inventory:6.5

In order to qualify for the first time homes buyers tax credit of $8,000 your new home must close no later than November 30th. If everything goes right you should have your new home under contract by the end of October to make the deadline. However, we know that things do not always go as planed. After you do inspections, you might find problems with the house that can not be worked out with the seller or maybe you decide that there are to many issues and terminate the contract. There might be appraisal problems or maybe the lender just keeps asking you for more information. There are many thinks that can delay a closing.

I would strongly recommend that if you are trying to use this tax credit, that you have your house under contract by the middle of October just to be on the safe side.

THIS ONLY LEAVES YOU ABOUT 5 WEEKS TO FIND THAT HOUSE!

Sales were flat in August and we saw a small decline in the average and median sales prices. Pending sales were up slightly while the number of new listings and active listings continues to shrink. Active listings fell 35% leaving us with only 225 homes on the market. This represents a 2.9 month supply.

As I have been saying now for several months, I you are looking to purchase a home in Richardson, you have very little to choose from. The best homes are going quickly! You better have a good agent that stays on top of the new listings and can get you in to see them the first day they hit the market are you will miss out!

Sales: 100

Average Sales Price: $177,123

Median Sales Price: $162,350

Pending Sales: 86

Active Listings: 225

Average Days on Market: 52

Months Inventory: 2.9 

For purposes of this report North Dallas in broken down into two sections.

North Dallas north of Northwest Hwy. and south of LBJ

This area of Dallas contiunes to experience difficutlies. The high end market is very slow. At the end of July there was an 18.7 month supply of homes on the market. This is a very high number.

Sales were off by 31% in July and the average price declined by 16% while the median price declined by 29%. This is just another indicator of the problems effecting the upper end market.

Pending sales declined by 31% which will not help August closed sales.

Sales: 50

Average Sales Price: $842,270

Median Sales Price: $530,000

Pending Sales: 29

New Listings: 110

Active Listings: 683

Months of Inventory: 18.7

North Dallas North of LBJ

Sales in this area of North Dallas were up by 27% and we saw a 1% increase in both the average and median sales prices. Pending sales also showed a sharp increase of 21%. The number of active listings contracted by 13% leaving us with an inventory of 6.5 month.

Sales: 117

Average Slaes Price: $326,127

Median Sales Price: $275,000

Pending Sales: 80

Active Listings: 490

Months of Inventory: 6.5

After a strong month of sales in June, July saw a very small decline of 1% in the number of sales. The average sales price increased by 5% and the median sales price increased by 10%. Days on market decreased to 48 days.

The number of active listings continued its decline shrinking by 30%. The months of inventory is now 3.3 months. This is an extreamly low level and means if you are looking for a house in Richardson you have very few to chose from. The best houses are going quickly!

Sales: 119

Average Sales Price: $178,026

Median Sales Price: 166,250

Days on Market: 46

Active Listings: 254

Months of Inventory: 3.3

Yes! Yes! I know! Sales are terrible and we are over run with foreclosures or at least that what you hear on TV and read in the papers.

Well here is the truth! 

June saw a 26% increase in sales in the Richardson market. This increase was accompanied by a 4% increase in the average sales price and an 8% increase in the median sales price. Pending sales increased by 21%. While the number of new listing dropped by 2% and the number of active listings declined by 35%. This decline in the number of active listings along with the sharp increase of sales left the Richardson market with only a 3.2 month supply of homes on the market. This is an extremely low number!

Listing Agents are reporting that they are receiving multiple offers on the best properties as soon as they come on the market and Buyer Agents are saying that their clients are having to make offers over the listing price to get these properties. This is perticulary true in the West Richardson area.

This demand is being fueled by the shortage of quality properties currently on the market.

If you want to buy in the Richardson market, you better have a top agent that can get you in the best properties the day they come on the market and you better be prepared to write a full price offer or higher as soon as you get back to you agent's office if you expect to get the house.

June Sales:

Sales: 121

Average Sales Price: $184,214

Median Sales Price: $169,000

Pending Sales: 97

New Listings: 138

Active Listings: 251

Months of Inventory: 3.2