North Dallas/Richardson/Plano Real Estate

This report covers the area north of Northwest Hwy. and south of LBJ.

Well this month's report is a perfect example of how statistics can sometimes be misleading!

The report shows sales jumped 100%. Sounds great, but there were only a total of 28 Sales. Not exactly setting the market on fire. The average Sales price continued to decline and the number of active listings also declined. The months of inventory is now down to 13.4 months. This is still very high but not as bad as it has been.

Now for the good news! There were several million dollar plus sales this month!

Sales: 28

Average Sales Price: $789,026

Median Sales Price: $432,000

Days on Market: 107

Pending Sales: 31

New Listings: 117

Active Listings: 521

Months of Inventory: 13.4

After being up for the last 2 months sales fell by 20% in the month of December.  The average sales price and the median sales price increased but this looks like it was due to some sales of higher priced homes. The number of Pending Sales decreased by 7%. New listings increased but the number of active listings continues to shrink. The months of inventory is at 2.9 months. This is a very low number and if you are a buyer you have very little on the market to choose from.

Sales: 52

Average Sales Price: $189,339

Median Sales Price: $171,000

Pending Sales: 42

New Listings: 82

Active Listings: 231

Days on Market: 59

Months of Inventory: 2.9

This report covers North Dallas North of LBJ.

Sales were off by 24% in December. the average sales price was up by 15% but this was due to the sale of 4 million dollar plus homes. The median sales price showed a decline of 10%. Pending sales were up 3% and we continue to see a decline in the number of active listing leaving us with a not bad 5.1 months of inventory. We will just have to wait and see if this decline continues on into January.

Sales: 54

Average Sales Price: $462,505

Median Sales Price: $269,000 

Pending Sales: 40

New Listings: 82

Active listings: 362

Days on Market: 81

Months of Inventory: 5.1

Richardson continues to fair better than any other city in the Metroplex. Sales for October were up 25% and the average sales price rose 3%. The number of active listings continues to drop creating a very low supply of homes for sale. Homes in October sold on average in 36 days.

Sales: 91

Average Sales Price: $180,602

Median Sales Price: $169,500

Pending Sales: 73

New Listings: 122

Active Listings: 230

Months of Inventory: 2.9

If you are interested in purchasing a home in Richardson, you better have a good Realtor who can get you in the homes the day they come on the market because the best homes sell quickly!

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 

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!

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

Saturday is election day across the State of Texas for City Councils and School boards. In the City of Dallas there will also be several proposed changes to the City Charter.

I know! These are only local elections. It's not the same as voting for President or Governor. 

SO WHO CARES?

Well you might!

Presidents, Governors, Congress Persons and Senators get their start somewhere and it's usually in some local election for City Council, School Board or some other local office.

If you take a few minutes to find out about the candidates and the issues they are running on, you might decide that you really like someone and your vote can help the person on their way to future higher office. Maybe even President in 20 or 25 years. Or you might find someone you really do not like, vote against the person and end a career now so you do not have to worry about the person in 20 or 25 years.