North Dallas/Richardson/Plano Real Estate

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.