Due to the size of the north Dallas Area, I break the report into 2 sections.
North Dallas north of Northwest Hwy. and south of LBJ:
This area continues to struggle. Sales were of by 18% and the average sales price declined by 15%. this does not mean that all of the homes declined by this much. there are a great many homes in this area above $800,000 and this end of the market is having a very hard time. Interest rates are high on non-conforming loans and demand is low. The fact that the upper end is not selling is pulling the average sales price down. The number of active listings increased in May by 18% and this increase coupled with slow sales have combines to create a 19.3 months supply.
SALES: 50
AVERAGE SALES PRICE: $785,802
MEDIAN SALES PRICE: $567,500
PENDING SALES: 43
NEW LISTINGS: 125
ACTIVE LISTINGS: 739
DAYS ON MARKET: 93
MONTHS OF INVENTORY: 19.3
North Dallas north of LBJ
While sales were off by 19% in this area, the average sales price was only down by 1% and the median price by 3%. the number of active listings increase by 1% giving us a months of inventory figure of 7.5 months. the average sales price in this area of north Dallas is lower and most of the homes fall in the conforming loan category making financing much easier and at a lower interest rate.
SALES: 83
AVERAGE SALES PRICE: $325,039
MEDIAN SALES PRICE: $287,900
PENDING SALES: 68
NEW LISTINGS: 169
ACTIVE LISTINGS: 548
DAYS ON MARKET: 61
MONTHS OF INVENTORY: 7.5
