North Dallas/Richardson/Plano Real Estate

Richardson, TX Sales Activity Report for February

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Mon, 08 Mar 2010 16:40:43 -0600

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

January Sales Report for North Dallas

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Fri, 19 Feb 2010 14:56:37 -0600

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

January Sales Report for Richardson TX

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Mon, 08 Feb 2010 17:12:22 -0600

Sales were off by 4% in January compared to a year ago. The average sales price and median sales price both were up sharply but this was due to an atypical distribution in the price ranges. Basically what happened was that there were fewer homes selling in the lower price ranges and a few more sales in the upper ranges. Pending sales were down by 4% and the number of active listings continues to decline leaving a very small 2.9 months of inventory.

Richardson has the smallest inventory on the market of any area. If you are a buyer this leaves you with very few choices. The best homes go quickly!

Sales: 43

Average Sales Price: $183,658

Median Sales Price: $176000

Pending Sales: 55

New Listings: 91

Active Listings: 230

Months of inventory: 2.9

The Clock is Ticking on the Homebuyers Tax Credit

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Wed, 03 Feb 2010 16:53:33 -0600

Extended and Expanded Tax Credit Expires 4/30/10

For prospective homebuyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts as huge tax credits are about to expire. Here are important details for you to know:

Tax Credit for First-Time Homebuyers (FTHBs)
FTHBs (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Tax Credit for Current Homeowners
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What Are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available.

What's So Great About a "Tax Credit"?
The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

It's also important to note another upcoming deadline as the Federal Reserve winds down a program that has been keeping home loan rates artificially low. The fact is that the lowest rates of 2009 were driven down to their attractive levels because of the Fed's Mortgage Backed Securities (MBS) purchase program, which the Fed once again emphasized in its January 27, 2010 Rate and Policy Statement will end on March 31, 2010. As the Fed's program winds down and ends, rates could rise over time since MBS will have less support from the Fed.

The Clock is Ticking For the Homebuyers Tax Credit!

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Wed, 03 Feb 2010 16:46:36 -0600

Extended and Expanded Tax Credit Expires 4/30/10

December Sales Activity Report for Richardson TX

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Sat, 16 Jan 2010 15:09:51 -0600

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

December Sales Activity Report for Far North Dallas

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Sun, 10 Jan 2010 17:13:56 -0600

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

December Sales Activity Report for North Dallas South of LBJ

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Fri, 08 Jan 2010 16:11:52 -0600

North of Northwest Hwy and South of LBJ.

Percentage wise sales were up 54% in December but this number was coming off an extremely terrible December of 2008. The actual number of sales was 43. The average Sales price declined by 39% and the median sales price was down by 37%. These numbers do not represent an overall decline in sales price but reflect the fact the homes in the upper price ranges continue to not sell. The number of new listings continues to decline along with the number of active listings but we still have a 12.8 months supply on the market.

Sales: 43

Average Sales Price: $651,416

Median Sales Price: $499,900

Pending Sales: 17

New Listings: 43

Active Listings: 486

Months of inventory: 12.8

North of LBJ

Nobvember Sales Activity for Richardson

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Mon, 07 Dec 2009 16:46:26 -0600

Sales were up 41% in November. The average sales price increased by 2% and the median sales price increased by 7%. The number of new listings increased sharply but the number of active listings continues to be very low. The months of inventory number is only 2.9 months.

With inventory levels this low, if you are a Buyer, you better have an agent who can get you in the best houses the day they come on the market!

Sales: 89

Average Sales Price: $190,913

Median Sales Price: $182,750

Pending Sales: 50

New Listings: 97

Active Listings: 238

Days on Market: 42

Months of Inventory: 2.9

October Sales Activity Report for Richardson

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Wed, 11 Nov 2009 15:44:34 -0600

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!

October Sales Activity Report for North Dallas

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Mon, 09 Nov 2009 17:30:25 -0600

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 Dallas Sales Activity for September

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Fri, 09 Oct 2009 11:04:58 -0500

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

BUYERS BE CAREFUL! NEW MORTGAGE REQUIREMENTS

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Mon, 28 Sep 2009 17:05:36 -0500

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.

Richardson Market compared to National Market

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Thu, 24 Sep 2009 13:18:45 -0500

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.

August Sales Activity Report for North Dallas

Marie Walton, ABR, CRS, GRI, SRES (Ebby Halliday, REALTORS) — Thu, 10 Sep 2009 14:16:10 -0500

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