Tuesday, October 10, 2006

Dallas Real Estate- September Sales Dip

Sales are down in North Texas and inventory is up. We still have less than a 6 month supply, so it's still not technically a Buyer's Market like some would think. However, many buyers are waiting to buy thinking they'll get that massive deal overnight. Most Buyers are listening to National news which is typically quite different that our local news since the report came out a couple of months ago showing we're 18% undervalued compared to the rest of the country. Still, people like to sit and wait.

Median sales price dropped 3%, a decrease for the first time since September 2004. September is typically one of my slowest months, but this was the busiest September I had ever had, with 4 closings. November and December are typically my busy months, and I'm hoping to keep that tradition.

Year-over-year change in area pre-owned home sales and prices:
Category Homes Change Condos Change
Sold 6,622 -15% 431 -7%
Median price $143,150 -3% $115,250 +2%
Average DOM 69 -3% 78 -8%
Pending sales 7,747 +5% 455 -2%
For sale 46,966 +13% 3,887 +12%
SOURCES: Texas A&M University Real Estate Center; North Texas Real Estate Information System


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