Dallas Area Residential Sales by Price Class for February
Every price class below $149,999 experienced double digit declines in sales as compared to last February. Most of the homes have numerous condition issues and the primary buyers are investors.
Sales are also down by single digits in the range from $150,000 to 199,999. The months of inventory is extremely low at about 1.1 months. Demand is high.
The sweet spot in the market continues to be $200,000 to $399,999. This range represents 46% of all the sales. The inventory is about 2 months. The very best homes go quickly!
In the $400,000 to $499,999 area sales were strong up 24%. There is a 4.8 month supply.
When we reach the $500,000 and above price the months of inventory starts to climb above 6 months which is normally considered a balanced supply. Buyers have more choices and more time to make decisions. February sales were up around 25%.
The $1,000,000 and above saw a huge jump of 64% in sales. There has been a large number of price reductions and it’s very much a buyers market with inventories at 13.6 months.
Information [provided by The Real estate Center