Dallas Area Residential Sales Report for September
OK lets just get to the numbers then I will discuss the various segments of the market. Sales in North Texas fell 7% in September as compared to last September. Pending Sales were not much better down 6%. That means we can probably anticipate that October will not be a positive month. We are still seeing price increases with the average sales price climbing 6% while the median sales price increases 4%. The number of new listings actually dropped 3% but the active listings are 16% higher than last September. The months of inventory is now at 2.9 months. This is still well short of the 6 months considered a balanced market.
The far northern suburbs were hard hit and were down double digits. The closer in suburbs like Richardson fared much better and had positive numbers. I will be reporting on these areas individually later in the month so keep checking in. The high dollar areas such as North Dallas and the Park Cities also had plus signs for sales.
Sales are double digit down in all price ranges under $190,000. This is due to the extreme shortage of homes for sale. Buyers just can’t find a home to purchase. A home coming on the market in this range can expect multiple offers.
Over the last several months we have seen a number of price reductions (or as they are known now “price improvements”) in properties over 1 million. This has apparently attracted buyers with year to date sales up 10%.
The price range most in demand continues to be between $200,000 and $399,999. This range represents 53.1% of all sales and about 1/2 of all the listings in MLS.
Sales are slowing and pricing is becoming critical. If your house is over priced it’s just going to sit on the market!
Average Sales Price: $304,331
Median Sales Price: 251,000
Pending Sales: 8,347
New Listings: 10,485
Active Listings: 25,895
Months of Inventory: 2.9
Information provided by The Real Estate Center