Here is where our local markets currently stand. The real estate market data information has been gathered from the local WVMLS. Here is what is occurring in the city of Dallas…
Average Sales price:
Dallas had a 6.1% drop in the average price of a home from the same time frame last year. Last year’s third quarter average was $219,685 followed by this year’s $206,131.
Dallas had a 6.1% drop in the average price of a home from the same time frame last year. Last year’s third quarter average was $219,685 followed by this year’s $206,131.
30 day Absorption Rate/Inventory:
Dallas has a current absorption rate of 7. This places the current inventory at 24.7 months. About 31% of the homes on the market are new construction and 43% were built in the last 4 years. There is a serious glut of new construction homes in Dallas.
Dallas has a current absorption rate of 7. This places the current inventory at 24.7 months. About 31% of the homes on the market are new construction and 43% were built in the last 4 years. There is a serious glut of new construction homes in Dallas.
Home Sales Closed:
There was a 41.7% drop in the volume of homes sold since the 2007 3rd quarter.
Dallas could be in for some serious pain in the next year or so. With increasing inventories, a huge drop in sales volume, coupled with a mild correction in pricing is not a good sign for a stabilizing market.New construction homes are a large portion of the current inventory. I hope the builders in Dallas have good reserves.
There was a 41.7% drop in the volume of homes sold since the 2007 3rd quarter.
Dallas could be in for some serious pain in the next year or so. With increasing inventories, a huge drop in sales volume, coupled with a mild correction in pricing is not a good sign for a stabilizing market.New construction homes are a large portion of the current inventory. I hope the builders in Dallas have good reserves.
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