My kids were just asking me the other day to head to the Dallas Water Park (which is very cool if you haven’t been there yet), so I figured I’d do the market reports about Dallas.
The average home price is down 7% from the first quarter of 2007, but up 6% from 2008. The median home price is down 15.4% from the first quarter of 2007.
The average and median home prices tend to peak in the second and third quarters and fall in the first and last quarters. More homes are just sold in those quarters as most people prefer to move during the better weather and when kids are out of school.
The real estate sales cycle is occurring in the normal way, but just less volume.
2008 had the normal second quarter peak in homes sold, but as you can see it is just happening at a lower volume. In the first quarter of 2007 53 homes were sold. That number was only 27 in 2008 and now in 2009. That is a decrease of 43%.
Yuck.
I would expect numbers to pick up, which would be the normal real estate cycle, but there isn’t going to be any big pop up here. With 12% unemployment in Oregon…well, many families are just trying to stay above water and not thinking about moving and the current Dallas Oregon inventory is 15.5 months. Prices aren’t going to be heading up with these two major factors at play.
For other market reports
Polk County Acreage Reports
Monmouth
Independence