During the boom the new construction out in Dallas was happening at a rapid rate. With flat cheap land, which is much easier to build on than our south Salem hills, building boomed out here. You know the end of this story.
Dallas has had one of the most dramatic price drops of the metro cities. With a 16.6% drop in the average home price and a 15.1% shift downward in the median, buyers are making it clear they want inexpensive homes only. Just for the curious, Dallas is at 2004 home price averages at the end of 2010.
One of the ongoing problems for Dallas is the increase in foreclosures. Unlike Silverton, which had a nice drop in foreclosure notices, Dallas’ notice of defaults increased by 20%. This means longer prolonged problems for the recovery of the Dallas real estate market and it will be past 2012, at least before this market can start to work through these excessive foreclosures.
Despite the huge average home price drop in Dallas Oregon, home sales were down 18.6%. With the good foreclosure deals in Salem-Keizer, I think home buyers that normally would have purchased out in Dallas due to affordability are able to purchase in Salem proper as you can get some foreclosures for Dallas Oregon prices.
The Dallas real estate market continues to get hammered. With this huge plunge in home prices in 2010, honestly, I would be stunned if there was another large correction like that. I would expect it to continue to decline but at a more moderate pace like 2-5%. If you want to search for homes for sale in Dallas, you can view foreclosures, or all Dallas homes for sale, on my website.
Data was crunched with information provided by the WVMLS and Fidelity National Title Company.