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Interested in the northwest Dallas suburbs real estate market? |
Each month I post on this page a summary of current residential real estate market conditions in the northwest Dallas suburbs of Southlake, Colleyville, Flower Mound, Keller, west Plano, southwest Frisco, Coppell, Highland Village, Grapevine, Argyle, Westlake and Trophy Club. |
Market summary |
| Overall conditions in the housing market are better in the Dallas / Fort Worth area than most places, but homeowners who want to sell their homes still are in a pretty tough situation. The total amount of money spent to purchase northwest Dallas suburban pre-owned homes during the past three months was about 25 percent less than the total spent during the same three months two years ago. Luxury homeowners across the DFW metroplex face even tougher conditions. Their market has contracted by a little less than 40 percent in this same time frame. The flip side is conditions in the Dallas area housing market have rarely been more favorable than they are now for people who want to buy executive and luxury homes, that is, unless they want a newly constructed home. Then, their choices could be somewhat limited. Are the basic dynamics of this market begin to change? My best guess is "slightly", but I still think we probably will not see a material improvement in local market conditions until early summer. Most likely, this market cycle finally has reached its bottom and will just bump along at this level for at least several months. |
Home sales / homes listed for sale |
 After two consecutive months of home sales increases, the northwest Dallas suburbs moved back into negative territory, experiencing a 2.1 percent annual decrease in the number of previously occupied, single family homes sold during the month of December. During December a year ago, 282 such homes were sold. This year, sales of 276 homes have been reported. December was the third month out of the past six months that fewer previously occupied homes were sold in this area than during the same month of the previous year. But it also was the twenty-seventh month out of the past thirty two that same month, year-to-year sales were down. On average, about 2,075 previously occupied homes were listed for sale during December 2009. This is up 2.5 percent from the average 2,0255 homes listed for sale during December a year ago. |
Home values appreciation |
 Compared to same quarter, previous year sales, average prices of northwest Dallas suburbs previously occupied homes sold during the three months October through December increased 0.8 percent. This was the first such increase since August 2008. The average price of homes increased in all but one price segment. Homes selling for less than $200,000 were priced on average 1.6 percent higher than a year ago while the price of homes selling for between $200,000 and $299,999 increased by 0.9 percent. The average price of homes selling for $300,000 to $399,999 was up 2.4 percent and the average price of homes selling for $400,000 to $499,999 increased by 2.9 percent. Homes prices for homes priced at more than $500,000 sold were 2.8 percent lower than a year ago. |
Average home prices |
 The average square foot price of a typical $250,000 home sold during the three months ending in December was $95.74. The average square foot price of a typical $350,000 home sold was $107.21, and the average price per square foot of the typical $450,000 home was $115.81. |
Supply of homes for sale |
 The supply of previously occupied homes listed for sale grew from 7.1 months of sales in November to 7.5 months supply available during December, a 6.1 percent increase. This supply of homes is also 4.7 percent higher than the 7.2 months supply of homes listed for sale during December last year and up 17.3 percent from the 6.4 months available supply two years ago. |
Average days on market |
 Homes selling during December were listed for sale an average of 91 days, up 21.0 percent from 75 days on average in November. It also was 20.6 percent higher than the average 76 days needed to sell a home in these northwest Dallas suburbs during December last year, and up 26.0 percent from 72 average days required during December two years ago. |
Median sales price |
 The median price of previously occupied northwest Dallas suburban homes sold during December was $312,150, up 9.5 percent from the $285,000 median price for December 2008. |
Note: Not all houses offered for sale are listed on MLS. Information provided above is for properties listed on the MLS only. Projected sale prices used when actual sale prices of properties have been withheld. Source: North Texas Real Estate Information Systems Inc. |
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Southlake | Colleyville | Flower Mound | Keller | W Plano | SW Frisco | Westlake | Coppell | Highland Village | Grapevine | Trophy Club |
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