The slow but steady rally in the northwest Dallas suburban home market, which now appears to have begun four months ago, stayed right on track in December. Home prices and sale volume again were up, and inventory absorption rates and average days on market continued to fall. Based on recent local market performance and DFW metroplex and national economic trends, it seems likely that pre-owned home prices will continue to rise, albeit at a modest rate, well into the spring.

For the fourth straight month, average per square foot prices increased across the board. The typical $250,000 pre-owned home sold in Southlake, Colleyville, Flower Mound, Coppell, southwest Frisco, west Plano, Keller, Highland Village, Westlake, Grapevine, Trophy Club, Argyle, Double Oak, Bartonville and Copper Canyon during the past three months was priced at $88.25 per square foot, up 1.8 percent over the same period a year ago. The per square foot price of the typical $350,000 home was $100.07 per square foot, up .2 percent over a year ago, and the typical $450,000 home was up 1.3 percent, to $116.79 per square foot.

December sales of pre-owned, single family homes were up 8.9 percent over the same month a year ago, 427 homes versus 392 homes. For the past 3 months, sale volume was up 15.8 percent over the same period a year ago, and for the past 12 months, sale volume was up 15.6 percent.

The median price of northwest Dallas suburban pre-owned homes sold during December was $245,500. While this is 5.6 percent lower than the $260,000 median price posted a year ago, the median price for December 2003 appears to be a statistical anomaly that is substantially higher than the median prices at which homes sold for in both the preceding and following months. Also supporting this notion is that the median price in December 2004 was 5.7 percent higher than in December 2002.

The inventory absorption rate for December fell to a 4.4 months supply, versus a revised 4.7 months supply in November and a 5.7 months supply of homes listed for sale a year ago. The approximately 1,800 pre-owned homes for sale at the end of December represented an 18.2 percent drop from the 2,200 homes listed at the same time a year ago.

Average days on market for northwest Dallas suburban pre-owned, single family homes sold dropped to 74 days during December. This compares to a revised 73 average days on market in November and 78 days on market in October. Similar homes that sold in December 2003 were listed for sale an average of 105 days.

Market Highs And Lows

Both of the northwest Dallas suburbs home resale market segments with the largest annual increase in the three month average per square foot prices were in Colleyville. The square foot price of an average $450,000 home in Colleyville increased 9.1 percent to $116.60. December was the fourth straight month that the Colleyville $400,000 to $499,999 market segment was one of the two top performing market segments. Colleyville homes selling for an average $350,000 sale price sold for $107.36, an 8.3 percent jump over the previous year price. Close behind were Southlake homes selling for between $400,000 and $499,999. These homes, on average, sold for $120.22 per square foot, up 7.9 percent above their previous year price.

Highland Village homes selling for between $300,000 and $399,999 was the market segment showing largest per price decrease, coming in at $91.49 square foot, a 6.6 percent decrease. The average price per square foot of southwest Frisco homes that sold for between $300,000 and $399,999 averaged $96.80, a 4.1 percent drop from the previous year.

Web Site Additions

Pages recently were added to davedowns.com that provide
phone numbers for various local utility providers and phone numbers/addresses for northwest Dallas suburban home maintenance and decorating stores and shopping malls. Contact information for local utility providers is available by clicking on this local utilities link. Phone numbers and addresses for stores and shopping malls where home maintenance and decorating items can be purchased are available by clicking on this area shopping link.