The northwest Dallas suburbs home market continued to exhibit slow, but steady growth in February. Sale volume and home prices again were both up and inventory and average days on market both trended down. As we are now entering the busy season for home sales, it seems likely this market will continue to grow stronger, and perhaps at a somewhat accelerated pace, through the early summer months.

Pre-owned, single family home sales in Argyle, Bartonville, Coppell, Copper Canyon, Colleyville, Double Oak, Flower Mound, southwest Frisco, Grapevine, Highland Village, Keller, west Plano, Southlake, Trophy Club and Westlake during February were up 2.8 percent over the same month a year ago, 372 homes versus 362 homes. With January sales being revised upward to a 9.8 percent increase, sale volume for the past 3 months was up 8.4 percent over the same period a year ago. For the past 12 months, sale volume was up 16.6 percent.

The price per square foot of a typical $250,000 pre-owned home sold in the northwest Dallas suburbs during the past three months was $88.00, up $.26, or .3 percent, over the same period a year ago. The typical $350,000 home sold for $100.89 per square foot, up $1.27, or 1.3 percent, over a year ago, and the typical $450,000 home sold for $115.15 per square foot, an increase of $1.20, or 1.1 percent. The $238,700 median sale price for pre-owned homes sold in this area during February was up 8.5 percent over the $220,000 median price that was posted in February each of the past two years.

Inventory of pre-owned single family homes fell to a 5.1 months supply, a 22 percent drop from January's revised 6.5 months supply. Additionally, the approximately 2,800 pre-owned homes listed for sale at the end of February was down about 12.5 percent from the 3,200+ homes listed the same time a year ago.

Average days on market for homes sold during February dropped slightly to 80 days. This compares to 81 average days on market for homes sold during January and 72 days on market for homes sold during December. Similar homes sold in January 2004 were listed for an average of 111 days.

Market Highs And Lows

Average days on market for homes sold during February dropped slightly to 80 days. This compares to 81 average days on market for homes sold during January and 72 days on market for homes sold during December. Similar homes sold in January 2004 were listed for an average of 111 days.

Keller homes selling for between $400,000 and $499,999 was the market segment showing largest price decrease, coming in at $102.11 per square foot, a drop of 8.7 percent. The average price per square foot of southwest Frisco homes that sold for between $400,000 and $499,999 averaged $113.47, a 6.9 percent drop from the previous year. Close behind were Highland Village homes selling for between $200,000 and $299,999. These homes, on average, sold for $75.80 per square foot, down 6 percent from their previous year price.