The per square foot price of a typical $250,000 pre-owned northwest Dallas suburban pre-owned home sold during the three months ending in March increased to $88.74, up $1.10 or 1.2 percent, over the same period a year ago. The typical $350,000 home sold for $102.11 per square foot, up $1.57, or 1.6 percent, over a year ago, and the typical $450,000 home sold for $114.79 per square foot, an increase of $1.20, or 1.1 percent. This is the seventh consecutive month that the northwest Dallas suburbs experienced this general level of across the board price increases.

Other key market indicators, particularly average days on market and inventory absorption rate, also point to overall stronger market conditions. It therefore continues to seem likely this market will continue to grow stronger, probably at a similar or somewhat greater pace, through the next few months.

Average days on market for northwest Dallas suburban pre-owned, single family homes sold during March dropped to 73 days. This compares to a revised 81 average days on market in February and January. Similar homes sold in March 2004 were listed for an average of 107 days.

The inventory absorption rate for March fell to a 4.2 months supply, versus a revised 4.9 months supply in February and a 4.8 months supply of homes listed for sale a year ago. The approximately 3,300 pre-owned homes listed for sale at the end of March was down about 5.8 percent from the 3,500 homes available for sale at the same time a year ago.

The median price of homes sold in northwest Dallas suburbs during March was $269,900. This is 8 percent higher than the $260,000 median price posted a year ago and 17.3 percent higher than the median price in March 2003.

Home sales volume was up only slightly. A total of 513 pre-owned, single family homes were sold 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 March. This was a 2.4 percent increase over the 501 homes reported sold during the same month a year ago. With February sales being revised up to a 7.2 percent increase, sale volume for the past 3 months was up 5.5 percent over the same period a year ago. For the previous 12 months, sales volume was up 15.1 percent.

Market Highs And Lows

The northwest Dallas suburbs home resale market segment with the largest annual increase in its three month average per square foot price was in Southlake. The square foot price of the average $250,000 home there advanced 10.6 percent to $98.69. Close behind were Coppell homes selling for between $400,000 and $499,999. These homes, on average, sold for $121.61 per square foot, up 10.3 percent above their previous year price. Rounding out the top three performing market segments was Flower Mound homes selling for an average of $450,000. These homes sold for $117.33 per square foot, an 8.5 percent increase over their previous year price.

Keller homes selling for between $400,000 and $499,999 was again the market segment showing largest price decrease, coming in at $106.18 per square foot, a 5.9 percent drop. The average price per square foot of southwest Frisco homes that sold for between $400,000 and $499,999 averaged $116.16, a 3.2 percent drop from the previous year. Grapevine homes selling for between $200,000 and $299,999 sold for $89.79 per square foot, down 3.5 percent from the previous year.