Unlike what has been occurring both in the DFW metroplex generally and nationally, the northwest Dallas suburbs saw moderate same month, year-to-year increases in sales and prices of pre-owned single-family homes in April. Sales reported for the area were up 4.8 percent, 500 homes sold this April versus 477 homes during April a year ago. Average home prices increased by 2.3 percent on an annual basis.

As has been noted here for the past several months, a fairly remarkable shift between the various price levels of homes that are being sold is occurring. According to data compiled by North Texas Real Estate Information Systems Inc., 14.3 percent fewer homes, priced at less than $300,000, were sold during the past three months than during the same period a year ago. Over a two year span, at a minus 21.6 percent, the decrease is even more dramatic. For homes priced at $300,000 and above, sales during these same three months increased by 11.0 percent on an annual basis and by 11.9 percent over two years. This has resulted in the 61:39 split between the number of homes sold for less and more than $300,000 to shift to a 53:47 ratio over the past two years.

The number of homes listed for sale increasing at an even more rapid pace continues to exert negative pressure on prices. Overall, 2,315 existing homes were listed for sale in the northwest Dallas suburbs at the end of April, an increase of 19.9 percent over the number of listings at the same point in time a year ago. Listings of homes priced at less than $300,000, which accounted for about 29 percent of the total number of homes for sale, were down 5.1 percent when compared to the number of similarly priced homes available a year ago. The number of homes listed for $300,000 and above was up 34.6 percent.

Nevertheless, home values continued to appreciate, both overall, as described above, and across all price ranges. Compared to a year ago, the square foot price of a typical $250,000 existing northwest Dallas suburban home sold during the three months ending in April increased by 3.5 percent, to $95.18, and the square foot price of a typical $350,000 home sold was up 1.9 percent, to $106.29. The square foot price of the typical $450,000 home increased by 1.0 percent to $121.27. The average square foot price of homes selling for less than $200,000 was up 3.3 percent and the square foot price of homes selling for more than $500,000 was up 1.0 percent.

Inventory of pre-owned homes within the northwest Dallas suburbs increased from a revised 3.9 months supply in March to a 4.4 months supply in April, a 12.6 percent increase. This is identical to the 12.6 percent increase over the supply of existing homes listed for sale during April a year ago.

The $287,250 median price of pre-owned homes sold during April in the northwest Dallas suburbs was 2.6 percent higher than the $280,000 median price posted last April and up 4.5 percent from the $275,000 median price that homes sold for in this area during April two years ago.

The average length of time required to sell a home dropped to 44 days in April. This is 24.1 percent less than the revised 58 days required to sell a home during March, and 15.4 percent longer than the 52 average days required during April a year ago.

Market Highs And Lows

Up 8.1 percent, Trophy Club again had the largest annual three month average home price increase. Colleyville again had the second largest increase at 6.2 percent. Grapevine was close behind with a 6.0 percent increase.

Both the southwest Frisco and west Plano areas experienced price decreases. Homes in southwest Frisco sold for .8 percent less than during April a year ago. Home prices in west Plano were down .2 percent.

A 2.6 months supply of homes available for sale enabled Coppell to edge out Grapevine for honors in that category. Grapevine saw its 2.2 months supply of homes listed for sale in March increase somewhat to 2.7 months supply in April.

West Plano again was in last place with 9.0 months supply of previously owned homes for sale. The Argyle, Bartonville, Copper Canyon and Double Oak area had the next highest inventory with 8.0 months supply.