Residential home sales stats are in for March 2010 and they reflect the home buyer tax credit incentive. Sales in lower price ranges are up. So the average sales price for all homes in the Preston Hollow and Park Cities is lower. Keep in mind that a couple of multi-million dollar sales in a neighborhood will show a jump in the average price and more sales on the low end will show a drop in the average price.
March 2010 Statistics
(single family homes)
North Dallas (south of LBJ, between Midway & Central):
Number of Sales: 108 ( up 52% from 2009)
Average Sales Price: $722,665 (down 23% )
Park Cities:
Number of Sales: 137 ( up 83% from 2009)
Average Sales Price: $955,285 (down 9% )
Northeast Dallas (east of Central, south of LBJ):
Number of Sales: 106 (up 22% from 2009)
Average Sales Price: $253,548 (same as 2009)
Northwest Dallas (west of Midway):
Number of Sales: 105 (up 28% from 2009)
Average Sales Price: $201,630 (down 4% )
Far North Dallas (LBJ to Plano from Central to Marsh):
Number of Sales: 154 (down 15% from 2009)
Average Sales Price: $308,048 (down 3% )
2 comments:
I admittedly don't know much about what it takes to qualify for the tax credit, but there are income restrictions. Do you really think someone purchasing a $500,000 and up home qualifies for the tax credit, or even a portion of it?
I bring this up to say that I'm not sure the tax credit is what is affecting the areas where sales price averages are $500,000 and up. i.e Park Cities, North Dallas.
I took a look at the numbers and tried to remember my high school algebra. Here is what we've got:
In North Dallas (area 11) there were 37 sales over the average sales price. Thats about 34% of the sales. Last year this time there were 26 sales over the average sales price (but with fewer over all sales). Thats about 39% of the sales.
So we've seen 34% of the sales under the average sales price last year vs. 39% under the average sales price this year. More sales in the lower price ranges. And the lowest prices have been lower than last year.
It could be the tax incentive, investors, ... who knows?
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