Jul 26, 2011

Dallas Real Estate Recovery 2011

Here we are about half way through the year, so lets take a look at the North Dallas real estate market. This is the year we've all been expecting to see a recovery. And we have - just not fast enough for most folks. Keep in mind that this recovery is like a freight train leaving the station. It's awfully slow at first, but it's heading in the right direction and will gain speed. But it's not the bullet train some people are looking for.

Comparing this same period last year, area sale are both up and down depending on the price. Sales of homes priced under $400,000 are down, while sales of homes priced $400,000 to $700,000 are up. Sales of homes priced $700,000 to $900,000 are down, however sales of homes priced over $900,000 are up. Experts like Britt Fair of Hexter Fair tell us that this is a reflection of the 2010 tax credit that had sales under $400k spiking last year.

The real estate recovery in Dallas continues to exceed the national recovery. I believe we'll soon start seeing reports of sales increasing - but that trend will also depend on the number of homes that continue to come on the market. Fewer homes for sale often mean fewer sales overall. We should see home prices in North Dallas begin a slow rise over the coming months. [where: 75230]


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Hannah said...

All the numbers and news are pointing an opposite direction - the market is going down or flat. First the prices are down for most counties in Dallas area and number of homes sold are down too as of July. Plus the bad news from stock market, debt ceiling, etc., I feel like the recovery is more like a wishful thinking than reality, but I do hope it will come in the next few month. Thanks for your article.