Jun 9, 2014

Really Local Real Estate Report

You've probably seen some of the headlines about how the real estate market has rebounded, prices are soaring, sales are up, etc.

But most folks don't realize that those numbers often apply to the national market, the Texas market or the Dallas-Ft. Worth market. They may not relate very well to your neighborhood market.

Just like the weather, real estate is local. It may be pouring rain in Seattle, Houston or even Frisco - but your house may stay dry.

When I give an update on the real estate market, I try to make it as local as possible. So here is what the market looks like right now in North Dallas for the areas between Northwest Hwy and LBJ and between Midway Road and Central Expressway.

The number of properties under contract has dropped in the past few months.
The number of properties sold so far this year is down.
One of the reasons for the decline in the number of sales is because the prices are up. Both asking prices and selling prices are higher.
In a nutshell, prices are up but demand has cooled a little. We've still got a healthy real estate market in North Dallas but the buyer frenzy has waned.
Based on the 3.9 months of inventory available, it is still a seller's market in North Dallas.
[where: 75230]

No comments: