2014 - The Year of the House

While 2013 was an outstanding year in Dallas residential real estate, 2014 might be even better. This is the year to own a house in Dallas. If you already have one, then great. You're sitting on a hot commodity. If you don't own one, you should buy one - if you can find it.

Dallas housing will continue to be in short supply this year. And prices are expected to keep on creeping up. If you are thinking of buying or selling this year, remember these tips:

• Location matters. Multiple factors can affect the desirability of a location, including commute times to work and proximity to schools, restaurants, shopping and neighborhood attractions.
• What do you want in a home if you're buying? If you're selling, what do today's buyers want? You'll save a lot of time if you focus early on the most important features. Every buyer's goal should be to find the right home without falling in love with one that may not suit your needs.
• Get a pre-approval letter from a mortgage lender rather than guessing how much you or your buyer are qualified to borrow.
• Forget about horses this year. Get a house.

[where: 75230]

Top 3 Home Sales in North Dallas

2013 was a record year in Dallas Residential Real Estate. Sales of high end homes finally took off and demand in neighborhoods all across Dallas is still strong.

How about those nice mansion sales? Here are the top 3 most expensive homes that sold through our MLS. The sales prices were all between $8,000,000 and $18,000,000.

The big winner was a 13,000 square foot Park Cities home set on almost 2 acres that had an asking price of $19,500,000. This Volk Estates residence includes private gardens, tennis courts, putting green, cabana, fire pit, outdoor kitchen, in ground trampoline, terraces and courtyards. And that's just outside. The billiard room is one of my favorites.

Right around the corner was this 10,000 square foot contemporary home on an acre and a half that carried an asking price of $12.5 million ( reduced from $16 million). It has all the bells and whistles you'd expect in an estate plus it backs to Turtle Creek. The view from this lovely family room is stunning. It sold for a respectable amount close to the last asking price.

I could gladly take my morning coffee in the breakfast room of this 16,000 square foot Bluffview neighborhood estate set on almost 2 acres. The asking price was reduced to $10.5 million for 3 stories of elegance and luxury to rival any mansion. The surprise on this one is that it was a bank owned forced sale - but it sold quickly and was quite a bargain.

[where: 75230]

North Dallas Home Sales Stats for January 2014

The numbers are in for 2013 and just as we thought - it was a VERY good year for North Dallas Real Estate.

Take a look at this nice snapshot of our home sales compared to the last couple of years.

North Dallas/Preston Hollow
(between Northwest Hwy & LBJ, Central Expwy to Midway)

Number of Properties sold
2013: 1,123
2012: 951
2011: 749

Average Sales Price
2013: $520,000
2012: $421,965
2011: $425,549

Average Price per Sq Foot
2013: $203
2012: $184
2011: $191

Average Days on Market
2013: 68
2012: 108
2011: 129

Homes available for sale at end of year
2013: 385
2012: 484
2011: 602

Supply of Homes at end of year
2013: 4.3 months supply (sellers market)
2012: 6.9 months supply (balanced market)
2011: 9.5 months supply (buyers market)

[where: 75230]