Richardson continues to fair better than any other city in the Metroplex. Sales for October were up 25% and the average sales price rose 3%. The number of active listings continues to drop creating a very low supply of homes for sale. Homes in October sold on average in 36 days.
Sales: 91
Average Sales Price: $180,602
Median Sales Price: $169,500
Pending Sales: 73
New Listings: 122
Active Listings: 230
Months of Inventory: 2.9
If you are interested in purchasing a home in Richardson, you better have a good Realtor who can get you in the homes the day they come on the market because the best homes sell quickly!
North Dallas north of Northwest Hwy. and south of LBJ:
October saw a 19% increase in sales along with a 17% increase in the average sales price. The median price increased by 29%. These increases are not a general rise in sales prices but simply reflect some additional sales in the higher end of the market pulling the averages up. This is good news, if it continues, because homes in the upper end prices have not been selling very well.
Sales: 44
Average Sales Price: $930,495
Median Sales Price: $767,500
Days on Market: 127
Pending Sales: 24
New Listings: 96
Active Listings: 616
Months of Inventory: 17
North Dallas north of LBJ:
This area say a much smaller increase in sales of 5%, but its still an increase. The average sales price was down by 9% while the median sales price was down by only 1%. This indicates that the sales were concentrated in the lower price ranges in this area. This area continues to fair better than it's southern neighbor with a 5.9 months supply of homes for sale.
Sales: 78
Average Sales Price: $341,949
Median Sales Price: $275,500
Days on Market: 63
Pending Sales: 50
New Listings: 116
Active Listings: 435
Months of Inventory: 5.9
The President will sign tomorrow an extension of the first time home buyer tax credit. The new legislation extends the credit until April 30 ,2010 to have a home under contract and it must close by June 30, 2010.
The $8,000 max remains the same.
In the bill is a new credit for existing homeowners who want to purchase a home. Buyers who have lived in their home 5 out of the last 8 years will be eligible for a $6,500 credit.
The income limits have been raised to $225,000 for a couple and there is a cap of $800,000 on the purchase price of the home.
Of course, you should check with your accountant or CPA to make sure you are eligible.
This is probably a once in a life time opportunity to get a tax credit for the purchase of a home and interest rates are extremely low so if you have been sitting on the fence it's time to get off!
The Case-Shiller Home Price Index for August came out today. The report found that the D-FW area was down by 1.2% from a year ago. This is close to the 2% drop reported by NTREIS (our local MLS). The 2 reports measure home prices differently so some difference should be expected.
The Case- Shiller report also indicated that D-FW homes prices were only off by 4% from their high of June 2007.
Our market has faired much better that any other major market in the country. We have been luck not have the massive numbers of foreclosures that other markets have experienced.
Of course the real question if you are a Seller is"What's happening to prices in my neighborhood and what is my house worth?"
And if you are a Buyer, "What is the house I want to buy worth?".
The only way to answer those questions is to get an appraisal or the advise from a REALTOR who is familiar with the neighborhood.
NORTH OF NORTHWEST HWY. AND SOUTH OF LBJ:
There was a pick up in sales in this area in September but the average sales price continued to erode. Pending sales picked up along with the number of new listings. The number of active listing was flat. There continues to be an over supply on the market with a 17 month supply of homes for sale. Million dollar homes make up over 1/3 of the inventory in this area and they are very slow to sell.
Sales: 48 a 17% increase
Average sales price: $889,828 a 9% decrease
Median sales price: $650,000 a 2% increase
Days on market: 135 a 41% increase
Pending sales: 39 a 39% increase
New listings: 118 a 15% increase
Active listings: 612 a 0% increase
Months of inventory: 17
NORTH DALLAS NORTH OF LBJ:
Sales were down slightly in September and we saw a decline in the average sales price while the median sales price was flat. Days on market increased. Pending sales were off along with the number of active listings. The decline in inventory of homes for sale in this area is helping to keep supply/demand somewhat in balance.
Sales: 69 a 4% decrease
Average sales price: $294,761 an 8% decrease
Median sales price: 269,750 a 0% increase
Days on market: 66 a 22% increase
Pending sales: 63 a 10% decrease
New listings: 117 a 2% increase
Active listings: 444 a 12% decrease
Months of inventory: 6.1
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I'm a Dallas area native. I graduated from Richardson High School and Southern Methodist University. I have been a real estate broker since 1975 and with Ebby Halliday, Realtors since 1987.
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