After all of the doom's day talk regarding Dallas real estate in 2007 I am here to say we did pretty darn well. Below are 5 different areas in my local market. I looked at median sales price and days on market (DOM) instead of averages due to large sales and DOM that can influence average numbers year-over-year. I did use average price per square foot because that is a number consumers and Realtors both love to pay too much attention to. And I knew if I left it out all 5(?) of my readers would ask me to include it. You will also see the number of units sold as well.
Click here to check them out.
As the numbers show, median sales prices increased by at least 10% in all areas except NW Dallas. NW Dallas is HOT right now so I expect that to change in 2008. Midway Hollow anyone? Number of homes sold was down in all areas but not by alarming rates. Days on market increased in Preston Hollow (wanna know why?) and Park Cities the most and went down in NW Dallas and Lake Highlands.
All of these areas increased in median sales price by a combined 8% from 2006 to 2007. Not too bad.
Why do you dislike $ per sqaure foot as a way to value a home?
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