SALES REPORT FOR SEPTEMBER 2007
While this data is in a somewhat raw format, nevertheless, it offers some interesting insight to those who are either planning to buy or list a home in one of these popular Dallas neighborhoods.
Tomorrow, I will post a list with these same components for those listings that expired without a sale. By matching the two up, you should be able to see what drove success in September and what caused failure.
As a final comment, let me note that before you list or a buy a home anywhere in Texas, you should visit the appropriate county's central appraisal district (CAD) web site to see what appraised value the district has assigned to that specific property.
More often than not, CADs (at least those I am eminently familiar with - Dallas, Houston and Galveston counties) are from 10% to 20% lower than the probable market value of a property. However, with that bit of information, one should be able to get a sense of how to price a home for sale and what to offer for a home that is for sale.
Finally, the most important comment of all: since the CAD information is public information and easily accessed by the Internet, sophisticated buyers, buyer's agents, and loan appraisers search those sources. Consequently, for a seller and listing agent to not take that into account when setting the For Sale price of a home is naive, and probably destined to failure.
The number of transactions, average sales price per square foot, average sales price.
The Dallas M Streets 23 transactions $177.25 sf $ 344.659
Highland Park 13 transactions $383.88 sf $1,742,885
Lake Highlands 16 transactions $118.52 sf $ 342,759
This information is compiled from the reports of the Multiple Listing Service owned and managed by the Metroplex Association of Realtors. Realtors and other professionals consider it the most reliable source available, but that does not in itself assure its accuracy. Consequently what I have provided here is without any personal warranty whatsoever.
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