October 2007
This is a tough year in Mesquite. Not as bad as many parts around the country but not as good as other areas around the north Texas region. In comparison with last months numbers the monthly sales numbers have moved into a strong negative bracket. Last month the Sales figure in Mesquite was -15% versus last years September, so October is still building on negative sales in a negative way.
The good news is hard to find but if you take a close look at listings you see the beginnings of hope for shrinking inventory. Also the average and median price is continuing to drop, good for buyers but not so great for sellers. If we can just get first time home buyers to reenter the market we should start to see the days on market and working inventory start to shrink, that is what sellers need for home values to start moving into the positive direction again. Lets hope that Congress does not pass the mortgage bill as it now stands or things could get even worse for the first time home buyer market.
Overall the numbers look like many sellers and agents will have a disappointing Christmas this year unless they work extra hard and price very aggressively to get properties sold.
| Month | % Change |
| Year to Date | % Change |
Sales | 149 | -25% |
| 1,754 | -3% |
Dollar Volume | $14,570,561 | -36% |
| 185,736,322 | -9% |
Average Price | $97,789 | -14% |
| $105,893 | -6% |
Median Price | $95,450 | -16% |
| $104,500 | -5% |
Price / Sqft | $58 | -12% |
| $63 | -5% |
Sold to List Price | 97% | -1% |
| 98% | 0 |
Days On Market | 71 | -4% |
| 77 | +7% |
Pending Sales | 162 | -22% |
| 2,022 | -10% |
New Listings | 301 | -2% |
| 3,473 | -4% |
Active Listings | 1,134 | +4% |
| 1,124 | +3% |
Months Inventory | 6.6 | +9% |
| 6.5 | +8% |
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| OCT 2007 Ratio | OCT 2007 Rank |
| SEP 2007 Rank | OCT 2006 Rank |
Rank By Hotness | 14.3 | 52 |
| 42 | UNK |
The above numbers are preliminary and are from a monthly report produced by the Real Estate Center - Texas A&M University from data provided by North Texas Real Estate Information Systems (NTREIS) MLS
The area covered in this report is Area 5 as defined by the MLS and covers Mesquite and partsof Balch Spings Texas.
The numbers for the Month collumn are of October 2007 and the % Change is compaired to Oct 2006 only. The Year To Date is this years total numbers through the end of October 2007 versus the same period for 2006.
The Rank By Hotness is an areas ranking vs a total of 125 areas as defined by the MLS of the highest hotness ratio which is the pending sales as a percent of active listings
If you would like numbers for Condo and Townhomes; Lots and Vacant Land; or Leases please contact me by email at BruceErickson@JudgeFite.com and I will be glad to get them to you
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