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2007 Market Update - Mesquite Texas

By
Real Estate Agent with Century 21 Judge Fite - Mesquite

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%

 

 

 

 

 

 

 

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

Comments (3)

Kai Lani
RE/MAX Kai Lani - Kailua, HI
RE/MAX
Bruce, Take heart, this is just a pause while we get the excess inventory off the market and into the hands of good solid new owners who will be living in the homes rather than investors trying to turn the property for a quick buck.   On another font, I really liked the description of your company.  Great story in it!  Thanks for sharing.   Jerry
Nov 18, 2007 03:14 AM
Bruce Erickson
Century 21 Judge Fite - Mesquite - Mesquite, TX

Jerry thank you for reminding me that this period will pass.  I tell others and myself all the time but when looking at the numbers and hearing agents talk the gloom does settle in some.

I was in the Market of 1990 to 1993, tough times but it did come back.  Also when the tech bubble bust Mesquite did real well because the top of half of the market was the one hurting.

When the bottom half of the buyer market returns because of affordability and availability of financing watch Mesquite grow like gangbusters.

Nov 18, 2007 05:31 AM
Kai Lani
RE/MAX Kai Lani - Kailua, HI
RE/MAX
Just look at it this way!  Anyone who buys in Mesquite today will be oh-so happy in five or ten years, and all the way up the ladder they will be getting free "rent" living in their own home.   On the other hand, there will be a bunch of guys who will say, Bruce, why didn't you beat some sense in my head back in 07!  Boy, sure wish I would have bought then.   This is a business where we have a tendency to take ourselves too seriously.  Go out and have a day off and the world will be brighter.   Jerry
Nov 18, 2007 09:36 AM