The first quarter has ended for the real estate market. Here is where our local markets currently stand. Market data information is from the local WVMLS.
Here is what is occurring in the city of Dallas in real estate...
Average Sales price:
The average sales price so far this year is $198,164, down 6.9 % from last year's $212,781.
Dallas has an absorption rate of 7.6. This places the current Dallas inventory at 20.52 months.
Home Sales Closed:
In the first quarter this year, 23 homes closed on the market. That is down 56 % from the same time frame last year when 52 homes closed in the first quarter. Sales have slowed significantly in Dallas, and with high inventories it will be important to price well.
New Home Construction:
Dallas currently has 62 new construction homes active on the market. At the current absorption rate that is a 37 month inventory. New home construction is currently averaging $300,738 for active listings. Homes are actually selling for an average of $280,640. This is a negligible drop from last year's $280,870. Prices have essentially remained flat.
Dallas does not have enough condo transactions to conduct accurate analysis.
Luxury Market ($500,000+):
Dallas does not have a significant luxury market for analysis purposes.
If you need more specific market information, please feel free to call or email me with your specific area, and I will provide you with a more detailed report.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved. DO NOT COPY this without express written permission from the author.
If you are thinking about relocating to Salem-Keizer Metro area and need more information about what our city is like, please call or email me for more information. If you are considering a purchase or sale of a home, I'd like to discuss your real estate needs with you.
Melina Tomson, MS