Suprising Facts About the Dallas Real Estate Market

1. The Dallas Area Real Estate Market is Under Valued

According to National City Corp and Global Insight (CNN MONEY March 5, 2008), "Dallas was the most undervalued big city by 30%. The report compares actual median home prices with what the authors determine are proper home values based on population density, relative income levels and interest rates, as well as historically observed market premiums or discounts, to determine whether markets are over or under valued."

2. Plenty of houses for sale in North Texas?

According to the Dallas Morning News (May 8, 2008), "there are 45,000 houses on the market which is an 8 percent drop from a year earlier. Currently there is about a 6.5 month supply of houses in this market and six months is considered a balanced supply."

3. Good Deals Exist Everywhere?

Of course good deals exist, just look at the foreclosures and the short sales in the area. However, when you begin to search, you realize there aren't that many. So many of them are located in areas that back up to busy streets, power lines, or the neighborhood may be less than what you are looking for. Sometimes, the property has so many repairs needed that the cost could exceed retail price unless you are a great handyman. It could be a surprise to many to see how many of the homes on the market that aren't foreclosed on or short sale are great deals. Additionally, not all neighborhoods are going at basement prices. We have experienced sales in the last several months in the north suburban where there were multiple offers and the Buyer had to pay right at asking price (or more) or lose the home of their choice.

4. Increase in Average Sales Price?

According to NTREIS for April 2008 activity for single family residences , the average sales price has increased from the prior year for the following cities: Allen (10%), Carrollton/F.Branch (6%), Celina (2%), Coppell (12%), Dallas Far N (3%), Dallas N (10%), Dallas NE & NW (2%), Fairview/Lucas (13%), Frisco (3%), McKinney (1%), Melissa (12%), Park Cities (8%), Plano (4%), Prosper (1%), Rockwall (5%), The Colony (3%), & Uptown (condos) (20%). Thank you Hexter-Fair Title Company of 4783 Preston Road, Frisco.