While a few pockets of Dallas, Texas neighborhoods and homes are selling well, overall the area has slid into a buyer's market, say local Realtors, but home prices continue to rise despite the slowdown in sales.
"Dallas was settled in 1841 as a frontier trading post, and today is the eight largest city in the United States," says Realtor Jerold Smith. "Dallas is 6,321 square miles and is the second largest city in Texas, with more than three million people living in the area. High-tech companies, manufacturing and service industries have contributed to growth in Dallas, considered the financial hub of the Southwest.
"For the month of September, Dallas sold 4,013 Homes with sales up year-to-date three percent from last year. There are 26,372 properties for sale, up 23 percent from a year ago to date. There is a 6.6-month supply of homes, up 22 percent from a year ago, which is a strong buyer's market. Average price Is $193,100, which is up three percent year-to-date."
Says Realtor Nora Ling Lane, "Sales are spotty! And the supply of homes is up tremendously! The prime locations are selling faster than areas with adverse conditions. The upper-end market of homes are moving at a slower pace. Out-of-town buyers are still coming in and have to buy. Sellers are more realistic about pricing and the interest rates are still at 30-year-lows. With the inventory being so good, buyers have a lot of homes to choose from. It's a great time to buy."
Agrees Realtor Linda Lanham, "Sales are fickle. The inventory of homes is up in great numbers. Homes in good-to-superior locations that are updated and priced appropriately are selling very quickly -- some are having multiple offers! Out of town buyers seem to be few, and they seem to be hesitant to commit to a home very quickly. Now is a great time to purchase your dream home -- interest rates continue to be low and inventory is high."
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Published: December 2, 2003
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