Despite recent increases in days on market and reports of slowed sales, Dallas is still reported as one of the best markets in the country.
Local Dallas expert, Ken Lampton, reports that "unit sales volume is down by 16% for the first seven months of 2008 (compared to the first seven months of 2007). Days On Market is getting longer. The average of 76 days is up 25% from the same period last year. However, average sales price is only down by 1%. We still have only 6.8 months of inventory on the market, which is close to a balanced market."
Realtor Blake Eltis reports, "I believe consumer confidence is at an all time low. As Phil Gramm said, we are in a mental recession. I believe there is some truth to that. All we hear on the news is negative! While there is some down turn in all sectors of our economy, Dallas has stayed relatively above ground."
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Published: September 30, 2008
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