While on the surface and looking at the Dallas Metroplex real estate market, in general, everything is great: low inventory, strong buyer demand, shorter marketing time and very often multiple offers, I have found few instances where, actually things are not so perfect.
General opinion from real estate agents to the buyers and sellers is that we have a strong seller’s market with increases in home values (and sale prices) up to 15-even 20% over the past couple of years. Indeed, I have found neighborhoods all over the Metroplex, where this is happening, not at 15-20%, much smaller increases, but is happening.
Unfortunately, I am finding more often than few years ago, neighborhoods where home sale prices are going down! 1-2% over the past 12 months, which is not a lot, but is still a decrease.
At this time, I do not think that is a trend. Appears to be more a direct result of the increase in number of listings in the neighborhoods and the immediate competing areas.
Here are the facts:
Sparkman Club Estates in Dallas (ZIP 75229) had 34 homes sold in the past 12 months with the median sale price of $337,500. In the past 6 months have 16 homes sold with a median sale price of $334,940. At this time in the neighborhood are 12 homes on the market.
My second example today is from mcKinney: The Heights at Westridge. 47 homes have been sold in the past 6 months with a median sale price of $285,000. Over the past year in the neighborhood have been sold 105 homes with a median sale price of $290,500. Right now, 26 homes are on the market in different stages from active listings to “Pending” (under contract).
Is too early to draw definitive conclusions. This is just my observation about two neighborhoods. I will report other instances as I find it.