Prices Rebound In November
December 17, 2007
Sales of previously owned DFW luxury homes were up 7.3 percent in November, with 192 MLS-listed homes reported sold this year versus 179 homes the same month a year ago. Sales for the past three months also are up, by 3.4 percent.
The average price of DFW luxury homes sold during November increased by 1.2 percent when compared to the average price of similar homes sold during the same month a year ago. This increase comes after two months of less than .5 percent price drops. With the slump in the national housing market appearing to deepen and the likelihood of at least a short recession seeming to grow daily, a pattern of one or two months of small to moderate price increases followed by a month or two of similar sized decreases may well be what is in store for the DFW luxury home market for the next six months or so.
Luxury homes worth $500,000 up to $750,000 make up the market segment that is having the most difficulty with holding its value. The weighted average square foot price for homes in this price range sold during the three months ending in November was $157.75, a 3.5 percent decrease from what similar homes sold during the same period last year. Homes priced at $750,000 up to $1 million sold for an average $203.81 per square foot, up .3 percent from a year ago. The square foot price of homes selling for $1 million up to $1.5 million was $247.02, a 1.2 percent increase. Homes selling for $1.5 million up to $2 million, with an average price of $310.86, were up 2.4 percent. The largest increase in weighted average square foot price again was for homes selling for more than $2 million. The average square foot price of these homes increased 8.4 percent.
The number of DFW luxury homes listed for sale dropped to about 2,295 homes at the end of November, according to data compiled by North Texas Real Estate Information Systems Inc. While this represents a 2.7 percent drop from the 2,360 homes listed for sale a month earlier, it also is 18.9 percent higher than the 1,930 homes for sale at the same point in time a year ago.
The supply of existing homes listed for sale, measured against November sales, was 11.7 months. This represents a 12.7 percent drop from October's revised 13.4 months supply, but also is 8.3 percent higher than the 10.8 months supply of DFW luxury homes that were available for sale during November last year.
Average time on market of homes that sold during November was 86 days, up 8.9 percent from the revised 79 average days needed to sell a DFW luxury home in October, and 16.9 percent more than the 74 average days that sales of similar homes required during November a year ago.
Market Highs And Lows
The DFW luxury home enclave with the largest annual increase in its three month rolling average prices was the North Dallas area, which experienced a 7.6 increase. The Fort Worth / Arlington area, where average luxury home prices increased 2.4 percent, was next highest.
The Southwest Collin / Southeast Denton Counties area saw the largest annual average price decrease, a 4.6 percent loss. Homes in the Park Cites, on average, sold for .4 percent less than during September through November last year.
With 5.7 months supply of luxury properties listed for sale, the Park Cities again had the lowest inventory of pre-owned luxury homes in the metroplex. The Northeast Tarrant County had the second lowest inventory with 7.8 months supply of homes for sale.
The Fort Worth / Arlington area, where the supply of luxury homes for sale ballooned to 27.6 months, had the largest inventory. The Southwest Collin / Southeast Denton Counties area had the second highest level of inventory, with a 15.8 months supply of pre-owned luxury homes available for sale. |
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