Sales Resume Double Digit Growth
August 15, 2007
Sales in July of pre-owned, single-family luxury homes in the DFW metroplex increased by 10.8 percent over same month, previous year sales, to 307 residences. While this only pushes quarterly sales to a 6.1 percent year-to-year increase, it also means that four of the past five months have seen sale volume increases of more than 10 percent.
The average price of DFW luxury homes sold during July increased by 1.0 percent over the average price of similar homes sold during the same month a year ago. This demonstrated some firming of prices posted in June, which were revised down to a mere .1 percent increase, but July's increase still was significantly less than May's revised 4.3 percent annual price increase.
About 2,490 pre-owned luxury homes were listed for sale at the end of July in the DFW metroplex. According to MLS data gathered by the North Texas Real Estate Information Systems Inc., this again was a slight monthly decrease from the number of homes that were being offered for sale at the end of the previous month.
Nevertheless, because June's revised sales of 357 homes were significantly higher than July sales, the supply of existing luxury homes increased to 8.1 months supply in July. This is up 16.5 percent from the 7.0 months supply available both during the previous month this year and the same month last year.
Appreciation in luxury home values continued to extend across all price ranges. The weighted average square foot price for homes sold for $500,000 up to $750,000 during the three months ending in July was $157.33, a .8 percent increase over the price for which similar homes sold during the same period last year. Homes priced at $750,000 up to $1 million sold for $205.52 per square foot, up 2.8 percent from a year ago. Homes priced at $1 million up to $1.5 million sold for $261.12 per square foot, up 3.0 percent from a year ago. Homes selling for $1.5 million up to $2 million showed the strongest gain with the average square foot price increasing to $322.17, a 7.6 percent jump. The average square foot price of homes selling for more than $2 million increased 1.9 percent.
Average time on market of DFW luxury homes sold during July increased to 66 days, up 14.2 percent from the 58 average days needed to sell a luxury home in June, which was also about the same number of days required during July last year.
Market Highs And Lows
The DFW luxury home enclaves with the largest annual increases in their three month rolling average prices ending in July were again the Fort Worth / Arlington area and the Park Cities of Highland Park and University Park. Within the Fort Worth / Arlington area, the average luxury home price increased by 11.2 percent. In the Park Cities, the average annual price increase was 10.3 percent.
Also as in June, the Southwest Collin County / Southeast Denton County area was the only DFW luxury home enclave to experience a price decrease, a .1 percent drop. Likewise, the Northeast Tarrant County area again had the lowest price increase. Homes there on average sold for 1.6 percent more than during July last year.
With a 4.8 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 and South Denton County areas had the second lowest inventory, each with 5.9 months supply of homes for sale.
The Southwest Collin County / Southeast Denton County area had the highest inventory in July, with a 13.0 months supply of luxury homes for sale. It switched places with the Fort Worth / Arlington area, which had the second highest level of inventory with 9.3 months supply of pre-owned luxury homes available for sale. |
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