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Each month a summary analysis of conditions in the Dallas / Fort Worth area luxury homes market is posted on this Market Watch page.
Through October 31, 2011, here is what has been happening in the DFW luxury residential real estate market ...
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Home sales / homes listed for sale |
 Same month, year-to-year sales of DFW luxury homes selling for $1 million and up increased in October, with 46 previously occupied homes sold this year versus 32 such homes sold last year, a 43.8 percent jump. This means DFW luxury home sales have increased seventeen of the previous eighteen months. During eleven of those months, home sales, when compared to same month sales the prior year, were up more than 50 percent.
On average, about 705 previously occupied DFW luxury homes were listed for sale during October 2011. This is an 16.1 percent decline from the average 840 luxury homes listed for sale during October a year ago and an 22.2 percent drop from the average 905 luxury homes listed for sale during October two years ago.
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Home values appreciation |
 Average adjusted prices of previously occupied luxury homes in the Dallas / Fort Worth metroplex that sold during August through October increased by 0.2 percent, when compared to same quarter, previous year sale prices.
Homes selling for $1 million to $1.5 million were priced on average 3.0 percent lower than a year ago, while the average price of homes selling for between $1.5 million and $2 million increased 9.9 percent. The average price of homes selling for $2 million to $3 million was down 5.4 percent and homes selling for $3 million to $5 million fell 7.0 percent. The number of sales in the more than $5 million price ranges was insufficient to produce meaningful price change statistics.
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Home prices |
 The average adjusted square foot price of DFW luxury homes sold during the three months ending in October priced at $1 million to $1.5 million was $216.33. Homes selling for $1.5 million to $2 million brought $286.65 per square foot. Homes selling for $2 million to $3 million were priced at $347.14 per square foot and homes priced at $3 million to $5 million sold for an average of $450.88 per square foot.
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Supply of homes for sale |
 At the rate DFW luxury homes sold in October, it would take 15.3 months to sell the number of previously occupied homes currently listed for sale. This is a 36.0 percent drop from September's 24.0 months supply and a 41.6 percent decrease from the 26.3 months supply of homes available for sale during October last year.
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Average days on market |
 The average period of time required to sell DFW luxury homes fell to 92 days in October, down 48.7 percent from September's 180 days on market and down 31.6 percent than the average 135 average days on market posted during October last year. |
Note: Not all houses offered for sale are listed on MLS. Information provided above is for properties listed on the MLS only. Projected sale prices used when actual sale prices of properties have been withheld.
Source: North Texas Real Estate Information Systems Inc. |
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