The Crosstown Blog

Trench Report: Prestonwood Subdivision, Dallas
October 22nd, 2013 10:47 AM

Target Property: A 2,700 sqft home built in 1977 in the Prestonwood neighborhood of North Dallas.  The annualized MLS data of comparable homes within the Prestonwood market area was analyzed as follows:

Year    # Sold    Forclosures    Median Sale    Price/sf    List/Sale    DOM

2009    51            6%            $297,500    $105.59    96%        61

2010    66            2%            $276,700    $103.71    97%        61

2011    64            2%            $270,000    $102.28    96%        65

2012    78            1%            $304,000    $111.98    97%        61

2013    73            4%            $315,000    $117.92    99%        30

 

Market Area Comparable "Active" Status:

Listed: 12 properties

Average List $: $358,017 (2,707 sf built in 1977 at $132.79/sqft)

Days on Market: 25

Inventory: 1.6 months at 7.3 sales/month in 2013

Foreclosures: 0

Search of MLS listings and sales reveals that supply levels are under-supplied with less than 2 months of existing inventory. Median and average property values declined in 2010 and 2011, but appear to have rebounded in 2012 and increased in 2013. Furthermore, Active inventories show positive indicators such as high average list price, low inventory and low days on market.  It is very common for sellers to offer 1% to 2% "seller paids" for buyer's closing expenses and historically occur in 1/3 of all transactions with the trend currently high in frequency (44%) but low in dollar amounts (1.1%).


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Posted by Clay Bonner on October 22nd, 2013 10:47 AMPost a Comment

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