Dallas Oaklawn Real Estate Sales were up 40% in October 2012 over the same month last year with 84 homes selling this month! For the year to date, overall home sales were at 826 homes sold, with a 13% change from last year.
The Texas home market for the fourth quarter 2012 in the DFW Metroplex is overall improved over the last year. With both prices and interest rates at historic lows, this is an idea time to purchase for both new home owners and current home owners moving to larger homes. It is key to have your financing and prequalification work in process to insure a smooth transaction.
New Dallas Uptown including Oaklawn and Turtle Creek real estate listings experienced a 10% change for the same period last year with 145 homes listed this month. For the year to date, overall home listings underwent a -5% change with 1,527 homes listed this year. Listings pending sales this month underwent a 23% change, with 80 homes contracted. Listings under contract for the year to date experienced a 16% change, with 872 homes under contract for this month.
The average sales price of a home in Dallas Uptown including Oaklawn and Turtle Creek was $297,234, a 20% change from this month last year. Overall, for 2012, the average sales price was $324,410, a -1% change. Sellers received 93% of their asking price this month, which is a 2% change from last year. For year to date, sellers received 93% of their asking price, which is a 4% change. This month, homes spent an average of 101 days on the market until sold, which was a -34% change from last year. For the year to date, the average number of days on the market was 104, an overall change of -29%.
The current supply of active listings on the market this month was 491 homes. This is a change of -29% from the same month last year. This month there was a 6.0 month supply of homes on the market; this was a -38% change from last year. Dallas Uptown including Oaklawn and Turtle Creek real estate is known as area 50 in the North Texas Real Estate Information System. Information is believed reliable but is only as accurate as reported by the system in the month of October 2012.
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The DFW Metroplex is also known as Dallas Fort Worth Arlington Metropolitan Statistical Area, a title designated by the U.S. Census which encompasses 12 counties within the U.S. state of Texas. The area is divided into two metropolitan divisions: Dallas Plano Irving and Fort Worth Arlington and is comprised of over 70 area cities both incorporated and unincorporated.
The DFW Metroplex is, by population, the largest metropolitan area in Texas, the largest in the South, the fourth-largest in the United States, and the tenth-largest in the Americas. The DFW Metroplex encompasses over 9,000 square miles of total area, making it larger in area than the U.S. states of Rhode Island and Connecticut combined. It is also the sixth largest gross metropolitan product (GMP) in the United States, and is approximately tenth largest by GMP in the world.