Uptown Dallas Real Estate sales in Oak Lawn & Turtle Creek down 13% March 2012

Uptown Dallas area real estate sales in March 2012 were down 13% compared to the same month last year with 7 homes sold! The Uptown area of Dallas includes the neighborhoods of Oak Lawn, Turtle Creek, and the surrounding neighborhoods. Compared to last year’s YTD, overall home sales were at 17, which is a -21% change. The total dollar volume of homes sold this month was $3,697,197 which is a -72% change over the same month last year. Overall, the total dollar sales were at $11,924,191, which is a -37% change.

New real estate listings in the Oak Lawn and Turtle Creek areas experienced a -13% change compared to the same month last year with 21 homes listed. Compared to last year’s year-to-date, overall home listings underwent a -3% change, at 59 homes listed so far this year. Listings pending sales this month experienced no change, with 10 homes contracted, while listings under contract for the YTD experienced a 29% change, with 22 homes under contract.

The average sales price of a home in the Oak Lawn and Turtle Creek areas was $528,171, a -68% change from this month last year. For the YTD, the average sales price was $701,423, a -48% change. Sellers received 96% of their asking price this month, which is a -1% change from last year. For the year-to-date, sellers received 98% of their asking price, which is a 1% change. This month, homes spent an average of 60 days on the market until sold, which was a -37% change from last year. Overall this year, the average number of days on the market was 75, a change of -25%.

The current supply of active listings on the market this month was 65 homes, a change of -10% from the same month last year. For the YTD, the supply of active listings on the market was 62, which is a -9% change. There was a 11.6 months’ supply of homes on the market, which is a -16% change from last year. For the overall year, there was a 11.1 months’ supply of homes on the market, a -16% change. The average price per square foot was $178 this month; a -58% change from last year. For the year-to-date, the average price per square foot was at $240, which is an overall change of -38%.

As a real estate agent, I know how overwhelmed home-buyers can feel. One thing to remember is that it’s important to have your financing and pre-qualification work in process to ensure a smooth transaction. The Texas home market in the DFW Metroplex has improved over last year in the first quarter of this year. With prices and interest rates at historic lows, this is a great time for first-time home buyers and current home owners looking for a larger house. As the spring begins and school ends, more homes will be put on the market and more prospective buyers will be looking. Also, keep in mind that traditionally, the second and third quarters are the busiest in the real estate industry.

Thank you for reading this report on Uptown Dallas area real estate sales. You can register online to receive monthly real estate reports & updates for Uptown area real estate or your own city and neighborhood. Search or Browse through homes for sale in the Uptown area, Uptown area foreclosures, and Uptown area short sales at DFWTeamRealty.com.

Uptown Dallas area real estate sales is known as area 17 in the North Texas Real Estate Information System. This information is believed reliable but is only as accurate as reported by the system in the month of March 2012.

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