By Bob Baesmann
Dallas Uptown including Oaklawn and Turtle Creek Texas Real Estate Sales were up 4% in January 2013 over the same month last year with 51 homes selling this month! So far this year, overall home sales were at 51 homes sold, a change of 4% from last year.
The Texas home market for the first quarter 2013 in the DFW Metroplex has been brisk so far, with a slight shortage of listings in many areas. With both prices and interest rates at historic lows, this is an ideal time to purchase for both new home owners and current home owners moving to larger homes. It is becoming a Sellers market, and with the shortage of listings, quick action is important. It is key to have your financing approved and prequalification work in process to insure a smooth purchase.
New Dallas Uptown including Oaklawn and Turtle Creek Texas real estate listings in January 2013 changed 17% compared to the same period last year with 187 homes listed this month. So far this year, overall home listings have experienced a change of 17%, with 187 homes listed this year. Current listings pending sale this month underwent a change of 15%, with 85 homes contracted. Listings under contract for the year to date changed by 15%, with 85 homes under contract for this month.
The average sales price of a home in Dallas Uptown, including Oaklawn and Turtle Creek, this month was $254,484, a change of 5% from this month last year. Overall, for the year 2013, the average sales price was $254,484, a change of 5%. Sellers received 96% of their asking price this month, which is a change of 6% from last year. For the year to date, sellers received 96% of their asking price, a change of 6%. This month, homes spent an average of 111 days on the market until sold, which represents a change of -9% from last year. For the year to date, the average number of days on the market was 111, an overall change of -9%.
The current supply of active listings on the market this month was 428 homes. This is a change of -27% from the same month last year. This month there was a 4.9 month supply of homes on the market; this is a change of -39% 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 January 2013.
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The DFW Metroplex is also known as the Dallas Fort Worth Arlington Metropolitan Statistical Area, a title designated by the U.S. Census Bureau, which encompasses 12 counties within the state of Texas. The area is divided into two metropolitan divisions: Dallas Plano Irving and Fort Worth Arlington. It is comprised of over 70 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 also has the sixth-largest gross metropolitan product (GMP) in the United States, and is approximately tenth-largest by GMP in the world.