One could spend a great deal of time gathering and analyzing the statistical information that can be acquired by members of the Multiple Listing Service that serves Dallas.
I'm especially interested in what goes on in the Dallas Park Cities, more specifically within two zip codes - 75205 which primarily serves Highland Park, and 75225 which primarily serves University Park.
And they are interesting to compare and contrast.
Today, Saturday, January 29, 2011, here's what I learned as I called up those properties that are on the market now, and those that have sold within the past 6 months for $1,000,000 or more:
Highland Park
In Highland Park, there are 96 homes listed for sale. The most expensive is $16,000,000. There have been 49 homes sold since July 2010 with the most expensive being $8,000,000 and that one was discounted $2,000,000 from its last listed price.
So if not one more home were to be listed for sale before all now listed were sold, today there is a 12 month supply.
The median price per square foot for those being offered for sale is $399.00
The median price per square foot that those that sold was $377.96. That is approximately 10% lower than the last prices the properties were being offered for sale at the time the purchase transpired.
University Park
In University Park, there are 78 homes listed for sale. The most expensive is $4,295,000. There have been 68 sold since July 2010 with the most expensive being $2,600,000. So again, if not one more home were to be listed for sale before all now listed were sold, there is a 7 month supply.
The median price per square foot for those being offered for sale is $314.00. The median price per square foot for those that sold was $273.33. That is approximately 9% lower than the prices the properties were being offered for sale at the time the purchase transpired.
Some Thoughts
There are a couple of thousand Realtors who focus a great deal of their attention to listing and selling homes in the Park Cities. So it is easy to conclude that if a home doesn't sell quickly, it's the fault of the market, not how the home is being marketed.
Preparing a home for the market requires the homeowners and the listing agent working together in concert. That is especially true in what is, no doubt, an over-saturated market. It is the job of the listing agent to enter the property into the competition so that it can do its best to stand out among all of the others.
In addition to proper pricing, staging and marketing, more often than not it requires the inclusion of the experience of the listing agent -- an experience that comes to their mind, for the most part, intuitively. That properly done, in the Park Cities, the listing will have the attention of those 2,000 or so agent.
Where Do I Fit Into This Picture?
Throughout my entire career, I have primarily and successfully represented the members of the luxury home markets in Texas, as well as oft times in major cities throughout the United States. And I begun this adventure in 1964. Several thousand transactions, all told. In fact, less than 1% of America's Realtors have been in business for as long as I have.
If you are planning to sell your home in the Park Cities, you may be interested in comparing my listing presentation to some of the other fine Park Cities Realtors. And you'll want to scan through some of my references.
BILL CHERRY, REALTORS
DALLAS - PARK CITIES
Since 1964
214 503-8563
Cool Bill, those are some expensive homes at $377 a foot, keep up the good work.