Average sales times were even higher in Miami (143),
Detroit (136) and Minneapolis (136).
A year ago, it took an average of 77 days to sell a house in Dallas.
"I would say the Dallas market is probably weak
relative to its performance a year ago, but doing a whole lot better
than other markets," Stephen Bedikian, a partner in New
Orleans-based research firm Real IQ, said Thursday.
"The level of price appreciation in Dallas over the
past five years was a great deal less than the coastal markets," he
said. "You still have to deal with the credit crunch, but
affordability is less of an issue."
Dallas was one of only two cities – along with Phoenix – that had an
increase in the median price of homes listed for sale.
Both Dallas and Phoenix had a scant 0.1 percent rise in median home
listing prices in December compared with November.
Several cities in the comparison had double-digit declines in
listing prices, according to the studies of more than 1 million
houses listed for sale.
"Sellers continue to adjust their price expectations downward but
not quickly enough to keep pace with declining demand," Mr. Bedikian
said.
"Until we see declines in both inventory levels and days-on-market,
we won't have any confidence that supply and demand are balancing
out."
Dallas area inventory shows signs of leveling out.
Altos Research estimates that the number of homes on the market in
the Dallas area dropped 8 percent in December compared with
November. However, such declines are common during the holiday
period.
December's total listings were unchanged from the same month of
2006, according to the North Texas Real Estate Information Systems
Inc.
"Declining inventory levels are essential to a recovery in the
housing market," said Michael Simonsen, CEO and co-founder of
California-based Altos Research.
"However, if the economy continues to slow or enters a recession, we
may see inventories balloon again in the spring and downward pricing
pressure on sellers will intensify."
Back to News |
|
HOW LONG TO SELL A HOME |
December comparison of the
average number of days to sell a house based on more than 1
million listings in major cities :
|
| Miami |
143 |
| Detroit |
136 |
| Minneapolis |
136 |
| Chicago |
133 |
| Cleveland |
127 |
| Las Vegas |
126 |
| Washington, DC |
116 |
| Seattle |
115 |
| Boston |
110 |
| Charlotte |
107 |
| Los Angeles |
105 |
| Atlanta |
102 |
| Portland |
99 |
| Phoenix |
89 |
| San Francisco |
84 |
| San Diego |
83 |
| Dallas |
80 |
| Denver |
77 |
| SOURCE: Altos Research Co.
and Real IQ |
|
