DALLAS (Dallas Morning News) – Sales of luxury homes increased between 20 and 60 percent in neighborhoods areawide in first quarter 2010.
First quarter sales of million-dollar homes in North Texas rose 23 percent from first quarter 2009, and sales of houses priced between $800,000 and $900,000 were up 56 percent.
The largest gain in home prices was in East Dallas, where prices were up 23 percent from March 2009.
By neighborhood, Multiple Listing Service (MLS) reported that sales of previously owned homes in Park Cities shot up 80 percent and more than 50 percent in North Dallas. Other big increases were recorded in Westlake, and in northeast and northwest Dallas.
MLS data showed a 28 percent decline in home sales in DeSoto in the first quarter, while sales fell 25 percent in Duncanville, 20 percent in Lancaster and 19 percent in Cedar Hill.
The Collin County Association of Realtors reported that its March listings were at the highest level in two and a half years. Meanwhile, the county reported the highest number of homes under contract since July 2008.
RECON April 27, 2010 – The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station.