WHAT’S HAPPENING in the Park Cities, Preston Hollow, & Dallas
RESIDENTIAL REAL ESTATE MARKET THIS WEEK, 1/20/23,
According to Allie Beth Allman & Christine McKenny
It has been an exciting week in the residential real estate market in the Park Cities, Preston Hollow, and Dallas. Within the last 7 days, the number of listings has increased and the number of calls I have personally received from potential sellers has increased. When I asked Allie Beth Allman today for her thoughts on inventory, she said, “more properties have come on the market within the last couple of weeks than in November and December”. She also, added, “even though there has been an increase in inventory, there is still a shortage of properties for sale in the Park Cities, Preston Hollow, and Dallas”.
Allie Beth also commented, “the market has picked up within the past week and the spring market is here!” This is fitting with the trend I have noticed over the past 14 years. Basically, if we have a a mild winter in Dallas, the spring market starts earlier in the year. When we have a colder, harsher winter, it delays the spring market.
IMPACT of INTEREST RATES
When asked about interest rates, Allie Beth commented, “I have not seen any decline in residential real estate in the upper end and the increase in the interest rates has not impacted the upper end in our immediate area”. She also noted, “the interest rates have had some impact on properties priced under $1.5MM”. An exception I have noted are nicely updated, one story homes with extraordinary attention to detail (not quick fix and flip properties), within or nearby the 635 freeway, and priced under $1.1MM, are still attracting multiple buyers and selling more quickly. We are also still seeing a considerable amount of cash buyers in the market and buyers from out of town or out of state. In short, the Park Cities, Preston Hollow, and Dallas markets seem to be more insulated from the impact of the interest rates and the stock market fluctuations than other areas across the states.
Prices have been leveling over the past few months. Allie Beth believes that “prices have stabilized in the Dallas area” at this point in time.
NEW CONSTRUCTION, THE ANOMALY
Any new or newer construction by a reputable builder in the Park Cities, Preston Hollow, and desirable areas of Dallas continue to sell quickly and for very strong prices. One builder I interfaced with during the past week told me, “if I had a spec home, it would be sold”. Most builders with properties under construction, especially in the Park Cities, are not negotiable. Buyers are willing to pay higher prices for move-in ready homes. This trend applies to older, existing home which are well maintained and fully updated, as well.
There are still a significant number of ready, willing, and able buyers — both local and out of town buyers — in the Park Cities, Preston Hollow, and Dallas markets. Pricing looks to be stable and strong for the spring market. Thus, any homeowner who is thinking about moving forward to list their home, should feel confident in doing so.
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