2008 Third Quarter Sales for Watters Crossing

The weather sure has been beautiful the last week or so.  Cool, crisp mornings…warm sunny afternoons…if I wasn’t reading the Wall Street Journal on a regular basis I’d be in a really good mood.

Below is a comparison of the year-to-date sales in Watters Crossing to the previous three years.

The Third Quarter numbers show a nice improvement over the first two quarters of this year, though not approaching the Second Quarter of 2007.  The Days on the Market (DOM) dropped from 117 to 91, while the Average Square Foot (ASF) price rose to $89.15 from $86.83 in the prior three months.

To date, the Dallas area has one of the strongest job markets in the country and that’s one reason our prices have held up so well.  Another is the price of our homes in relation to average incomes-the homes in Watters Crossing (and in most of the DFW market) are affordable to a large number of people.  There never was a bubble here, so we’re not seeing the huge drops in price that many neighborhoods in California, Florida and Nevada are seeing.  But if we have a steep recession and the unemployment rate has a significant increase locally, we could see prices drop and foreclosures increase.  I would like to think that won’t happen, but unfortunately, with the current mess on Wall Street it might.  In my opinion, it’s a real good time to be conservative, save some extra money, hope for the best, and plan for the worst.  And if you decide to make a move, give me a call.  I’ve been doing this long enough to see a number of ups and downs in the market (18 years) and I have an unmatched track record of selling homes here.  The three homes I sold in the Third Quarter averaged $92.10 per sq. ft. and were on the market only 40 days!

Best Regards,

Will Richardson

MBA, RE/MAX Hall of Fame