Chapel Downs/Webb Royal
Webb Royal West Webb Royal East
The name Webb Royal is derived from the official Dallas neighborhood watch organization. It consists of many subdivisions which were developed in the 50's and 60's. Therefore the type of house, size and layouts will vary. These statistics only cover a part of the area and are broken down into two areas. Webb Royal East consists similar homes built in the 60's which have slab foundations and attached garages. Webb Royal West consists of smaller homes built in the 50's.
A good amount of homes have been rehabbed by investors where almost everything is new. There are basically 3 price ranges. 1) Homes that have not had any updates 2) Homeowner remodeled at various times of ownership 3) Investor Rehabs. These 3 price ranges effect the others in the
Median Sold Price (Annual)
Median Sold Price (Quarterly)
The median price is different than the average price which is adding the sold prices together and then dividing this by the number of sales. The reason the median price is used rather than average is mainly because it is a more accurate indicator of the market, as it reflects the sample size being used.
Days On Market
Days on market commonly referred to as DOM, are the number of days from when a home was first listed to when it goes into pending status. When a seller receives an offer and goes under contract, the days on market clock does not stop while it is under option status which is usually another 5 to 10 days. If the contract is terminated and the home is put back on the market, the clock starts counting and is added to the previous DOM. DOM often factors into developing a pricing strategy. DOM can also be used as a "thermometer" to gauge the temperature of a housing market. A longer DOM indicates a slower market.
Months of Inventory
This number tells you how many months it would take for all the current homes for sale on the market to sell, given a monthly sales volume. Four to five months of supply is average. The smaller the number means it's more a Sellers market, conversely, the greater the number means it's more of a Buyers market. You can calculate the months of supply by dividing the total number of homes for sale over the number of homes sold in one month. For example, if you search in a neighborhood and notice that there were thirty homes for sale in June, but only ten actually sold, this means that there are three months of supply left in the market if only 10 homes sold for each month and no new homes came on the market.
Asking Price vs Actual Sold Price
Webb Royal East
Webb Royal West
This is an interesting statistic to look at but one that can be interpreted in different ways. For example, you may receive a just sold postcard from an agent bragging that he/she sold the home above list price. We looked into a few of these only to discover that the sold price was above the last asking price but well below the original asking price. The home had been reduced to below market value before it was sold
This chart lists the raw numbers of home listed and sold in the neighborhood with the median price and median price per square foot.
Where Will Prices Go
For up to date information and forecast on Texas Housing and Economy Click Dallas