The name Midway Hollow is derived from the official Dallas neighborhood watch organization. It is located northeast of Love Field and consists of approximately 2500 homes. This area has basically three kinds of homes, 1) original construction from the 50s which can be in original shape or updated, 2) rehabbed homes which in most cases are remodeled by a professional with building additions 3) brand new construction where the original home has been removed. Therefore prices between the groups can vary widely. Because of this, we generated statistics for two groups; one for original construction and one for both rehabbed and new construction.
Median Sold Price (Annual)
Median Sold Price (Quarterly)
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.
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
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 homes 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