Mansion market setting records in Dallas-area housing

Coldwell Banker

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North Texas home sales have been flat in 2018 after years of big gains. Still, luxury home sales in the area are up almost 30 percent in the third quarter from a year earlier, according to a report by Coldwell Banker Residential Brokerage.

Dallas had the largest year-over-year increase in sales of luxury homes among the nation’s top 10 metro markets, Coldwell Banker found. Over 300 luxury homes were sold in the area in the third quarter.

"The Dallas luxury housing market saw a strong improvement in overall sales throughout the third quarter," Coldwell Banker’s Apryl Jolas said in the report. "Buyers enjoyed a brief cooling off in luxury home prices as the supply of inventory increased slightly compared to last year."

Along with Dallas, some of the biggest jumps in the quarter were in Denver, up 29 percent from third-quarter 2017, and Miami, up 25.1 percent.

The comparison is based on the number of sales of $1 million-plus homes in the Dallas area recorded by real estate agents’ multiple listing service. It took an average of 82 days to sell a local luxury home during the third quarter. Sellers received an average of 91.7 percent of their asking price, according to Coldwell Banker.

Through the first nine months of 2018, preowned home sales in North Texas are unchanged from the same period last year. In many neighborhoods, sales are slightly down.

The leveling of total sales so far in 2018 comes after several years of rising home purchases and a record of more than 106,000 North Texas home sales in 2017.

While total sales have stalled, sales of million-dollar homes in North Texas are up 10 percent this year, with 1,389 of the properties changing hands — a record number of the pricey properties.

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