Uptown Condo’s 12% Increase for August 2008 YTD
Just when we thought the bricks were falling from the sky- in a declining housing market- the August YTD sales report came out with Uptown condo’s leading all of Dallas with a “12% increase in average sales price” to an official number of $315,432 for the average Uptown condo! We did not have as many sales in this market vs. the prior year through August 2007 YTD, but the important number to watch is that the average sales price increased. This was based on 618 condo sales YTD.
If you are thinking “these numbers can’t be right”… or “that’s crazy Good Morning America said that we were in a declining market”… or “Baugh Humbug the market is going down I am going to wait”… think again.
The Reality is that inner city markets are gaining popularity with people moving back. Why? A few reasons, maybe GAS, maybe TRAFFIC, maybe Uptown is a HOT market and high-rise developments are reaching heightened popularity at a new and improved increase price. Take a look for our New Developments.
Another reason for inner city market movement is that less homes are selling in the far out perimeter markets. In Celina, for example (North of Dallas, Plano, Frisco, & Prosper) was one of the weakest markets. For the same previous 12 months as Uptown, had a -11% decrease in average sales price and a -33% drop in total number of sales. Commuters are thinking thinking twice primarily due to gas prices and are using that as one of the major reasons that people are moving Intown, Uptown and closer to Downtown.
The local shopping now is awesome, the restaurants are fabulous, and the nightlife is rockin. We are predicting the Uptown condos to continue on a rising path throughout the upcoming months ahead.
Contact your Dallas CondoDomain Team for all of your Uptown Condo questions!
Check out some of these Uptown Condos Available: