Expensive homes in Keller staying on market longer, analysts say

By SARAH JUNEK

With tighter mortgage lending, pricier homes in Keller have lingered on the market, contributing to tumbles in first quarter 2009, analysts say.

Thirty-five percent fewer pre-owned homes sold through March than in the same period in 2008, according to North Texas Real Estate Information Systems. That’s compared to a roughly 25 percent drop across the Dallas-Fort Worth area, said James Gaines, a Texas A&M Real Estate Center economist.

Average price also fell 4 percent, but median price rose 5 percent – a sign Keller’s more expensive homes are taking longer to sell, Gaines said. That difference wasn’t as wide across the area, where average and median prices fell 7 percent and 5 percent, respectively, according to Gaines and the National Association of Realtors.

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