North Dallas, Far North Dallas and Northwest Dallas offered proof in October that the market softness we are experiencing in greater metro area does not exist across the board. These markets showed gains in units sold and in average sales price in October, compared to October of 2005. North Dallas (Preston Hollow north to LBJ) had by far the best numbers, with sales up 7% and average sales price up 34%. Maybe North Dallas is finally heating up, because for the first 10 months, sales are still down 11% vs year ago, second only to Southlake (in the list below), where sales are down 17% vs the first 10 months of 2005.
The average price of homes sold in Park Cities took a hit in October, down 17% from the previous October. Still, the average price of homes sold is up 17% for the year. This one month’s result is interesting, in that Park Cities has had consistently higher prices vs year ago months all year long–despite consistently lower home sales each month all year long. We’ll see what November looks like in a few weeks.
Uptown/Downtown/Oak Lawn had a tough month in October as well, with sales down 22% for the month, and average sales price down 12% for the month. For the year, though, this market is still in positive territory for both unit sales and average sales price
This “some markets up-some markets down” pattern is consistent with the roundtable discussion in my realtor networking group, which meets every two weeks. Some realtors are reporting a good level of activity and some are wondering where the buyers are. It depends on the markets the realtors are working. Still, the market has a “soft feel” to it, much of which can be attributed to the normal seasonal slow-down heading into the holidays. Buyers who may be local and not needing to buy, as opposed to those relocating to Dallas, have less urgency to jump into a sales transaction at this time of year. We do see a moderate spike in December, as some try to buy in time to get the homestead tax exemption, but overall, this is normally a slow period.
Mortgage interest rates continue to be very favorable. How long this will last is always an unknown. But good reports on inflation, prices, and a moderately-paced economy are positive influential factors. If you are a buyer, this is a good time to take the plunge. Your sellers are more than ready to close.
Stats
Here are the details for single family homes and condo/townhome sales in selected areas. For a more comprehensive look at any one market, give me a call. Scroll down for the “Sales by Price Category” info. DOM is short for Days on Market. Avg Price pertains to sales occurring in the period(s).
Overall Market (North Texas):
Oct 06 vs 05: Sales down 4%, avg price unchanged, DOM 69, down 3%.
YTD 06 vs 05: Sales up 3%, avg price up 4%, DOM 68, down 3%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Oct 06 vs 05: Sales down 22%, avg price down 12%, DOM 82, down 17%.
YTD 06 vs 05: Sales up 5%, avg price up 2%, DOM 80, down 7%.
Highland Park and University Park, Devonshire and Greenway Parks:
Oct 06 vs 05: Sales down 3%, avg price down 17%, DOM 50, down 24%.
YTD 06 vs 05: Sales down 8%, avg price up 17%, DOM 60, up 3%.
East Dallas (incl M’s and Lakewood):
Oct 06 vs 05: Sales up 3%, avg price down 1%, DOM 63, down 7%.
YTD 06 vs 05: Sales down 1%, avg price up 9%, DOM 63, down 2%.
North Dallas (South of LBJ):
Oct 06 vs 05: Sales up 7%, avg price up 34%, DOM 70, up 25%.
YTD 06 vs 05: Sales down 11%, avg price up 16%, DOM 64, down 10%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Oct 06 vs 05: Sales up 2%, avg price up 6%, DOM 61, up 5%.
YTD 06 vs 05: Sales up 1%, avg price up 7%, DOM 58, up 7%.
Northwest Dallas:
Oct 06 vs 05: Sales up 4%, avg price up 1%, DOM 49, down 23%.
YTD 06 vs 05: Sales unchanged, avg price up 7%, DOM 64, up 5%.
Northeast Dallas (incl Lake Highlands):
Oct 06 vs 05: Sales up 6%, avg price down 2%, DOM 39, up 8%.
YTD 06 vs 05: Sales down 6%, avg price up 2%, DOM 51, down 4%.
Plano:
Oct 06 vs 05: Sales down 21%, avg price up 6%, DOM 56, up 4%.
YTD 06 vs 05: Sales down 4%, avg price unchanged, DOM 49, down 9%.
Frisco:
Oct 06 vs 05: Sales down 19%, avg price up 8%, DOM 62, down 14%.
YTD 06 vs 05: Sales unchanged, avg price up 6%, DOM 62, down 11%.
Richardson:
Oct 06 vs 05: Sales down 12%, avg price down 10%, DOM 63, up 19%.
YTD 06 vs 05: Sales down 4%, avg price unchanged, DOM 54, down 4%.
Southlake:
Oct 06 vs 05: Sales down 2%, avg price up 1%, DOM 81, up 59%.
YTD 06 vs 05: Sales down 17%, avg price up 8%, DOM 58, up 5%.
Here is a look at Single Family home sales by price category for YTD 2006 vs 2005:
$200-299K (15.0% of sales): up 8%, 6 months inventory
$300-399K (5.9% of sales): up 12%, 7 months inventory
$400-499K (2.7% of sales): up 18%, 9 months inventory
$500-599K (1.0% of sales): up 11%, 10 months inventory
$600-699K (0.9% of sales): up 7%, 11 months inventory
$700-799K (0.6% of sales): up 7%, 12 months inventory
$800-899K (0.3% of sales): up 23%, 12 months inventory
$900-999K (0.3% of sales): up 5%, 14 months inventory
$1MM and up (0.8% of sales): up 22%, 16 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2006 vs 2005. Some builders do not report their sales in MLS–this list represents MLS reported sales only (as does this entire report).
$200-299K (9.0% of sales): 492 units vs 478 units year ago, 13 months inventory
$300-399K (4.1% of sales): 290 units vs 226 units year ago, 14 months
$400-499K (3.2% of sales): 142 units vs 103 units year ago, 16 months
$500-599K (1.2% of sales): 63 units vs 61 year ago, 16 months
$600-699K (0.5% of sales): 24 units vs 22 year ago, 28 months
$700-799K (0.0% of sales): 17 units vs 11 year ago, 28 months
$800-899K (0.0% of sales): 5 units vs 11 year ago, 48 months
$900-999K (0.2% of sales): 6 units vs 4 year ago, 37 months
$1MM + (0.0% of sales): 16 unit vs 8 year ago, 61 months
Bob and Knoxie Edmonson
Allie Beth Allman & Associates
214-563-8540
Oh, by the way, if you know someone who is planning to buy or sell a home and would appreciate the service I provide, please send me their name and number, and I will gladly follow up with them!