The year is off to a fast start, with January home sales posting a 14% increase over last year’s January sales. Activity seemed to pick up just as mortgage interest rates dipped below 4%, finally grabbing buyers’ attention after a year of good but not robust sales. Other factors are at work as well, including an improvement in jobs growth, consumer confidence and high rental rates. In most situations, a mortgage payment is less than a rent payment now, and those renters who can make a down payment are beginning to reconsider apartment life. Job growth and the economic recovery is still very fragile, with lots of uncertainty regarding outside (government) influences on business and business’ hiring decisions, so while the market is still testing the water, the water is getting warmer.
Buyers also discovered fewer homes to choose from in January, as they got a head start on sellers, who were still wondering if this is now the time to put the house on the market. Prices are still flat, for the most part. But, the spring market typically launches about now, as I write this, late February/early March. The earlier start to the prime selling season caught sellers off guard, who were still packing up the Christmas decorations. February is seeing this imbalance beginning to correct itself, and if the early trends continue, we should have a healthy spring market.
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 at my Allie Beth Allman office or on my cell, 214-563-8540. Scroll down for the “Sales by Price Category” info. DOM is short for Days on Market. Median Price pertains to sales occurring in the period(s).
Overall Market (North Texas):
Jan 12 vs 11: Sales up 14%, med price unchanged, DOM 92, down 5%.
YTD 12 vs 11: Sales up 14%, med price unchanged, DOM 92, down 5%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jan 12 vs 11: Sales up 7%, med price down 10%, DOM 131, down 8%.
YTD 12 vs 11: Sales up 7%, med price down 10%, DOM 131, down 8%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jan 12 vs 11: Sales up 16%, med price up 25%, DOM 88, down 30%.
YTD 12 vs 11: Sales up 16%, med price up 25%, DOM 88, down 30%.
East Dallas (incl M’s and Lakewood):
Jan 12 vs 11: Sales up 16%, med price up 1%, DOM 92, down 19%.
YTD 12 vs 11: Sales up 16%, med price up 1%, DOM 92, down 19%.
North Dallas (South of LBJ):
Jan 12 vs 11: Sales up 28%, med price up 12%, DOM 110, down 4%.
YTD 12 vs 11: Sales up 28%, med price up 12%, DOM 110, down 4%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jan 12 vs 11: Sales up 7%, med price up 5%, DOM 90, up 7%.
YTD 12 vs 11: Sales up 7%, med price up 5%, DOM 90, up 7%.
Northwest Dallas:
Jan 12 vs 11: Sales up 70%, med price up 5%, DOM 96, up 2%.
YTD 12 vs 11: Sales up 70%, med price up 5%, DOM 96, up 2%.
Northeast Dallas (incl Lake Highlands):
Jan 12 vs 11: Sales up 7%, med price down 11%, DOM 68, down 38%.
YTD 12 vs 11: Sales up 7%, med price down 11%, DOM 68, down 38%.
Plano:
Jan 12 vs 11: Sales up 6%, med price up 3%, DOM 84, down 11%.
YTD 12 vs 11: Sales up 6%, med price up 3%, DOM 84, down 11%.
Frisco:
Jan 12 vs 11: Sales up 27%, med price up 10%, DOM 81, down 18%.
YTD 12 vs 11: Sales up 27%, med price up 10%, DOM 81, down 18%.
Richardson:
Jan 12 vs 11: Sales up 14%, med price up 11%, DOM 106, up 36%.
YTD 12 vs 11: Sales up 14%, med price up 11%, DOM 106, up 36%.
Southlake:
Jan 12 vs 11: Sales up 50%, med price down 2%, DOM 95, down 13%.
YTD 12 vs 11: Sales up 50%, med price down 2%, DOM 95, down 13%.
Coppell:
Jan 12 vs 11: Sales down 25%, med price down 11%, DOM 63, down 38%.
YTD 12 vs 11: Sales down 25%, med price down 11%, DOM 63, down 38%.
Allen:
Jan 12 vs 11: Sales down 2%, med price up 4%, DOM 101, up 33%.
YTD 12 vs 11: Sales down 2%, med price up 4%, DOM 101, up 33%.
Rockwall (incl Heath):
Jan 12 vs 11: Sales up 29%, med price down 17%, DOM 99, down 5%.
YTD 12 vs 11: Sales up 29%, med price down 17%, DOM 99, up 5%.
Here is a look at Single Family home sales by price category for YTD 2012 vs 2011:
$200-299K (16.4% of sales): up 24%, 8 months inventory
$300-399K (6.4% of sales): up 4%, 10 months inventory
$400-499K (2.9% of sales): up 20%, 12 months inventory
$500-599K (1.4% of sales): down 5%, 15 months inventory
$600-699K (0.8% of sales): up 3%, 18 months inventory
$700-799K (0.4% of sales): down 24%, 22 months inventory
$800-899K (0.4% of sales): up 100%, 17 months inventory
$900-999K (0.2% of sales): unchanged, 24 months inventory
$1MM and up (0.8% of sales): up 38%, 28 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2012 vs 2011.
$200-299K (17.2% of sales): 40 units vs 21 units year ago, 10 months inventory
$300-399K (3.0% of sales): 7 units vs 14 units year ago, 28 months
$400-499K (1.3% of sales): 3 units vs 3 units year ago, 39 months
$500-599K (1.7% of sales): 4 units vs 3 units year ago, 20 months
$600-699K (0.4% of sales): 1 unit vs 1 unit year ago, 23 months
$700-799K (0.0% of sales): 0 units vs 0 units year ago, n/a months
$800-899K (0.4% of sales): 1 unit vs 1 unit year ago, 25 months
$900-999K (0.4% of sales): 1 unit vs 0 units year ago, 30 months
$1MM + (0.0% of sales): 0 units vs 0 units year ago, n/a months
Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
Dallas TX Homefinder WebsiteDallas TX Home Values Blog—Dallas TX Homes for Sale, Condos and Real EstateHighland Park Real Estate, University Park Real Estate,Uptown Dallas Real Estate, M-Streets Real Estate