March did indeed build on the positive foundation laid in February for home sales and prices. Home sales versus last March were up 11% for Dallas overall, resulting in a 1% gain for the first quarter versus year ago. It seems like an eternity since we had quarterly results in positive territory! Median sales prices followed suit, with March up 6% overall and first quarter median prices up 3% vs year ago. There is no question that the home buyer tax credit contributed to this wave of buying. As I write this a week before the expiration of this credit, we will see continued strong results for April. Pending sales in April could set a record for the month. The tax credit had income limitations, which tended to benefit homes in the $600K range and lower. The share of market in the $200’s, for example, jumped from 14.7% to 15.6% in March, and the months inventory fell from 11 months to 9 months, a big move for one month. Sales in the higher price points moved up as well, with the 56% rise in sales for homes in the $800’s representing an increase of 18 home sales, from 32 last year to 50 this year.
The early indications of some upward pressure on interest rates may have also contributed to buyers’ decisions to get into the market. Mortgage rates are still terrific, hovering around 5%, with the crystal ball experts predicting a 6% rate by the end of the year. The attached graph illustrates how we appear to be bottoming out on rates after several years of improved mortgage interest costs.
Another reason for the improvement in the real estate market is the improved local economy. The Dallas Fed’s latest Beige Book report presents a generally optimistic outlook for our region. Unemployment remains stuck at level higher than it should be, but it may have peaked. Relocations to Texas are on an upswing given our continuted favorable business and tax climate, which is gaining more national attention these days. The attached North Texas Profile from the North Texas Commission offers some quick facts and figures to help tip the decision companies and individuals will make in our favor when considering relocating to our area.
Still a challenge is jumbo financing for the higher end properties, although it is starting to loosen up a bit. Requirements for FICA scores and income are still stringent, with mortgage money available for the best qualified buyer. Lenders are still treading carefully in the jumbo market, as there are very few institutional buyers for the loans. Hopefully this condition will improve as investors gain confidence in the Dallas housing market and overall economic conditions.
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):
Mar 10 vs 09: Sales up 11%, med price up 6%, DOM 79, down 7%.
YTD 10 vs 09: Sales up 1%, med price up 3%, DOM 80, down 8%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 10 vs 09: Sales up 62%, med price up 25%, DOM 92, up 1%.
YTD 10 vs 09: Sales up 25%, med price up 23%, DOM 95, down 10%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 10 vs 09: Sales up 122%, med price up 8%, DOM 113, up 10%.
YTD 10 vs 09: Sales up 83%, med price down 7%, DOM 121, up 3%
East Dallas (incl M’s and Lakewood):
Mar 10 vs 09: Sales up 17%, med price up 9%, DOM 73, down 6%.
YTD 10 vs 09: Sales up 2%, med price up 23%, DOM 74, down 8%.
North Dallas (South of LBJ):
Mar 10 vs 09: Sales up 56%, med price down 3%, DOM 109, down 6%.
YTD 10 vs 09: Sales up 52%, med price up 12%, DOM 118, down 6%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 10 vs 09: Sales down 6%, med price down 10%, DOM 76, down 17%.
YTD 10 vs 09: Sales down 15%, med price down 1%, DOM 87, down 2%.
Northwest Dallas:
Mar 10 vs 09: Sales up 89%, med price up 9%, DOM 78, down 21%.
YTD 10 vs 09: Sales up 28%, med price up 2%, DOM 83, down 15%.
Northeast Dallas (incl Lake Highlands):
Mar 10 vs 09: Sales up 45%, med price up 6%, DOM 63, down 9%.
YTD 10 vs 09: Sales up 22%, med price down 3%, DOM 69, down 1%.
Plano:
Mar 10 vs 09: Sales up 4%, med price down 5%, DOM 68, down 3%.
YTD 10 vs 09: Sales down 8%, med price up 1%, DOM 70, down 5%.
Frisco:
Mar 10 vs 09: Sales down 1%, med price up 4%, DOM 76, down 17%.
YTD 10 vs 09: Sales down 9%, med price unchanged, DOM 75, down 18%.
Richardson:
Mar 10 vs 09: Sales down 5%, med price up 11%, DOM 59, down 17%.
YTD 10 vs 09: Sales down 1%, med price up 8%, DOM 51, down 34%.
Southlake:
Mar 10 vs 09: Sales down 10%, med price down 23%, DOM 137, up 33%.
YTD 10 vs 09: Sales up 14%, med price down 7%, DOM 130, up 44%.
Coppell:
Mar 10 vs 09: Sales up 37%, med price up 14%, DOM 66, up 8%.
YTD 10 vs 09: Sales up 9%, med price down 1%, DOM 60, up 2%.
Allen:
Mar 10 vs 09: Sales up 13%, med price up 6%, DOM 68, down 24%.
YTD 10 vs 09: Sales up 13%, med up 7%, DOM 70, down 26%.
Rockwall (incl Heath):
Mar 10 vs 09: Sales down 12%, med price down 2%, DOM 93, up 8%.
YTD 10 vs 09: Sales down 9%, med price up 3%, DOM 92, unchanged.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (15.6% of sales): up 7%, 9 months inventory
$300-399K (6.3% of sales): up 10%, 13 months inventory
$400-499K (2.5% of sales): down 3%, 17 months inventory
$500-599K (1.2% of sales): up 3%, 21 months inventory
$600-699K (0.7% of sales): up 23%, 24 months inventory
$700-799K (0.5% of sales): up 5%, 26 months inventory
$800-899K (0.4% of sales): up 56%, 25 months inventory
$900-999K (0.2% of sales): down 4%, 36 months inventory
$1MM and up (0.9% of sales): up 23%, 33 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009.
$200-299K (13.2% of sales): 102 units vs 104 units year ago, 22 months inventory
$300-399K (5.2% of sales): 40 units vs 37 units year ago, 28 months
$400-499K (3.5% of sales): 27 units vs 20 units year ago, 18 months
$500-599K (1.7% of sales): 13 units vs 5 units year ago, 28 months
$600-699K (0.8% of sales): 6 units vs 2 units year ago, 26 months
$700-799K (0.0% of sales): 0 units vs 0 units year ago, n/a months
$800-899K (0.4% of sales): 3 units vs 0 units year ago, 28 months
$900-999K (0.1% of sales): 1 unit vs 2 units year ago, 66 months
$1MM + (1.2% of sales): 9 units vs 1 unit year ago, 38 months
Bob and Knoxie Edmonson
Allie Beth Allman & Associates
(214)563-8540
Dallas TX Homefinder Website Dallas TX Home Values Blog — Dallas TX Homes for Sale, Condos and Real Estate Highland Park Real Estate, University Park Real Estate, Uptown Dallas Real Estate, M-Streets Real Estate