Dallas Home Sales Stats for April 2012

The Spring selling season continues to outpace last year, with another month of double-digit sales increases when compared to year-ago totals. April sales for the greater Dallas area were up 11%, with the median sales price up 9%. Home sales were up double-digits in 11 of the 14 markets I track below, with only Frisco (+3%) and North Dallas (-7%) and Allen (-4%), missing that mark. But for the four months year-to-date, all submarkets are showing sales gains vs year ago, with Northwest Dallas (+43%), Far North Dallas (+36%) and East Dallas (+34%) doing very well. Dallas Overall is up 14% in sales so far this year.

The media is beginning to pick up on the positive news, which is not confined to Dallas. The National Association of Realtors (NAR) even states we have touched the bottom and are moving ahead in many cities. The Case-Shiller Index people identified Dallas as one of 7 major metros where sales price change broke into positive ground last month. Favorable reports on Dallas’s real estate and the national real estate scene now outnumber negative reports–it’s been a long time coming!

The most striking observation I took from the April numbers was how significantly lower the Days on Market are in all the submarkets. Not long ago, 90 days on market was the Dallas average; for April it is 75 days. That is a big drop in a short few months. Homes that are priced right and in excellent condition are moving. Buyers who have the ability are jumping on the low (and now even lower) mortgage rates to take advantage of the best rates in anyone’s memory. The problems with Greece and the Eurozone in general seem to keep sending investors to the bond market, driving down yields on the 10-year bond, which is the basis for mortgage pricing. It’s really amazing–3.50% for a conventional 30-year mortgage this week.

Contributing to this reduction in days on market is not only higher buyer demand but lower inventory. Many would-be sellers are waiting out the market for better times. Those with forced moves are the ones who are on the market. The dynamic is interesting though, because waiting for an improved seller’s market, keeping inventory low, will result in the higher prices sellers are looking for–assuming the buyers are still there when the homeowner is ready to sell. Take Park Cities for example. The lower number of homes on the market has resulted in many multiple offer situations. Park Cities can be labeled a “seller’s market” today, a vastly different climate than we have experienced for years. The great thing about the market is that it yearns for equilibrium, so we will be back to our normal “6 months inventory” sooner than later.

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):

Apr 12 vs 11: Sales up 11%, med price up 9%, DOM 75, down 15%.

YTD 12 vs 11: Sales up 14%, med price up 6%, DOM 85, down 9%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Apr 12 vs 11: Sales up 10%, med price up 23%, DOM 102, up 2%.

YTD 12 vs 11: Sales up 12%, med price up 6%, DOM 113, down 9%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:

Apr 12 vs 11: Sales up 18%, med price down 5%, DOM 61, down 34%.

YTD 12 vs 11: Sales up 23%, med price up 2%, DOM 82, down 20%.

East Dallas (incl M’s and Lakewood):

Apr 12 vs 11: Sales up 34%, med price up 8%, DOM 72, down 19%.

YTD 12 vs 11: Sales up 34%, med price up 13%, DOM 88, down 13%.

North Dallas (South of LBJ):

Apr 12 vs 11: Sales down 7%, med price down 7%, DOM 92, down 16%.

YTD 12 vs 11: Sales up 10%, med price down 13%, DOM 106, down 18%.

Far North Dallas (incl Addison and to Park Blvd in Plano):

Apr 12 vs 11: Sales up 76%, med price up 1%, DOM 66, down 31%.

YTD 12 vs 11: Sales up 36%, med price down 4%, DOM 80, down 15%.

Northwest Dallas:

Apr 12 vs 11: Sales up 20%, med price up 16%, DOM 80, down 8%.

YTD 12 vs 11: Sales up 43%, med price up 14%, DOM 87, down 8%.

Northeast Dallas (incl Lake Highlands):

Apr 12 vs 11: Sales up 32%, med price up 8%, DOM 64, down 11%.

YTD 12 vs 11: Sales up 25%, med price up 3%, DOM 69, down 9%.

Plano:

Apr 12 vs 11: Sales up 14%, med price up 11%, DOM 56, down 29%.

YTD 12 vs 11: Sales up 11%, med price up 8%, DOM 72, down 17%.

Frisco:

Apr 12 vs 11: Sales up 3%, med price up 2%, DOM 58, down 24%.

YTD 12 vs 11: Sales up 6%, med price up 5%, DOM 72, down 16%.

Richardson:

Apr 12 vs 11: Sales up 16%, med price up 10%, DOM 53, down 33%.

YTD 12 vs 11: Sales up 18%, med price up 3%, DOM 72, down 9%.

Southlake:

Apr 12 vs 11: Sales up 42%, med price down 8%, DOM 78, down 27%.

YTD 12 vs 11: Sales up 26%, med price down 3%, DOM 79, down 20%.

Coppell:

Apr 12 vs 11: Sales up 61%, med price down 11%, DOM 49, down 32%.

YTD 12 vs 11: Sales up 14%, med price down 1%, DOM 69, down 20%.

Allen:

Apr 12 vs 11: Sales down 4%, med price up 3%, DOM 57, down 16%.

YTD 12 vs 11: Sales up 1%, med price down 4%, DOM 74, down 11%.

Rockwall (incl Heath):

Apr 12 vs 11: Sales up 18%, med price up 7%, DOM 78, down 10%.

YTD 12 vs 11: Sales up 18%, med price down 3%, DOM 93, down 8%.

Here is a look at Single Family home sales by price category for YTD 2012 vs 2011:

$200-299K (17.9% of sales): up 28%, 6 months inventory

$300-399K (7.2% of sales): up 19%, 8 months inventory

$400-499K (3.1% of sales): up 20%, 10 months inventory

$500-599K (1.5% of sales): up 17%, 12 months inventory

$600-699K (0.9% of sales): up 2%, 15 months inventory

$700-799K (0.6% of sales): up 14%, 15 months inventory

$800-899K (0.4% of sales): up 18%, 16 months inventory

$900-999K (0.3% of sales): down 5%, 15 months inventory

$1MM and up (1.0% of sales): up 6%, 20 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2012 vs 2011.

$200-299K (16.5% of sales): 199 units vs 126 units year ago, 8 months inventory

$300-399K (4.5% of sales): 54 units vs 70 units year ago, 14 months

$400-499K (3.8% of sales): 46 units vs 29 units year ago, 9 months

$500-599K (1.7% of sales): 20 units vs 15 units year ago, 13 months

$600-699K (0.2% of sales): 3 unit vs 5 units year ago, 27 months

$700-799K (0.2% of sales): 2 unit vs 3 unit year ago, 52 months

$800-899K (0.4% of sales): 5 unit vs 5 units year ago, 17 months

$900-999K (0.1% of sales): 1 unit vs 2 units year ago, 64 months

$1MM + (0.3% of sales): 4 units vs 6 units year ago, 59 months

Bob and Knoxie Edmonson