We had a bit of a buying binge in April, with sales up 27% in Dallas vs year ago, pushing the four month total up 9% vs the first four months of ’09. Each of the 14 submarkets I track (below) also recorded gains, with Park Cities and North Dallas more than doubling their sales totals. When could I last say this? It is so much easier talking good news!! The April sales were strong enough to push 12 of these 14 markets into the plus territory for the first four months of the year. Only Far North Dallas (no change) and Rockwall/Heath (-2%) are still catching up. Sales in each price point from the $200’s to $1 million and above were higher than year ago, with the exception of single family homes in the $900’s. Condos and townhomes in the $600’s to $900’s still are slow movers, but sales of condos over $1 million have finally come to life.
It is no secret that much of this progress was due to the home purchase tax credit which expired for first-time and repeat home buyers on April 30th. (Congress, cutting taxes actually stimulates the consumer market, but that’s another subject). Buyers taking advantage of that credit only had to be under contract by end of April, but it appears many contracted earlier in the spring to close in April. I expect we’ll see continued good sales numbers when May results are totalled next week and also good numbers for June. To obtain the tax credit, sales had to close by end of June.
Median sales prices were not as consistent. While up 7% in Dallas overall, and up 5% year-to-date, some markets failed to keep up, notably Park Cities (-11%) and North Dallas (-13%). Those were the two markets where sales had more than doubled, so it looks like some bargain hunting was underway. The best performance year-to-date is in East Dallas (M Streets and Lakewood), with median prices up 22% compared to last year.
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 10 vs 09: Sales up 27%, med price up 7%, DOM 74, down 8%.
YTD 10 vs 09: Sales up 9%, med price up 5%, DOM 78, down 8%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Apr 10 vs 09: Sales up 49%, med price down 24%, DOM 98, down 20%.
YTD 10 vs 09: Sales up 30%, med price up 1%, DOM 97, down 12%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Apr 10 vs 09: Sales up 127%, med price down 11%, DOM 86, down 18%.
YTD 10 vs 09: Sales up 94%, med price down 9%, DOM 107, down 5%.
East Dallas (incl M’s and Lakewood):
Apr 10 vs 09: Sales up 5%, med price up 16%, DOM 61, down 21%.
YTD 10 vs 09: Sales up 2%, med price up 22%, DOM 69, down 13%.
North Dallas (South of LBJ):
Apr 10 vs 09: Sales up 109%, med price down 13%, DOM 130, up 51%.
YTD 10 vs 09: Sales up 68%, med price down 2%, DOM 123, up 10%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Apr 10 vs 09: Sales up 49%, med price up 4%, DOM 69, down 1%.
YTD 10 vs 09: Sales unchanged, med price unchanged, DOM 81, down 4%.
Northwest Dallas:
Apr 10 vs 09: Sales up 66%, med price up 5%, DOM 48, down 41%.
YTD 10 vs 09: Sales up 35%, med price up 3%, DOM 71, down 24%.
Northeast Dallas (incl Lake Highlands):
Apr 10 vs 09: Sales up 19%, med price up 8%, DOM 44, down 32%.
YTD 10 vs 09: Sales up 19%, med price up 5%, DOM 61, down 12%.
Plano:
Apr 10 vs 09: Sales up 39%, med price down 5%, DOM 54, down 14%.
YTD 10 vs 09: Sales up 6%, med price down 1%, DOM 64, down 10%.
Frisco:
Apr 10 vs 09: Sales up 25%, med price down 4%, DOM 58, down 30%.
YTD 10 vs 09: Sales up 3%, med price down 2%, DOM 69, down 22%.
Richardson:
Apr 10 vs 09: Sales up 67%, med price up 8%, DOM 42, down 29%.
YTD 10 vs 09: Sales up 16%, med price up 8%, DOM 48, down 33%.
Southlake:
Apr 10 vs 09: Sales up 91%, med price down 2%, DOM 66, down 43%.
YTD 10 vs 09: Sales up 34%, med price down 4%, DOM 106, up 10%.
Coppell:
Apr 10 vs 09: Sales up 35%, med price up 35%, DOM 44, down 2%.
YTD 10 vs 09: Sales up 17%, med price up 11%, DOM 54, unchanged.
Allen:
Apr 10 vs 09: Sales up 39%, med price up 5%, DOM 66, down 19%.
YTD 10 vs 09: Sales up 3%, med down 2%, DOM 69, down 22%.
Rockwall (incl Heath):
Apr 10 vs 09: Sales up 13%, med price up 2%, DOM 79, up 10%.
YTD 10 vs 09: Sales down 2%, med price up 4%, DOM 86, down 1%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (16.1% of sales): up 21%, 8 months inventory
$300-399K (6.4% of sales): up 20%, 11 months inventory
$400-499K (2.6% of sales): up 7%, 15 months inventory
$500-599K (1.1% of sales): up 5%, 20 months inventory
$600-699K (0.8% of sales): up 27%, 21 months inventory
$700-799K (0.5% of sales): up 10%, 27 months inventory
$800-899K (0.4% of sales): up 75%, 22 months inventory
$900-999K (0.2% of sales): unchanged, 36 months inventory
$1MM and up (0.8% of sales): up 31%, 31 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009.
$200-299K (13.0% of sales): 153 units vs 152 units year ago, 18 months inventory
$300-399K (5.2% of sales): 61 units vs 55 units year ago, 25 months
$400-499K (315% of sales): 36 units vs 27 units year ago, 18 months
$500-599K (1.7% of sales): 20 units vs 7 units year ago, 23 months
$600-699K (0.5% of sales): 6 units vs 2 units year ago, 33 months
$700-799K (0.3% of sales): 3 units vs 1 units year ago, 53 months
$800-899K (0.3% of sales): 3 units vs 3 units year ago, 43 months
$900-999K (0.2% of sales): 2 unit vs 2 units year ago, 38 months
$1MM + (0.9% of sales): 11 units vs 3 unit year ago, 38 months
Bob and Knoxie Edmonson
Bob 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