Home sales in the Dallas area were off 11% in April, down 15% year to date. Prices were a different matter. As in March, average sales prices in the area of the Metroplex from Downtown to Frisco were generally up, this month up everywhere but in North Dallas, the Lake Highlands area and Richardson. Year to date, average sales price is up in many of the submarkets I track, reinforcing what we already know: there is no downward trend in prices here. Of course, sales are still sluggish across the board. However, Richardson actually bucked this trend with a plus 4% in sales volume vs April of 2007.
Sales of single family homes priced in the $500’s are actually higher than in 2007, the only price category above $200,000 to be in positive territory across the entire Dallas metro area. Townhome and condos priced in the $500’s are ahead of last year sales as well. Interesting! Perhaps it has something to do with the conventional loan limit, now at $417,000. With 20% down, a buyer can reach $521,000 without getting a second lien or moving into jumbo financing. Jumbo loans, over $417,000, have been more difficult to get and carry higher interest rates, a by-product of the tightening lending requirements. And, sales in the $600’s-$800’s are off substantially from year ago levels.
Loan applications nationally are heading upward for a change. For the week ending May 2, applications were 15.6% ahead of the prior week. This is still 4.4% lower than a year ago, but considering that adjustable rate mortgages and other non-prime products are out and conforming loans are in, it is an achievement. Also on the national front, The Wall Street Journal, in an article published the first week of May, stated that “It is very likely that April, 2008 will mark the bottom of the U.S. housing market. (This) just means that the trend is no longer getting worse, which is a critical factor”. We in Texas, and more specifically Dallas, have been somewhat insulated from the ravages of the housing market in other parts of the country. But, Fed policy, when it reacts to these national economic conditions, does affect us locally. So, good news nationally will certainly be good news for us. We will soon know if these predictions are accurate!
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 at 214-563-8540. 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):
Apr 08 vs 07: Sales down 11%, avg price down 1%, DOM 80, up 14%.
YTD 08 vs 07: Sales down 15%, avg price down 1%, DOM 86, up 12%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Apr 08 vs 07: Sales down 37%, avg price up 1%, DOM 97, up 10%.
YTD 08 vs 07: Sales down 41%, avg price up 20%, DOM 113, up 6%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Apr 08 vs 07: Sales down 9%, avg price up 18%, DOM 78, up 28%.
YTD 08 vs 07: Sales down 21%, avg price up 8%, DOM 90, up 41%.
East Dallas (incl M’s and Lakewood):
Apr 08 vs 07: Sales down 22%, avg price up 1%, DOM 76, up 36%.
YTD 08 vs 07: Sales down 16%, avg price unchanged, DOM 80, up 19%.
North Dallas (South of LBJ):
Apr 08 vs 07: Sales down 20%, avg price down 8%, DOM 71, up 20%.
YTD 08 vs 07: Sales down 35%, avg price up 10%, DOM 91, up 23%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Apr 08 vs 07: Sales down 35%, avg price up 10%, DOM 77, up 83%.
YTD 08 vs 07: Sales down 30%, avg price up 3%, DOM 78, up 34%.
Northwest Dallas:
Apr 08 vs 07: Sales down 38%, avg price up 14%, DOM 63, up 17%.
YTD 08 vs 07: Sales down 40%, avg price down 2%, DOM 95, up 28%.
Northeast Dallas (incl Lake Highlands):
Mar 08 vs 07: Sales down 16%, avg price down 5%, DOM 81, up 47%.
YTD 08 vs 07: Sales down 40%, avg price up 2%, DOM 84, up 24%.
Plano:
Apr 08 vs 07: Sales down 12%, avg price up 18%, DOM 61, up 27%.
YTD 08 vs 07: Sales down 11%, avg price up 4%, DOM 73, up 30%.
Frisco:
Apr 08 vs 07: Sales down 8%, avg price up 2%, DOM 84, up 22%.
YTD 08 vs 07: Sales down 9%, avg price up 3%, DOM 98, up 29%.
Richardson:
Apr 08 vs 07: Sales up 4%, avg price down 4%, DOM 61, up 24%.
YTD 08 vs 07: Sales down 15%, avg price down 5%, DOM 68, up 15%.
Southlake:
Apr 08 vs 07: Sales down 45%, avg price up 1%, DOM 71, down 4%.
YTD 08 vs 07: Sales down 29%, avg price up 5%, DOM 71, down 24%.
Here is a look at Single Family home sales by price category for YTD 2008 vs 2007:
$200-299K (15.5% of sales): down 15%, 8 months inventory
$300-399K (6.5% of sales): down 12%, 11 months inventory
$400-499K (3.1% of sales): down 7%, 12 months inventory
$500-599K (1.4% of sales): up 1%, 16 months inventory
$600-699K (0.8% of sales): down 29%, 22 months inventory
$700-799K (0.6% of sales): down 22%, 19 months inventory
$800-899K (0.3% of sales): down 28%, 26 months inventory
$900-999K (0.2% of sales): down 18%, 23 months inventory
$1MM and up (1.0% of sales): down 20%, 26 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2008 vs 2007.
$200-299K (18.0% of sales): 256 units vs 276 units year ago, 10 months inventory
$300-399K (6.8% of sales): 96 units vs 135 units year ago, 20 months
$400-499K (2.2% of sales): 32 units vs 53 units year ago, 27 months
$500-599K (2.2% of sales): 31 units vs 23 units year ago, 21 months
$600-699K (0.9% of sales): 13 units vs 14 units year ago, 28 months
$700-799K (0.3% of sales): 4 units vs 7 units year ago, 49 months
$800-899K (0.3% of sales): 4 units vs 2 units year ago, 51 months
$900-999K (0.3% of sales): 4 units vs 4 year ago, 27 months
$1MM + (0.5% of sales): 7 units vs 7 year ago, 58 months
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Bob & Knoxie Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
http://www.DallasTexasHomefinder.com
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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