Dallas Home Sales Stats for August

Prices held steady in August vs year ago, with no change in the overall median sales price. This is helpful when Dallas is being compared to other markets, as Dallas is still one of the best performers price-wise. However, there is a lot variation in different parts of town, as you know from reading this letter. Year to date, three of the fourteen submarkets I track reported double-digit declines in median sales price: Uptown/Oak Lawn (-18%), North Dallas (-13%) and Park Cities Area (-13%). Four of the fourteen submarkets are even or ahead of year ago for the first eight months: Northwest Dallas (+5%), Northeast Dallas (+2%), Richardson (+1%) and Far North Dallas (even). The remaining seven submarkets reported in with median sales price declines in the single digit range year-to-date.

While home sales are still lagging behind last year’s figures, down 19% year-to-date and down 15% August over August, sales in the Uptown/Oak Lawn area broke into positive territory for the first time in many months, up 3% vs last August. It is still taking an average of 105 days to sell a home in the Uptown area, matched by the Park Cities with the highest days on market. August sales were also up in Frisco and Rockwall, by 2% and 1% respectively.

The reasons for much of this disparity is the same as I reported last month, mostly tied to the home price. Jumbo loans are still more expensive and harder to get, although several lenders are trying hard to make them more affordable and available. Conventional loans are still available at 5% today, a great rate, compared to around 6 1/4% last year at this time. These low interest rates for loans under $417,000 have caught on with buyers, one reason the months’ inventory figures for homes under $500,000 are reasonable. In fact, single family homes priced in the $200’s (Dallas’ sweet spot) have just 6.7 months’ inventory, considered “normal” in the best of times. A quick look at the sales by price point (below) shows a steadily higher progression of month’s inventory as single family home prices increase. Months’ inventory is considerably higher for condos and townhomes, as condos at the luxury end are still in an over-built condition, and condo financing rules toughened earlier this 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):
Aug 09 vs 08: Sales down 15%, med price unchanged, DOM 78, up 3%
YTD 09 vs 08: Sales down 19%, med price down 2%, DOM 81, unchanged.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Aug 09 vs 08: Sales up 3%, med price down 27%, DOM 114, up 6%.
YTD 09 vs 08: Sales down 21%, med price down 18%, DOM 105, down 3%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Aug 09 vs 08: Sales down 17%, med price down 19%, DOM 117, up 10%.
YTD 09 vs 08: Sales down 35%, med price down 13%, DOM 105, up 13%.

East Dallas (incl M’s and Lakewood):
Aug 09 vs 08: Sales down 2%, med price down 4%, DOM 80, up 14%.
YTD 09 vs 08: Sales down 17%, med price down 9%, DOM 75, down 1%.

North Dallas (South of LBJ):
Aug 09 vs 08: Sales down 12%, med price down 17%, DOM 101, down 13%.
YTD 09 vs 08: Sales down 22%, med price down 15%, DOM 105, up 8%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Aug 09 vs 08: Sales down 13%, med price up 2%, DOM 50, down 30%.
YTD 09 vs 08: Sales down 9%, med price unchanged, DOM 70, down 4%.

Northwest Dallas:
Aug 09 vs 08: Sales up 17%, med price down 1%, DOM 66, down 6%.
YTD 09 vs 08: Sales down 11%, med price up 5%, DOM 83, up 9%.

Northeast Dallas (incl Lake Highlands):
Aug 09 vs 08: Sales down 23%, med price down 19%, DOM 61, up 7%.
YTD 09 vs 08: Sales down 23%, med price up 2%, DOM 64, up 12%.

Plano:
Aug 09 vs 08: Sales down 16%, med price down 9%, DOM 64, unchanged.
YTD 09 vs 08: Sales down 24%, med price down 4%, DOM 64, down 6%.

Frisco:
Aug 09 vs 08: Sales up 2%, med price down 2%, DOM 75, down 7%.
YTD 09 vs 08: Sales down 6%, med price unchanged, DOM 81, down 9%.

Richardson:
Aug 09 vs 08: Sales unchanged, med price down 2%, DOM 52, down 9%.
YTD 09 vs 08: Sales down 14%, med price up 1%, DOM 59, down 8%.

Southlake:
Aug 09 vs 08: Sales down 9%, med price down 8%, DOM 99, up 24%.
YTD 09 vs 08: Sales down 24%, med price down 7%, DOM 102, up 44%.

Coppell:
Aug 09 vs 08: Sales down 13%, med price up 2%, DOM 54, up 15%.
YTD 09 vs 08: Sales down 21%, med price down 6%, DOM 50, down 9%.

Allen:
Aug 09 vs 08: Sales down 2%, med price down 8%, DOM 72, unchanged.
YTD 09 vs 08: Sales down 19%, med price down 3%, DOM 75, down 7%.

Rockwall (incl Heath):
Aug 09 vs 08: Sales up 1%, med price down 3%, DOM 99, up 39%.
YTD 09 vs 08: Sales down 9%, med price down 5%, DOM 91, up 2%.

Here is a look at Single Family home sales by price category for YTD 2009 vs 2008:

$200-299K (16.6% of sales): down 17%, 7 months inventory
$300-399K (6.7% of sales): down 20%, 10 months inventory
$400-499K (2.8% of sales): down 23%, 12 months inventory
$500-599K (1.4% of sales): down 20%, 14 months inventory
$600-699K (0.7% of sales): down 34%, 19 months inventory
$700-799K (0.5% of sales): down 41%, 22 months inventory
$800-899K (0.3% of sales): down 30%, 27 months inventory
$900-999K (0.2% of sales): down 30%, 28 months inventory
$1MM and up (0.8% of sales): down 43%, 34 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2009 vs 2008.
$200-299K (15.7% of sales): 383 units vs 558 units year ago, 14 months inventory
$300-399K (6.0% of sales): 145 units vs 226 units year ago, 21 months
$400-499K (2.3% of sales): 55 units vs 82 units year ago, 34 months
$500-599K (0.7% of sales): 18 units vs 64 units year ago, 64 months
$600-699K (0.4% of sales): 11 units vs 25 units year ago, 57 months
$700-799K (0.2% of sales): 6 units vs 7 units year ago, 75 months
$800-899K (0.4% of sales): 10 units vs 11 units year ago, 30 months
$900-999K (0.1% of sales): 3 units vs 8 year ago, 80 months
$1MM + (0.4% of sales): 9 units vs 16 year ago, 180 months

Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
http://www.DallasTexasHomefinder.com

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

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