Dallas home sales in August were 17% lower than last August’s sales. This brought the eight month total down to match the sales year-to-date in 2009. August marked the second month of lower sales following a fairly bouyant spring, which as we know was supported by tax credits incentivizing first-time home buyers. August sales of homes priced below $200,000, which account for 65% of all Dallas home sales, were hardest hit, while homes priced from the $200K’s to the $500K’s were up modestly (single digit increases), and sales of homes priced in the $600K’s and above were up even higher (double digits-20% or more, with one exception). This offers pretty strong evidence of how the government incentives earlier in the year shifted sales volume at the lower end from late summer to late spring. Remember, August sales reflect July contracts.
Not all areas in Dallas had lower sales. Coppell (+24%), North Dallas (+17%), and Lake Highlands (+8%) did quite well in August, with North Dallas up 37% for the first eight months vs last year. Park Cities, despite an off month in August, still posted a 46% improvement in sales over the same eight months a year ago.
Except for a few markets, median prices of homes sold were up strongly in August, particularly in North Dallas (15%) and Lake Highlands (+33%). Several markets showed median price increases of from 4-9%. Only East Dallas and Northwest Dallas have year-to-date median prices below those of last year for homes sold. This doesn’t mean that home values are up by these amounts; it just means that the prices of homes sold are higher this month/YTD than the prices of homes sold last year. Still, this is healthy sign for our real estate market.
The Federal Reserve Bank of Dallas noted in its September Economic Update that the housing market is still weak across the region, with single family home permits and residential construction contract values sliding off recent gains. I think we can all agree that this is a difficult market, especially those trying to sell homes right now. For buyers, the conditions could hardly be better–record low mortgage rates, good values and lots of choices. The Wall Street Journal came out with a piece about this, with 10 reasons why now is a good time to be a buyer. Check it out!
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 10 vs 09: Sales down 17%, med price up 4%, DOM 77, down 1%.
YTD 10 vs 09: Sales unchanged, med price up 4%, DOM 76, down 6%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Aug 10 vs 09: Sales down 14%, med price down 5%, DOM 99, down 14%.
YTD 10 vs 09: Sales up 8%, med price up 8%, DOM 108, up 3%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Aug 10 vs 09: Sales down 8%, med price up 6%, DOM 121, up 3%.
YTD 10 vs 09: Sales up 46%, med price up 3%, DOM 117, up 11%.
East Dallas (incl M’s and Lakewood):
Aug 10 vs 09: Sales down 30%, med price up 4%, DOM 68, down 14%.
YTD 10 vs 09: Sales down 6%, med price down 1%, DOM 68, down 9%.
North Dallas (South of LBJ):
Jul 10 vs 09: Sales up 17%, med price up 15%, DOM 145, up 56%.
YTD 10 vs 09: Sales up 37%, med price up 1%, DOM 122, up 15%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Aug 10 vs 09: Sales up 1%, med price up 8%, DOM 95, up 70%.
YTD 10 vs 09: Sales down 6%, med price up 2%, DOM 78, up 10%.
Northwest Dallas:
Aug 10 vs 09: Sales down 28%, med price up 9%, DOM 73, up 9%.
YTD 10 vs 09: Sales up 8%, med price down 6%, DOM 68, down 18%.
Northeast Dallas (incl Lake Highlands):
Aug 10 vs 09: Sales up 8%, med price up 33%, DOM 59, unchanged.
YTD 10 vs 09: Sales down 1%, med price up 5%, DOM 60, down 6%.
Plano:
Aug 10 vs 09: Sales down 27%, med price up 9%, DOM 63, up 2%.
YTD 10 vs 09: Sales down 8%, med price up 3%, DOM 63, down 2%.
Frisco:
Aug 10 vs 09: Sales down 25%, med price up 6%, DOM 69, down 7%.
YTD 10 vs 09: Sales down 4%, med price up 2%, DOM 67, down 17%.
Richardson:
Aug 10 vs 09: Sales down 12%, med price up 1%, DOM 57, up 12%.
YTD 10 vs 09: Sales down 12%, med price up 3%, DOM 51, down 14%.
Southlake:
Aug 10 vs 09: Sales down 33%, med price down 3%, DOM 66, down 33%.
YTD 10 vs 09: Sales up 10%, med price up 4%, DOM 93, down 9%.
Coppell:
Aug 10 vs 09: Sales up 24%, med price down 6%, DOM 50, down 7%.
YTD 10 vs 09: Sales up 2%, med price up 6%, DOM 51, up 2%.
Allen:
Aug 10 vs 09: Sales down 8%, med price up 17%, DOM 72, down 4%.
YTD 10 vs 09: Sales up 6%, med price up 3%, DOM 66, down 12%.
Rockwall (incl Heath):
Aug 10 vs 09: Sales down 29%, med price up 6%, DOM 86, down 13%.
YTD 10 vs 09: Sales down 4%, med price up 4%, DOM 84, down 8%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (16.8% of sales): up 2%, 8 months inventory
$300-399K (7.0% of sales): up 5%, 10 months inventory
$400-499K (3.0% of sales): up 4%, 12 months inventory
$500-599K (1.4% of sales): up 3%, 14 months inventory
$600-699K (0.9% of sales): up 23%, 15 months inventory
$700-799K (0.6% of sales): up 25%, 17 months inventory
$800-899K (0.4% of sales): up 48%, 15 months inventory
$900-999K (0.2% of sales): down 5%, 26 months inventory
$1MM and up (0.9% of sales): up 25%, 23 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009.
$200-299K (14.3% of sales): 373 units vs 389 units year ago, 14 months inventory
$300-399K (5.5% of sales): 145 units vs 150 units year ago, 18 months
$400-499K (2.2% of sales): 57 units vs 54 units year ago, 19 months
$500-599K (1.2% of sales): 31 units vs 22 units year ago, 24 months
$600-699K (0.7% of sales): 19 units vs 9 units year ago, 22 months
$700-799K (0.3% of sales): 9 units vs 6 units year ago, 36 months
$800-899K (0.2% of sales): 6 units vs 10 units year ago, 24 months
$900-999K (0.2% of sales): 4 units vs 3 units year ago, 32 months
$1MM + (0.7% of sales): 18 units vs 9 units year ago, 38 months
Bob Edmonson
Allie Beth Allman & Assoc.
(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