Now that the December numbers are in, we get a good look at the year’s activity, eliminating that seasonality factor which sometimes gets in the way. December sales for the 22-county area were unchanged over December, 2002, which was in some way comforting, knowing that the drubbing we took in November was an aberation on the trend of improving sales since July. You remember November was off 14% last month, breaking our upward sales trend. The year ended with 22% more single family homes on the market than in the last year and 23% more condos and townhomes on the market than in ’02.
Sales for the entire area were up 3% over ’02. For the year, Frisco and North Dallas (NW Hwy to LBJ) were the best performers, up 19% and 15% respectively. Lake Highlands had a great December, up 22%, pulling it ahead for the year. Park Cities was up 14% in sales in December as well. The condo market remains weak, after a great start in 2003. Condo and townhome sales were off 10% in December overall and the main condo market I follow, Oak Lawn, was off 18%. Thanks to the great start in 2003, the Oak Lawn area still finished 7% ahead of 2003. With mortgage interest rates beginning the year at levels lower than this time last year, and with the Dallas market due to catch up with the rest of the country from a jobs-creation standpoint, 2004 should be better year than last for home re-sales.
January marks the beginning of the spring market, usually marked by more homes being listed than sold, so we may see a short term bump in inventory–hopefully short-lived as the buyers begin to kick in.
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.
Stats
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):
Dec 03 vs 02: Sales unchanged, avg price up 4%, DOM up 6% to 75.
YTD 03 vs 02: Sales up 3%, avg price up 3%, DOM up 12% to 70.
Oak Lawn, Uptown & Downtown (Condos and Townhomes):
Dec 03 vs 02: Sales down 18%, avg price down 7%, DOM down 9% to 80.
YTD 03 vs 02: Sales up 7%, avg price up 3%, DOM up 4% to 97.
Highland Park and University Park, Devonshire and Greenway Parks:
Dec 03 vs 02: Sales up 14%, avg price up 11%, DOM down 36% to 66.
YTD 03 vs 02: Sales up 1%, avg price up 6%, DOM up 3% to 80.
East Dallas (incl M’s and Lakewood):
Dec 03 vs 02: Sales down 1%, avg price down 2%, DOM up 14% to 65.
YTD 03 vs 02: Sales up 2%, avg price up 6%, DOM up 15% to 61.
North Dallas (South of LBJ):
Dec 03 vs 02: Sales up 2%, avg price up 31%, DOM down 4% to 93.
YTD 03 vs 02: Sales up 15%, avg price up 3%, DOM up 18% to 87.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 03 vs 02: Sales down 11%, avg price up 5%, DOM up 25% to 80.
YTD 03 vs 02: Sales up 3%, avg price up 2%, DOM up 16% to 66.
Northwest Dallas:
Dec 03 vs 02: Sales up 9%, avg price down 4%, DOM up 8% to 72.
YTD 03 vs 02: Sales down 2%, avg price up 4%, DOM up 12% to 64.
Northeast Dallas (including Lake Highlands):
Dec 03 vs 02: Sales up 22%, avg price down 6%, DOM up 9% to 58.
YTD 03 vs 02: Sales up 2%, avg price up 2%, DOM up 12% to 47.
Plano:
Dec 03 vs 02: Sales up 1%, avg price up 8%, DOM down 1% to 69.
YTD 03 vs 02: Sales down 3%, avg price up 1%, DOM up 11% to 61.
Frisco:
Dec 03 vs 02: Sales up 4%, avg price down 3%, DOM down 13% to 76.
YTD 03 vs 02: Sales up 19%, avg price up 4%, DOM down 3% to 76.
Here is a look at single family home sales by price category for Dec 2003 vs 2002:
$200-299K (13.3% of sales): up 8%, 7 months inventory
$300-399K (5.6% of sales): up 10%, 8 months inventory
$400-499K (1.9% of sales): up 11%, 9 months inventory
$500-599K (1.2% of sales): up 17%, 10 months inventory
$600-699K (0.8% of sales): up 9%, 10 months inventory
$700-799K (0.4% of sales): up 6%, 12 months inventory
$800-899K (0.2% of sales): down 2%, 11 months inventory
$900-999K (0.1% of sales): down 9%, 15 months inventory
$1MM and up (0.7% of sales): up 17%, 18 months inventory
Here is a look at condos and townhomes sales by price category for YTD Dec 03 vs Year Ago. Some builders do not report their sales in MLS–this list represents MLS reported sales only (as does this entire report).
$200-299K (13.0% of sales): 356 units vs 304 units year ago, 11 months inventory
$300-399K (3.5% of sales): 150 units vs 167 units year ago, 12 months
$400-499K (0.5% of sales): 71 units vs 55 year ago, 16 months
$500-599K (0.5% of sales): 21 units vs 16 year ago, 29 months
$600-699K (1.0% of sales): 13 units vs 5 year ago, 24 months
$700-799K (1.0% of sales): 4 units vs 2 year ago, 63 months
$800-899K (0.5% of sales): 7 units vs 7 year ago, 17 months
$900-999K (0.0% of sales): 2 units vs 3 year ago, 42 months
$1MM + (0.3% of sales): 8 units vs 9 year ago, 55 months
Let me know if Knoxie or I can be of help with your friends as future buyers or sellers!
Bob and Knoxie Edmonson