I just heard from the Texas A&M Real Estate Center this week. These folks furnish the raw data I use to produce my monthly report to you. I had begun to worry that they had abandoned this project, but it seems there were some students “on semester break” and other reasons resulting in a delay in getting out the year-end data. While 2005 looks to be off to a great start, with continued favorable mortgage interest rates and lots of buyers out there, let’s finish up 2004. I will have January stats for you next week, if A&M is back on its normal schedule.
It is gratifying to know that 2004 was a positive home sales year in all the markets I track. Markets outperforming the overall market (+9%) were North Dallas/Preston Hollow (+16%), Oak Lawn/Uptown/Downtown (+12%), and Park Cities (+10%). Our remaining markets all reported sales higher in 2004 vs 2003, but there gains were below the North Texas average. There was good news in the hard-hit technology markets of Richardson and Plano this past year, as positive sales gains were posted. Frisco sales were also up after a slow start in 04.
The average price of homes sold were higher in all the submarkets tracked, with the exception of North Dallas, which was even vs 2003. All the other submarkets outperformed the North Texas market as a whole on average sales price gains. Park Cities led the pack, with the average price of homes sold this year up 12% over the average of 2003.
The spring market is now well underway, and activity is strong. Some are predicting higher mortgage rates, edging upward steadily through the year. They may finally be right this year, but time will tell. Keep this in mind when deciding when to buy or sell, if you are in the market in 2005.
Stats
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. 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 04 vs 03: Sales up 1%, avg price up 2%, DOM down 1% to 74.
YTD 04 vs 03: Sales up 9%, avg price up 3%, DOM up 2% to 71.
Oak Lawn, Uptown & Downtown (Condos and Townhomes):
Dec 04 vs 03: Sales up 36%, avg price up 36%, DOM up 58% to 127.
YTD 04 vs 03: Sales up 12%, avg price up 5%, DOM down 5% to 92.
Highland Park and University Park, Devonshire and Greenway Parks:
Dec 04 vs 03: Sales down 30%, avg price up 38%, DOM up 16% to 80.
YTD 04 vs 03: Sales up 10%, avg price up 12%, DOM down 18% to 66.
East Dallas (incl M’s and Lakewood):
Dec 04 vs 03: Sales up 6%, avg price up 12%, DOM up 4% to 69.
YTD 04 vs 03: Sales up 4%, avg price up 4%, DOM up 3% to 63.
North Dallas (South of LBJ):
Dec 04 vs 03: Sales up 34%, avg price down 16%, DOM down 16% to 81.
YTD 04 vs 03: Sales up 16%, avg price unchanged, DOM down 6% to 82.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 04 vs 03: Sales up 8%, avg price up 13%, DOM down 4% to 77.
YTD 04 vs 03: Sales up 3%, avg price up 8%, DOM down 12% to 58.
Northwest Dallas:
Dec 04 vs 03: Sales up 4%, avg price up 7%, DOM down 4% to 70.
YTD 04 vs 03: Sales up 8%, avg price up 6%, DOM up 5% to 67.
Northeast Dallas (incl Lake Highlands):
Dec 04 vs 03: Sales up 14%, avg price unchanged, DOM up 8% to 64.
YTD 04 vs 03: Sales up 7%, avg price up 5%, DOM up 12% to 54.
Plano:
Dec 04 vs 03: Sales down 3%, avg price down 5%, DOM down 3% to 67.
YTD 04 vs 03: Sales up 2%, avg price up 4%, DOM down 5% to 59.
Frisco:
Dec 04 vs 03: Sales down 20%, avg price up 6%, DOM up 5% to 81.
YTD 04 vs 03: Sales up 5%, avg price up 7%, DOM unchanged at 77.
Richardson:
Dec 04 vs 03: Sales down 10%, avg price down 7%, DOM up 17% to 69.
YTD 04 vs 03: Sales up 12%, avg price down 2%, DOM up 7% to 58.
Here is a look at single family home sales by price category for YTD 2004 vs 2003:
$200-299K (13.7% of sales): up 10%, 7 months inventory
$300-399K (5.4% of sales): up 15%, 7 months inventory
$400-499K (1.8% of sales): up 17%, 8 months inventory
$500-599K (1.1% of sales): up 21%, 8 months inventory
$600-699K (0.8% of sales): up 24%, 10 months inventory
$700-799K (0.6% of sales): up 43%, 9 months inventory
$800-899K (0.2% of sales): up 32%, 9 months inventory
$900-999K (0.2% of sales): up 40%, 11 months inventory
$1MM and up (0.7% of sales): up 40%, 14 months inventory
Here is a look at condos and townhomes sales by price category. The % of sales by price is for December; the units are figured for YTD 2004 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 (7.3% of sales): 448 units vs 356 units year ago, 8 months inventory
$300-399K (5.3% of sales): 189 units vs 156 units year ago, 10 months
$400-499K (1.7% of sales): 91 units vs 74 year ago, 14 months
$500-599K (0.3% of sales): 19 units vs 21 year ago, 32 months
$600-699K (0.3% of sales): 22 units vs 13 year ago, 12 months
$700-799K (0.3% of sales): 9 units vs 4 year ago, 25 months
$800-899K (0.0% of sales): 8 units vs 7 year ago, 16 months
$900-999K (0.3% of sales): 3 units vs 2 year ago, 24 months
$1MM + (0.3% of sales): 14 units vs 8 year ago, 36 months
By the way, Knoxie and I would appreciate your referrals. We promise to take care of your friends as we have taken care of all our past customers. Give us a call!
Bob and Knoxie Edmonson