This is my favorite report of the year, because it neatly packages the past 12 months of sales activity, yielding numbers everyone cites for comparison purposes. I havel posted each of my past December reports to my weblog at www.BobEdmonson.com. The quick take from this month’s report is that Dallas sales for the year were up 3% and average sales price was up 3%. I refuse to beat the dead horse, so I won’t comment again that Dallas was NOT a suffering market in 2006. Our market is healthy, as supported by the Dallas Federal Reserve Bank’s own statistical report, which can be found at http://dallasfed.org/data/hotstats/index.html. If it weren’t for the Richardson (-1%)and Plano (0%) markets, I would be able to say that all the markets I track showed average sales price increases in 2006. We have come to expect double-digit increases in average sales price in the Park Cities, where the lot prices appreciate in line with SAT scores. But North Dallas also recorded double-digit increases in average sales price, as demand for new construction south of LBJ continues to thrive. Price increases in the 5-8% range were common in the markets I track, and we’ll take this result every time.
Actual sales volume was down, though, in some of these markets with higher sales prices, probably indicative of the fewer number of buyers in 2006 vs 2005 stemming from pricier adjustable-rate mortgages. While the long term rates have remained steady and 30-year mortgages have held at 6% or so, the ARMs have risen over the last few years to a going rate not too different from the 30-year rate. Uptown, East Dallas, North Dallas, Plano and Frisco had double-digit sales declines for the month, dragging their numbers down for the year. Yet Northwest Dallas was up 26% in December and Richardson up 14% in sales volume in December. Bargain hunters, perhaps?
So, here we go into 2007. This will be a fun year to watch, as new construction in the Uptown and Victory areas, as well as the Performing Arts District downtown promises lots of new product and choices for condo buyers. In established single family markets, older homes will continue to disappear, replaced by new construction. The custom build market looks to continue its steady pace. Stay tuned!
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 06 vs 05: Sales down 5%, avg price up 2%, DOM 76, up 4%.
YTD 06 vs 05: Sales up 3%, avg price up 3%, DOM 70, down 2%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Dec 06 vs 05: Sales down 29%, avg price down 2%, DOM 84, unchanged.
YTD 06 vs 05: Sales up 4%, avg price up 2%, DOM 82, down 5%.
Highland Park and University Park, Devonshire and Greenway Parks:
Dec 06 vs 05: Sales up 1%, avg price up 10%, DOM 65, up 5%.
YTD 06 vs 05: Sales down 8%, avg price up 17%, DOM 60, up 2%.
East Dallas (incl M’s and Lakewood):
Dec 06 vs 05: Sales down 13%, avg price up 13%, DOM 64, down 3%.
YTD 06 vs 05: Sales down 2%, avg price up 8%, DOM 64, down 2%.
North Dallas (South of LBJ):
Dec 06 vs 05: Sales down 17%, avg price down 6%, DOM 51, down 12%.
YTD 06 vs 05: Sales down 12%, avg price up 13%, DOM 64, down 9%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 06 vs 05: Sales down 8%, avg price up 3%, DOM 58, down 2%.
YTD 06 vs 05: Sales up 1%, avg price up 7%, DOM 59, up 7%.
Northwest Dallas:
Dec 06 vs 05: Sales up 26%, avg price down 5%, DOM 69, down 28%.
YTD 06 vs 05: Sales up 3%, avg price up 5%, DOM 65, up 5%.
Northeast Dallas (incl Lake Highlands):
Dec 06 vs 05: Sales up 6%, avg price down 13%, DOM 70, up 9%.
YTD 06 vs 05: Sales down 4%, avg price up 2%, DOM 51, down 7%.
Plano:
Dec 06 vs 05: Sales down 12%, avg price up 3%, DOM 63, up 17%.
YTD 06 vs 05: Sales down 5%, avg price unchanged, DOM 51, down 6%.
Frisco:
Dec 06 vs 05: Sales down 18%, avg price up 4%, DOM 83, up 19%.
YTD 06 vs 05: Sales down 1%, avg price up 7%, DOM 65, down 6%.
Richardson:
Dec 06 vs 05: Sales up 14%, avg price down 15%, DOM 59, down 3%.
YTD 06 vs 05: Sales down 3%, avg price down 1%, DOM 54, down 4%.
Southlake:
Dec 06 vs 05: Sales up 6%, avg price up 42%, DOM 82, up 21%.
YTD 06 vs 05: Sales down 15%, avg price up 9%, DOM 62, up 11%.
Here is a look at Single Family home sales by price category for YTD 2006 vs 2005:
$200-299K (15.6% of sales): up 6%, 6 months inventory
$300-399K (6.2% of sales): up 11%, 6 months inventory
$400-499K (2.7% of sales): up 18%, 8 months inventory
$500-599K (1.4% of sales): up 12%, 10 months inventory
$600-699K (0.9% of sales): up 8%, 10 months inventory
$700-799K (0.7% of sales): up 6%, 12 months inventory
$800-899K (0.5% of sales): up 23%, 11 months inventory
$900-999K (0.4% of sales): up 6%, 12 months inventory
$1MM and up (0.9% of sales): up 18%, 15 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2006 vs 2005. Some builders do not report their sales in MLS–this list represents MLS reported sales only (as does this entire report).
$200-299K (10.8% of sales): 627 units vs 576 units year ago, 12 months inventory
$300-399K (6.1% of sales): 354 units vs 277 units year ago, 13 months
$400-499K (2.8% of sales): 161 units vs 123 units year ago, 15 months
$500-599K (1.3% of sales): 77 units vs 68 year ago, 16 months
$600-699K (0.5% of sales): 29 units vs 25 year ago, 29 months
$700-799K (0.4% of sales): 21 units vs 14 year ago, 23 months
$800-899K (0.1% of sales): 6 units vs 12 year ago, 34 months
$900-999K (0.1% of sales): 7 units vs 6 year ago, 21 months
$1MM + (0.3% of sales): 18 unit vs 10 year ago, 55 months
Bob and Knoxie Edmonson
Allie Beth Allman & Associates
214-563-8540
Oh, by the way, if you know someone who is planning to buy or sell a home and would appreciate the service I provide, please send me their name and number, and I will gladly follow up with them!