The 2011 year-end sales figures are in, and for Dallas as a whole, last year’s sales numbers and median sales prices were unchanged from 2010. For the areas I track, most showed nice improvements over 2010 for existing single family home sales, with only Allen (unchanged, mirroring Dallas as a whole) and North Dallas (sales down 5%) veering off course. Median sales prices were up in Frisco, Coppell, North Dallas and in East Dallas, which showed the best improvement, +7% over 2010. The Lake Highlands area had the weakest median sales prices, down 11% from 2010.
Matching 2010’s sales level was due to a nice second half surge in 2011. December’s Dallas sales were up 5% over last December, following a 31% increase in November, and similar gains in the previous 4-5 months. This trend shows signs of continuing into the new year. While January is historically the slowest month of the year for sales, it has not been at all slow for buyers beginning their home searches. Nice weather AND record low interest rates are combining to create an unusually high level of buyer interest and activity. Last year at this time, the 30-year fixed conventional mortgage was 4 5/8 %, which was a record low then. Today, that same mortgage loan is priced at 3 7/8%. Just unheard of.
What I am seeing now is something new, for a change. We have a fast-declining inventory of homes out there. I was struck by the shaving of 1-2 months supply off the November numbers. In Dallas’s largest home price point, the $200,000 to $299,999 range, we now have only a 5 months’ supply of homes. Buyers are leading sellers to the market right now, which is understandable, given the low interest rates and 2 years of housing market woes accompanied by lower sales prices. In many cases, it is now cheaper to own than to rent, and that gulf is getting wider. Sellers have been reluctant to put their homes on the market, believing they cannot get the price they want/need. That has been mostly true. So, we have a temporary (I hope) imbalance in the healthy supply of homes available to purchase. This demand/supply situation could lend support to home prices, and it can help turn the psychology. Already in January, we are seeing more positive economic news and more positve national reports on the real estate market. It’s early, but it starting to feel a little different!
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):
Dec 11 vs 10: Sales up 5%, med price up 1%, DOM 90, down 1%.
YTD 11 vs 10: Sales unchanged, med price unchanged, DOM 88, up 12%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Dec 11 vs 10: Sales down 20%, med price down 26%, DOM 129, down 13%.
YTD 11 vs 10: Sales up 5%, med price down 1%, DOM 122, up 7%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Dec 11 vs 10: Sales down 6%, med price down 10%, DOM 88, down 27%.
YTD 11 vs 10: Sales up 2%, med price down 3%, DOM 98, down 19%.
East Dallas (incl M’s and Lakewood):
Dec 11 vs 10: Sales down 4%, med price up 11%, DOM 94, up 1%.
YTD 11 vs 10: Sales up 1%, med price up 7%, DOM 93, up 26%.
North Dallas (South of LBJ):
Dec 11 vs 10: Sales up 2%, med price down 6%, DOM 100, down 30%.
YTD 11 vs 10: Sales down 5%, med price up 1%, DOM 109, down 16%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 11 vs 10: Sales up 19%, med price down 13%, DOM 114, up 23%.
YTD 11 vs 10: Sales up 4%, med price down 1%, DOM 88, up 1%.
Northwest Dallas:
Dec 11 vs 10: Sales up 30%, med price up 9%, DOM 84, down 8%.
YTD 11 vs 10: Sales up 7%, med price down 6%, DOM 84, up 18%.
Northeast Dallas (incl Lake Highlands):
Dec 11 vs 10: Sales up 17%, med price down 9%, DOM 91, down 3%.
YTD 11 vs 10: Sales up 12%, med price down 11%, DOM 76, up 19%.
Plano:
Dec 11 vs 10: Sales up 15%, med price up 2%, DOM 95, up 6%.
YTD 11 vs 10: Sales up 4%, med price unchanged, DOM 76, up 13%.
Frisco:
Dec 11 vs 10: Sales down 6%, med price up 4%, DOM 67, down 29%.
YTD 11 vs 10: Sales up 6%, med price up 3%, DOM 75, up 6%.
Richardson:
Dec 11 vs 10: Sales down 1%, med price down 12%, DOM 91, up 23%.
YTD 11 vs 10: Sales up 7%, med price down 3%, DOM 76, up 36%.
Southlake:
Dec 11 vs 10: Sales up 3%, med price up 10%, DOM 55, down 43%.
YTD 11 vs 10: Sales up 8%, med price unchanged, DOM 84, down 12%.
Coppell:
Dec 11 vs 10: Sales up 61%, med price up 24%, DOM 91, up 15%.
YTD 11 vs 10: Sales up 7%, med price up 1%, DOM 72, up 26%.
Allen:
Dec 11 vs 10: Sales down 9%, med price up 8%, DOM 68, down 14%.
YTD 11 vs 10: Sales unchanged, med price unchanged, DOM 72, up 7%.
Rockwall (incl Heath):
Dec 11 vs 10: Sales unchanged, med price down 2%, DOM 92, down 11%.
YTD 11 vs 10: Sales up 3%, med price down 3%, DOM 99, up 16%.
Here is a look at Single Family home sales by price category for YTD 2011 vs 2010:
$200-299K (16.9% of sales): unchanged, 5 months inventory
$300-399K (7.2% of sales): up 2%, 6 months inventory
$400-499K (3.2% of sales): up 9%, 7 months inventory
$500-599K (1.6% of sales): up 11%, 9 months inventory
$600-699K (1.0% of sales): up 12%, 9 months inventory
$700-799K (0.5% of sales): down 7%, 12 months inventory
$800-899K (0.4% of sales): down 3%, 11 months inventory
$900-999K (0.3% of sales): up 21%, 12 months inventory
$1MM and up (1.0% of sales): unchanged, 14 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2011 vs 2010.
$200-299K (13.7% of sales): 515 units vs 546 units year ago, 10 months inventory
$300-399K (6.2% of sales): 227 units vs 204 units year ago, 9 months
$400-499K (2.3% of sales): 83 units vs 73 units year ago, 16 months
$500-599K (1.1% of sales): 40 units vs 44 units year ago, 20 months
$600-699K (0.6% of sales): 21 units vs 28 units year ago, 15 months
$700-799K (0.5% of sales): 18 units vs 20 units year ago, 13 months
$800-899K (0.2% of sales): 7 units vs 12 units year ago, 31 months
$900-999K (0.2% of sales): 6 units vs 8 units year ago, 30 months
$1MM + (0.8% of sales): 30 units vs 34 units year ago, 28 months
Bob and Knoxie Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
Dallas TX Homefinder WebsiteDallas TX Home Values Blog—Dallas TX Homes for Sale, Condos and Real EstateHighland Park Real Estate, University Park Real Estate,Uptown Dallas Real Estate, M-Streets Real Estate