Dallas Home Sales Stats for December and Year-End 2012

It was a very good year, 2012.  Overall Dallas home sales finished the year up 16% and the median price of all homes sold was up 8%.  Nationally, sales were up 9% to 4.65 million homes, the highest annual total since 2007.  In Dallas, the average days on market dropped again to 74, down 16% from last year.  Several submarkets finished with a year-long average of 50+ days on market.  In December, two markets, Lake Highlands and Allen, were showing just 41 days and 43 days on market, respectively.

This is the story in our market now.  Sales began turning around in Dallas the second half of 2011, and we’ve continued to see year-over-year increases each month since then.  But time on the market and inventory levels are today’s headline grabbers.  At the end of December, we stood at just 3.5 months inventory for single family homes in the Dallas area.  Condos and townhomes have just 4.6 months inventory.  Prices are picking up, because the number of homes for sale continues to drop despite sales volume gains.  Home starts in the DFW area were up 50% in the fourth quarter and new home sales up 20%, so builders are trying to do their part.  But there is a long way to go here, as new home inventory has been at a 14 year low, with fewer than 2000 finished new homes available at the end of the year.

Some homeowners, of course, are waiting for prices to rise before coming to the market.  Prices have been rebounding slowly, so this will help. Homeowners who would like to sell and buy in the same area  should see the benefit of buying at a small “discount” offsetting the sale at a small discount.  There are also potential sellers who may be underwater on their mortgages or perhaps with less than 20% equity in their current residence, making it difficult to trade up.   This adds to the drag on inventory.  And, there may be a foreclosure factor, which while small in Dallas, could be influencing inventory levels–banks slower to foreclose and put homes on the market due to more rules and regulations.

We’re in a rare “seller’s market” in Dallas, but many potential sellers don’t know it.  For sellers, the spring market and best opportunity to sell is almost here.  It’s time to make those little repairs and polish the doorknob to be ready for the new wave of buyers heading their way.

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.

Overall Market (North Texas):

Dec 12 vs 11:  Sales up 10%, med price up 9%, DOM 73, down 18%.

YTD 12 vs 11:  Sales up 16%, med price up 8%,  DOM 74, down 16%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Dec 12 vs 11:  Sales up 39%, med price up 52%, DOM 110, down 7%.

YTD 12 vs 11:  Sales up 18%, med price up 11%, DOM 97, down 20%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:

Dec 12 vs 11:  Sales up 9%, med price down 12%, DOM 87, down 8%.

YTD 12 vs 11:  Sales up 19%, med price unchanged, DOM 80, down 19%.

East Dallas (incl M’s and Lakewood):

Dec 12 vs 11:  Sales up 57%, med price up 9%,  DOM 65, down 30%.

YTD 12 vs 11: Sales up 29%, med price up 8%, DOM 75, down 19%.

North Dallas (South of LBJ):

Dec 12 vs 11:  Sales up 17%, med price up 29%, DOM 102, down 1%.

YTD 12 vs 11: Sales up 28%, med price down 7%, DOM 91, down 17%.

Far North Dallas (incl Addison and to Park Blvd in Plano):

Dec 12 vs 11:  Sales up 35%, med price up 40%, DOM 73, down 18%.

YTD 12 vs 11: Sales up 31%, med price up 4%, DOM 66, down 25%.

Northwest Dallas:

Dec 12 vs 11:  Sales up 10%, med price down 5%, DOM 68, down 14%.

YTD 12 vs 11: Sales up 25%, med price up 14%, DOM 73, down 13%.

Northeast Dallas (incl Lake Highlands):

Dec 12 vs 11: Sales up 30%, med price down 1%,  DOM 41, down 54%.

YTD 12 vs 11: Sales up 30%, med price up 11%, DOM 54, down 29%.

Plano:

Dec 12 vs 11: Sales up 7%, med price unchanged, DOM 59, down 37%.

YTD 12 vs 11: Sales up 17%, med price up 4%, DOM 56, down 26%.

Frisco:

Dec 12 vs 11: Sales up 23%, med price up 9%, DOM 66, down 3%.

YTD 12 vs 11: Sales up 18%, med price up 2%, DOM 59, down 21%.

Richardson:

Dec 12 vs 11: Sales up 12%, med price up 17%, DOM 67, down 32%.

YTD 12 vs 11: Sales up 18%, med price up 3%, DOM 57, down 25%.

Southlake:

Dec 12 vs 11:  Sales unchanged, med price up 20%, DOM 77%, up 40%.

YTD 12 vs 11: Sales up 25%, med price up 2%, DOM 73, down 13%.

Coppell

Dec 12 vs 11:  Sales down 21%, med price down 20%, DOM 70, down 23%.

YTD 12 vs 11: Sales up 9%, med price up 1%, DOM 57, down 21%.

Allen:

Dec 12 vs 11:  Sales up 14%, med price down 6%, DOM 43, down 45%.

YTD 12 vs 11: Sales up 15%, med price up 2%, DOM 56, down 23%.

Rockwall (incl Heath):

Dec 12 vs 11:  Sales down 17%, med price unchanged, DOM 71, down 18%.

YTD 12 vs 11: Sales up 17%, med price up 4%, DOM 83, down 16%.

Las Colinas and Kessler Park: Call Me!

Here is a look at Single Family home sales by price category for YTD 2012 vs 2011:

$200-299K (18.6% of sales): up 28%, 3 months inventory

$300-399K (8.1% of sales):  up 32%, 4 months inventory

$400-499K (3.5% of sales):  up 28%, 5 months inventory

$500-599K (1.7% of sales):  up 24%, 6 months inventory

$600-699K (1.1% of sales):  up 23%, 7 months inventory

$700-799K (0.6% of sales):  up 29%, 8 months inventory

$800-899K (0.4% of sales):  up 13%, 9 months inventory

$900-999K (0.3% of sales):  up 16%, 9 months inventory

$1MM and up (1.0% of sales): up 22%, 10 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2012 vs 2011.

$200-299K (16.9% of sales): 733 units vs 513 units year ago, 5 months inventory

$300-399K (6.1% of sales): 264 units vs 227 units year ago, 6 months

$400-499K (3.4% of sales): 146 units vs 83 units year ago, 6 months

$500-599K (1.6% of sales): 69 units vs 40 units year ago, 8 months

$600-699K (0.3% of sales): 14 units vs 20 units year ago, 19 months

$700-799K (0.4% of sales): 19 units vs 18 units year ago, 11 months

$800-899K (0.4% of sales): 18 units vs 8 units year ago, 6 months

$900-999K (0.1% of sales): 6 units vs 8 units year ago, 18 months

$1MM + (0.7% of sales): 30 units vs 30 units year ago, 22 months

Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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