Dallas Home Sales Stats for December

The book is closed on 2009, with some nice momentum from a relatively strong 4th quarter. While Dallas sales overall were flat in December compared to a year ago, eight of the fourteen submarkets I track came in with higher sales than year ago, reinforcing a possible new trend begun in October for the new year. Overall, Dallas sales were down 1% from year ago December, with the median sales price up 2%. For the year, Dallas sales were down 11% and the median price down 12%. Keep in mind that the lower median price does not mean that YOUR house value dropped 12% in 2009. It means that more lower priced homes sold in ’09 than in ’08, in a large part reflecting the greater difficulty in financing higher priced homes, including condos.

The Home-Buyer Credit is credited with boosting the 4th quarter sales as well, and as originally offered was available only to first time home buyers. Along with the income limitations, this provided a boost for lower-to-mid range priced homes. December closings would have been November contracts, and with the credit originally due to expire at the end of November, it seems clear that the credit has had a huge influence on sales levels. That credit has been expanded and extended to the end of April for contracts and end of June for closings, so we might expect sales in 2010 to be skewed to the first half of the year.

Mortgage interest rates were very favorable in 2009 as well, continuing a trend dating back to 2002. No one really knows what to expect in 2010, as policies that would influence these rates are subject to change more frequently than before. Here is a little history of 30-year conventional financing mortgage rates at the end of the year:

’09: 5%
’08: 4 7/8%
’07: 5 3/4%
’06: 5 3/4%
’05: 5 3/4%
’04: 5 1/4%
’03: 5 5/8%
’02: 5 3/4%

In December, of the markets I track, these markets had increases in sales over year ago December: Uptown (+16%); North Dallas (+54%), Northwest Dallas (+90%); Plano (+20%); Coppell (+55%); Park Cities (+56%); Rockwall (+9%); and Southlake (+18%). These sales increases were not quite enough to bring these markets out of the red in 2009, but it was sure nice to see. Frisco was the only market not to be in negative territory for the year, finishing the year with sales unchanged from 2008. Looking back on ’09, that is quite an accomplishment.

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 09 vs 08: Sales down 1%, med price up 2%, DOM 84, up 1%.
YTD 09 vs 08: Sales down 11%, med price down 12%, DOM 80, down 1%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Dec 09 vs 08: Sales up 16%, med price up 15%, DOM 109, down 23%.
YTD 09 vs 08: Sales down 16%, med price down 10%, DOM 106, down 9%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Dec 09 vs 08: Sales up 56%, med price down 18%, DOM 146, up 62%.
YTD 09 vs 08: Sales down 22%, med price down 12%, DOM 119, up 28%.

East Dallas (incl M’s and Lakewood):
Dec 09 vs 08: Sales down 21%, med price up 17%, DOM 88, unchanged.
YTD 09 vs 08: Sales down 10%, med price down 23%, DOM 75, down 3%.

North Dallas (South of LBJ):
Dec 09 vs 08: Sales up 54%, med price down 37%, DOM 161, up 29%.
YTD 09 vs 08: Sales down 11%, med price down 21%, DOM 118, up 15%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 09 vs 08: Sales down 24%, med price down 10%, DOM 81, down 5%.
YTD 09 vs 08: Sales down 9%, med price up 8%, DOM 70, down 7%.

Northwest Dallas:
Dec 09 vs 08: Sales up 90%, med price up 8%, DOM 82, up 21%.
YTD 09 vs 08: Sales down 1%, med price down 8%, DOM 81, up 7%.

Northeast Dallas (incl Lake Highlands):
Dec 09 vs 08: Sales down 6%, med price down 1%, DOM 78, down 20%.
YTD 09 vs 08: Sales down 10%, med price down 5%, DOM 69, up 13%.

Plano:
Dec 09 vs 08: Sales up 10%, med price up 8%, DOM 69, down 20%.
YTD 09 vs 08: Sales down 16%, med price down 3%, DOM 63, down 7%.

Frisco:
Dec 09 vs 08: Sales down 5%, med price unchanged, DOM 83, down 2%.
YTD 09 vs 08: Sales unchanged, med price down 19%, DOM 78, down 12%.

Richardson:
Dec 09 vs 08: Sales up 41%, med price up 7%, DOM 42, down 19%.
YTD 09 vs 08: Sales down 6%, med price up 3%, DOM 53, down 16%.

Southlake:
Dec 09 vs 08: Sales up 18%, med price down 5%, DOM 145, up 49%.
YTD 09 vs 08: Sales down 18%, med price up 4%, DOM 104, up 33%.

Coppell:
Dec 09 vs 08: Sales up 55%, med price down 8%, DOM 55, up 12%.
YTD 09 vs 08: Sales down 12%, med price up 23%, DOM 51, down 4%.

Allen:
Dec 09 vs 08: Sales down 3%, med price up 12%, DOM 62, down 27%.
YTD 09 vs 08: Sales down 10%, med price down 28%, DOM 74, down 10%.

Rockwall (incl Heath):
Dec 09 vs 08: Sales down 9%, med price up 10%, DOM 115, down 1%.
YTD 09 vs 08: Sales down 4%, med price down 25%, DOM 85, down 3%.

Here is a look at Single Family home sales by price category for YTD 2009 vs 2008:
$200-299K (16.4% of sales): down 9%, 6 months inventory
$300-399K (6.3% of sales): down 14%, 8 months inventory
$400-499K (2.6% of sales): down 19%, 10 months inventory
$500-599K (1.3% of sales): down 11%, 12 months inventory
$600-699K (0.7% of sales): down 25%, 14 months inventory
$700-799K (0.5% of sales): down 32%, 16 months inventory
$800-899K (0.3% of sales): down 19%, 18 months inventory
$900-999K (0.2% of sales): down 24%, 22 months inventory
$1MM and up (0.7% of sales): down 38%, 26 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2009 vs 2008.
$200-299K (15.0% of sales): 582 units vs 742 units year ago, 14 months inventory
$300-399K (5.8% of sales): 225 units vs 321 units year ago, 16 months
$400-499K (2.2% of sales): 84 units vs 124 units year ago, 22 months
$500-599K (0.9% of sales): 36 units vs 86 units year ago, 44 months
$600-699K (0.4% of sales): 17 units vs 36 units year ago, 44 months
$700-799K (0.4% of sales): 16 units vs 9 units year ago, 37 months
$800-899K (0.5% of sales): 19 units vs 15 units year ago, 25 months
$900-999K (0.2% of sales): 9 units vs 11 units year ago, 28 months
$1MM + (0.6% of sales): 24 units vs 25 year ago, 60 months

Bob and Knoxie Edmonson


Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
Dallas TX Homefinder Website
Dallas TX Home Values Blog

Dallas TX Homes for Sale, Condos and Real Estate
Highland Park Real Estate, University Park Real Estate,
Uptown Dallas Real Estate, M-Streets Real Estate

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