Despite the snowiest February on record, we still managed to sell 4,248 homes in the Dallas area. This total was still 5% below last February’s total, a little disappointing given that last year the aftershocks of the financial meltdown were still cascading through the economy. January sales were also off 5% from the previous year, but in both months this year, the overall median prices were up 1% vs year ago, which is encouraging and confirms the housing market has stabilized and is on the rebound. Most interesting about February’s results is that half of the submarkets I track posted year-to-date sales increases and more than half posted healthy median price gains.
North Dallas (south of LBJ) is on a tear, with a second strong month, showing sales up 51% and median prices up 25% over year-ago numbers. Southlake is doing well, with year-to-date sales up 36% and median prices up 15%. Allen is up 10% in homes sold and 3% in median prices. Uptown/Oak Lawn is also in plus territory for both sales and median prices. Park Cities Area, which includes some neighborhoods in the City of Dallas and in DISD, posted a 60% increase in sales through February, but the median sales price was down 20% year-to-date. All of that decrease was in January, as the February median price figure in Park Cities Area was up 22% vs year ago.
What this looks like to me is that our housing market is pulling ahead, with some markets out front and others soon to catch up. The Texas Economic Forecast issued by Wells Fargo in February supports this notion as well, with generally favorable economic and housing projections for not only the Dallas area but the other major metros as well. Also excellent reading is the Dallas Fed’s Southwest Report, speaking to Texas’ economic picture at the approaching 1st Q mark.
From snow to now the blooming Bradford Pear trees, we’re entering the strongest sales period of the year, historically speaking. Soon we should know if this is a false start or the beginning of a positive trend for all the submarkets. And, as of this writing, we are 45 days from the deadline for claiming house purchase credits for certain qualified buyers.
So, I will be looking for more gains!
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):
Feb 10 vs 09: Sales down 5%, med price up 1%, DOM 79, down 12%.
YTD 10 vs 09: Sales down 5%, med price up 1%, DOM 81, down 8%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Feb 10 vs 09: Sales down 21%, med price up 43%, DOM 102, up 17%.
YTD 10 vs 09: Sales up 1%, med price up 22%, DOM 100, down 12%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Feb 10 vs 09: Sales up 82%, med price up 22%, DOM 117, up 5%.
YTD 10 vs 09: Sales up 60%, med price down 20%, DOM 126, down 1%.
East Dallas (incl M’s and Lakewood):
Feb 10 vs 09: Sales up 4%, med price up 24%, DOM 77, down 3%.
YTD 10 vs 09: Sales down 7%, med price up 27%, DOM 72, down 11%.
North Dallas (South of LBJ):
Feb 10 vs 09: Sales up 35%, med price up 38%, DOM 152, up 29%.
YTD 10 vs 09: Sales up 51%, med price up 25%, DOM 132, down 1%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Feb 10 vs 09: Sales down 26%, med price up 5%, DOM 94, unchanged.
YTD 10 vs 09: Sales down 20%, med price up 9%, DOM 98, up 14%.
Northwest Dallas:
Feb 10 vs 09: Sales up 19%, med price down 37%, DOM 87, down 16%.
YTD 10 vs 09: Sales down 4%, med price down 11%, DOM 87, down 11%.
Northeast Dallas (incl Lake Highlands):
Feb 10 vs 09: Sales up 26%, med price down 7%, DOM 64, down 22%.
YTD 10 vs 09: Sales up 11%, med price down 2%, DOM 76, up 7%.
Plano:
Feb 10 vs 09: Sales unchanged, med price down 2%, DOM 68, down 9%.
YTD 10 vs 09: Sales down 12%, med price up 2%, DOM 71, down 7%.
Frisco:
Feb 10 vs 09: Sales down 21%, med price down 13%, DOM 65, down 34%.
YTD 10 vs 09: Sales down 16%, med price down 5%, DOM 73, down 19%.
Richardson:
Feb 10 vs 09: Sales up 11%, med price down 1%, DOM 48, down 38%.
YTD 10 vs 09: Sales up 4%, med price up 4%, DOM 46, down 44%.
Southlake:
Feb 10 vs 09: Sales down 6%, med price up 8%, DOM 140, up 69%.
YTD 10 vs 09: Sales up 36%, med price up 15%, DOM 136, up 62%.
Coppell:
Feb 10 vs 09: Sales up 32%, med price down 8%, DOM 60, unchanged.
YTD 10 vs 09: Sales down 5%, med price down 9%, DOM 55, down 5%.
Allen:
Feb 10 vs 09: Sales up 19%, med price up 8%, DOM 71, down 29%.
YTD 10 vs 09: Sales up 10%, med up 3%, DOM 69, down 30%.
Rockwall (incl Heath):
Feb 10 vs 09: Sales down 18%, med price up 11%, DOM 88, down 15%.
YTD 10 vs 09: Sales down 9%, med price up 7%, DOM 92, down 6%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (14.7% of sales): down 4%, 11 months inventory
$300-399K (6.0% of sales): down 1%, 15 months inventory
$400-499K (2.4% of sales): down 12%, 20 months inventory
$500-599K (1.3% of sales): up 3%, 22 months inventory
$600-699K (0.8% of sales): up 33%, 25 months inventory
$700-799K (0.4% of sales): down 11%, 32 months inventory
$800-899K (0.3% of sales): up 21%, 32 months inventory
$900-999K (0.2% of sales): down 19%, 33 months inventory
$1MM and up (0.8% of sales): up 22%, 40 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009:
$200-299K (11.6% of sales): 48 units vs 63 units year ago, 28 months inventory
$300-399K (5.1% of sales): 21 units vs 27 units year ago, 36 months
$400-499K (3.4% of sales): 14 units vs 10 units year ago, 24 months
$500-599K (0.7% of sales): 3 units vs 2 units year ago, 77 months
$600-699K (1.0% of sales): 4 units vs 4 units year ago, 24 months
$700-799K (0.0% of sales): 0 units vs 0 units year ago, n/a months
$800-899K (0.0% of sales): 0 units vs 0 units year ago, n/a months
$900-999K (0.2% of sales): 1 unit vs 0 units year ago, 50 months
$1MM + (1.7% of sales): 7 units vs 1 unit year ago, 31 months
—
Bob Edmonson
Allie Beth Allman and 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