Remember February? Seems like a long time ago! March data will be out soon–sorry for the delay getting this report to you. February sales data is the latest we have at this date, and home sales for this month were down 17% from year ago levels, resulting in a 2-months year-to-date figure of home sales down 13%. The median price of those homes sold was up 4% in February and now up 5% for the year. The homes sold thusfar in 2011 are higher-priced than those that sold this time last year. And this is a good sign.
I like to look at the breakdown of sales and prices by area each month, as the “overall Dallas” number never tells the whole story. As is the case every month, there are parts of town that are not selling all that well right now, and some areas that are exceeding last year’s sales numbers. It’s always interesting but not easy to pin down the reasons for such wide disparities. What is important to know is that fully 69% of all Dallas area sales are below $200,000. Sales of homes in this category were down in the 20%+ double digits range, which negatively weights the overall sales picture for the metro area. Homes sellling for more than $200,000, the other 31% of the market, showed sales increases in the $300’s (+8%), in the $500’s (+17%), in the $600’s (+18%), in the $700’s (+29%), in the $900’s (+54%) and in the million plus category (+2%). The condo/townhome market sales by price category over $200,000 is even with last year at this time.
Looking at the different areas around town illustrates how real estate is truly “local”. Markets off to a fast start this year include Coppell (+35%), Uptown (+26%), Frisco (+16%) and Park Cities (+10%). East Dallas and North Dallas are off to very slow starts, compared to the same time a year ago. Wish I knew why! We’ll see what the pattern looks like when the March data arrives. It does reinforce the point that broad-brushing an entire city with a single headline, whether it be Dallas or any other place, is almost always misleading.
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 11 vs 10: Sales down 17%, med price up 4%, DOM 96, up 22%.
YTD 11 vs 10: Sales down 13%, med price up 5%, DOM 97, up 20%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Feb 11 vs 10: Sales up 20%, med price up 21%, DOM 168, up 70%.
YTD 11 vs 10: Sales up 26%, med price down 8%, DOM 153, up 55%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Feb 11 vs 10: Sales up 19%, med price down 26%, DOM 104, down 10%.
YTD 11 vs 10: Sales up 10%, med price down 3%, DOM 115, down 10%.
East Dallas (incl M’s and Lakewood):
Feb 11 vs 10: Sales down 26%, med price down 15%, DOM 99, up 22%.
YTD 11 vs 10: Sales down 19%, med price up 7%, DOM 106, up 43%.
North Dallas (South of LBJ):
Feb 11 vs 10: Sales down 3%, med price down 10%, DOM 205, up 42%.
YTD 11 vs 10: Sales down 16%, med price down 2%, DOM 169, up 33%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Feb 11 vs 10: Sales up 11%, med price up 4%, DOM 88, down 11%.
YTD 11 vs 10: Sales up 9%, med price down 1%, DOM 87, down 13%.
Northwest Dallas:
Feb 11 vs 10: Sales down 6%, med price up 21%, DOM 98, up 17%.
YTD 11 vs 10: Sales down 9%, med price up 15%, DOM 95, up 9%.
Northeast Dallas (incl Lake Highlands):
Feb 11 vs 10: Sales down 31%, med price down 13%, DOM 84, up 45%.
YTD 11 vs 10: Sales down 10%, med price up 7%, DOM 97, up 31%.
Plano:
Feb 11 vs 10: Sales down 18%, med price up 2%, DOM 84, up 22%.
YTD 11 vs 10: Sales down 8%, med price down 1%, DOM 89, up 25%.
Frisco:
Feb 11 vs 10: Sales up 19%, med price up 6%, DOM 92, up 37%.
YTD 11 vs 10: Sales up 16%, med price unchanged, DOM 95, up 30%.
Richardson:
Feb 11 vs 10: Sales up 12%, med price up 1%, DOM 81, up 72%.
YTD 11 vs 10: Sales down 6%, med price down 3%, DOM 80, up 70%.
Southlake:
Feb 11 vs 10: Sales up 7%, med price up 9%, DOM 96, down 28%.
YTD 11 vs 10: Sales down 29%, med price down 9%, DOM 102, down 19%.
Coppell:
Feb 11 vs 10: Sales down 4%, med price down 12%, DOM 84, up 45%.
YTD 11 vs 10: Sales up 35%, med price down 3%, DOM 93, up 75%.
Allen:
Feb 11 vs 10: Sales down 15%, med price up 10%, DOM 105, up 38%.
YTD 11 vs 10: Sales down 9%, med price up 2%, DOM 92, up 26%.
Rockwall (incl Heath):
Feb 11 vs 10: Sales up 11%, med price down 8%, DOM 129, up 47%.
YTD 11 vs 10: Sales up 4%, med price unchanged, DOM 119, up 31%.
Here is a look at Single Family home sales by price category for YTD 2011 vs 2010:
$200-299K (16.2% of sales): down 5%, 11 months inventory
$300-399K (7.3% of sales): up 8%, 13 months inventory
$400-499K (2.5% of sales): down 9%, 18 months inventory
$500-599K (1.6% of sales): up 17%, 17 months inventory
$600-699K (1.0% of sales): up 18%, 19 months inventory
$700-799K (0.7% of sales): up 29%, 17 months inventory
$800-899K (0.3% of sales): down 13%, 27 months inventory
$900-999K (0.3% of sales): up 54%, 25 months inventory
$1MM and up (0.9% of sales): up 2%, 32 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2011 vs 2010.
$200-299K (10.5% of sales): 46 units vs 50 units year ago, 22 months inventory
$300-399K (6.9% of sales): 30 units vs 20 units year ago, 18 months
$400-499K (2.5% of sales): 11 units vs 13 units year ago, 24 months
$500-599K (0.9% of sales): 4 units vs 3 units year ago, 48 months
$600-699K (0.9% of sales): 4 units vs 4 units year ago, 18 months
$700-799K (0.7% of sales): 3 units vs 3 units year ago, 13 months
$800-899K (0.5% of sales): 2 units vs 2 units year ago, 18 months
$900-999K (0.0% of sales): 0 units vs 0 units year ago, n/a months
$1MM + (1.4% of sales): 6 units vs 6 units year ago, 22 months
Bob and Knoxie Edmonson
Allie Beth Allman & Associates
(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