I hope your new year is off to a great start! The Dallas real estate market continues to be resilient, with soft sales overall but stable prices. Overall, area sales were down 6% in January compared to last year, and median sales prices were up 1%. Average sales prices were up a nice 7%. As is usually the case, there are parts of town which outperform and underperform the greater Dallas market. In December, we saw significant sales increases vs the previous December in several markets, and this trend continued in January in Southlake (+88% vs year ago), Park Cities (+48%), Uptown (+65%), and North Dallas (+100%). Of these, only Southlake saw an increase in median sales price (+8%) as well. For a little perspective, the 100% increase in sales in North Dallas translated to 28 homes sold vs 14 in Janary 2009. In Park Cities, there were 31 sales vs 21 sales a year ago.
Median sales prices were up a whopping 46% in Northwest Dallas, 44% in East Dallas and 26% in Richardson. This means more higher priced homes were bought in these markets in January than were bought last year. Sales were down in those three markets vs year ago, so we might assume there were some good deals that were snatched up. Until we see sales and median sales prices moving in the same upward direction, we know we are still in a soft market. But, soft markets make for good opportunities.
January is historically the slowest month of the year for closed transactions in Dallas, and this January was no exception. The spring market kicks in during February, and sales typically improve each month, peaking in June. Two new factors which exist this spring and could accelerate this trend are 1) the homebuyer credit and 2) the Federal Reserve’s plan to phase out the short term credit support for the financial system and reduce large-scale purchases of Treasury and Fannie Mae/Freddie Mac securities.
Already, the extension of the home buyer credit from last fall to end of April this year is seen boosting traffic and pending sales of homes to first time home buyers and other buyers who qualify. This traffic may be reflected more in March sales figures, given the start-to-finish timing of a home purchase. The liklihood of the Fed phasing out its support for artificially low interest rates could result in some interest rate creep from the current 5% level beginning in March or April. This in turn could spur home sales for those who had been sitting on the fence or considering leasing.
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):
Jan 10 vs 09: Sales down 6%, med price up 1%, DOM 84, down 2%.
YTD 10 vs 09: Sales down 6%, med price up 1%, DOM 84, down 2%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jan 10 vs 09: Sales up 65%, med price down 20%, DOM 99, down 43%.
YTD 10 vs 09: Sales down 65%, med price down 20%, DOM 99, down 43%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jan 10 vs 09: Sales up 48%, med price down 32%, DOM 139, down 3%.
YTD 10 vs 09: Sales up 48%, med price down 32%, DOM 139, down 3%.
East Dallas (incl M’s and Lakewood):
Jan 10 vs 09: Sales down 17%, med price up 44%, DOM 63, down 24%.
YTD 10 vs 09: Sales down 17%, med price up 44%, DOM 63, down 24%.
North Dallas (South of LBJ):
Jan 10 vs 09: Sales up 100%, med price down 3%, DOM 107, down 32%.
YTD 10 vs 09: Sales up 100%, med price down 3%, DOM 107, down 32%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jan 10 vs 09: Sales down 9%, med price up 7%, DOM 107, up 43%.
YTD 10 vs 09: Sales down 9%, med price up 7%, DOM 107, up 43%.
Northwest Dallas:
Jan 10 vs 09: Sales down 21%, med price up 46%, DOM 89, down 3%.
YTD 10 vs 09: Sales down 21%, med price up 46%, DOM 89, down 3%.
Northeast Dallas (incl Lake Highlands):
Jan 10 vs 09: Sales down 4%, med price down 14%, DOM 97, up 70%.
YTD 10 vs 09: Sales down 4%, med price down 14%, DOM 97, up 70%.
Plano:
Jan 10 vs 09: Sales down 20%, med price up 10%, DOM 77, unchanged.
YTD 10 vs 09: Sales down 20%, med price up 10%, DOM 77, unchanged.
Frisco:
Jan 10 vs 09: Sales down 10%, med price up 12%, DOM 79, up 3%.
YTD 10 vs 09: Sales down 10%, med price up 12%, DOM 79, up 3%.
Richardson:
Jan 10 vs 09: Sales down 4%, med price up 26%, DOM 47, down 46%.
YTD 10 vs 09: Sales down 4%, med price up 26%, DOM 47, down 46%.
Southlake:
Jan 10 vs 09: Sales up 88%, med price up 8%, DOM 118, up 64%.
YTD 10 vs 09: Sales up 88%, med price up 8%, DOM 118, up 64%.
Coppell:
Jan 10 vs 09: Sales down 45%, med price down 3%, DOM 37, down 33%.
YTD 10 vs 09: Sales down 45%, med price down 3%, DOM 37, down 33%.
Allen:
Jan 10 vs 09: Sales down 5%, med price down 1%, DOM 68, down 29%.
YTD 10 vs 09: Sales down 5%, med price down 1%, DOM 68, down 29%.
Rockwall (incl Heath):
Jan 10 vs 09: Sales unchanged, med price up 10%, DOM 100, down 10%.
YTD 10 vs 09: Sales unchanged, med price up 10%, DOM 100, down 10%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (13.8% of sales): down 2%, 12 months inventory
$300-399K (6.1% of sales): up 6%, 15 months inventory
$400-499K (2.7% of sales): down 4%, 18 months inventory
$500-599K (1.4% of sales): up 38%, 20 months inventory
$600-699K (0.9% of sales): up 158%, 22 months inventory
$700-799K (0.5% of sales): up 21%, 27 months inventory
$800-899K (0.3% of sales): up 10%, 31 months inventory
$900-999K (0.2% of sales): down 14%, 45 months inventory
$1MM and up (0.9% of sales): up 45%, 39 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009:
$200-299K (14.6% of sales): 25 units vs 21 units year ago, 25 months inventory
$300-399K (2.3% of sales): 4 units vs 9 units year ago, 86 months
$400-499K (4.7% of sales): 8 units vs 4 units year ago, 20 months
$500-599K (0.6% of sales): 1 unit vs 1 unit year ago, 117 months
$600-699K (1.7% of sales): 3 units vs 0 units year ago, 16 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 (0.0% of sales): 0 units vs 0 units year ago, n/a months
$1MM + (0.6% of sales): 1 unit vs 0 units year ago, 112 months
Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
Dallas TX Homefinder Website
Dallas TX Home Values Blog
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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