January was quite the forgettable month. Normally the slowest month of the year for home sales, it reinforced its reputation in spades this year. Sales slowed to a crawl, as buyers who would normally be writing offers in December for January closings instead hunkered down for the holidays. Uncertainty about the direction of the economy with the new administration was (and is) high on everyones’ minds. The nation’s psych has been damaged, and Dallasites are not immune from the impact of negative economic news and hits to their balance sheets.
We still know housing conditions (and general business conditions) are a heck of a lot better here than in other cities and states. Our diversified economy in Dallas is functioning but not on all cylinders. We see some retail and restaurant closings, but we see some restaurants packed with waiting lines. We know corporate earnings are down and have heard of layoffs, but we know this happens in every cycle and is temporary. Fortunately, Dallasites are a positive lot, and carry with them good attitudes. Those of us who have been around a while know that economic cycles and Mother Nature are closely intertwined. We will find ways to beat this thing, and sooner than later. The CFO of a Dallas real estate investment company mentioned to me the other day that the “outlook is better than the mood”. We hope the current iniatives coming from Washington will have a positive psychological impact while waiting for the economic impact to take hold. And, we know there are other pronouncements from Treasury due shortly to aid the housing and mortgage business on a national scale.
In the meantime, mortgage interest rates are as close to as good as they are going to get, if they’re not there already. This seems to be the conventional wisdom, as the government spending programs seem destined to push rates up as soon as the economy turns around. Inflation is not healthy, but real estate tends to benefit in those periods. So, it is a great time for decision-making! And, lenders are making loans–they’re just waiting to hear from you.
On a market-by-market basis, there were four areas of town that had increases in the average sales price in January: Park Cities, North Dallas, Richardson and Southlake. Wow, who would have guessed with all the bad news out there! With sales volume so low in January (only 3400 single family homes sold in the greater Dallas area), we need to be a little careful about reading too much into the price increases or price declines, but…it is nice to see.
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. Scroll down for the “Sales by Price Category” info. DOM is short for Days on Market. Avg Price pertains to sales occurring in the period(s).
Overall Market (North Texas):
Jan 09 vs 08: Sales down 27%, avg price down 8%, DOM 86, down 2%.
YTD 09 vs 08: Sales down 27%, avg price down 8%, DOM 86, down 2%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jan 09 vs 08: Sales down 54%, avg price down 17%, DOM 177, up 58%.
YTD 09 vs 08: Sales down 54%, avg price down 17%, DOM 177, up 58%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jan 09 vs 08: Sales down 45%, avg price up 4%, DOM 147, up 65%.
YTD 09 vs 08: Sales down 45%, avg price up 4%, DOM 147, up 65%.
East Dallas (incl M’s and Lakewood):
Jan 09 vs 08: Sales down 18%, avg price down 21%, DOM 76, down 4%.
YTD 09 vs 08: Sales down 18%, avg price down 21%, DOM 76, down 4%.
North Dallas (South of LBJ):
Jan 09 vs 08: Sales down 48%, avg price up 4%, DOM 165, up 81%.
YTD 09 vs 08: Sales down 48%, avg price up 4%, DOM 165, up 81%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jan 09 vs 08: Sales down 12%, avg price down 13%, DOM 69, down 20%.
YTD 09 vs 08: Sales down 12%, avg price down 13%, DOM 69, down 20%.
Northwest Dallas:
Jan 09 vs 08: Sales up 15%, avg price down 31%, DOM 95, up 2%.
YTD 09 vs 08: Sales up 15%, avg price down 31%, DOM 95, up 2%.
Northeast Dallas (incl Lake Highlands):
Jan 09 vs 08: Sales down 19%, avg price down 6%, DOM 63, up 3%.
YTD 09 vs 08: Sales down 19%, avg price down 6%, DOM 63, up 3%.
Plano:
Jan 09 vs 08: Sales down 30%, avg price down 8%, DOM 82, unchanged.
YTD 09 vs 08: Sales down 30%, avg price down 8%, DOM 82, unchanged.
Frisco:
Jan 09 vs 08: Sales down 22%, avg price down 4%, DOM 75, down 26%.
YTD 09 vs 08: Sales down 22%, avg price down 4%, DOM 75, down 26%.
Richardson:
Jan 09 vs 08: Sales down 9%, avg price up 2%, DOM 85, up 25%.
YTD 09 vs 08: Sales down 19%, avg price up 2%, DOM 85, up 25%.
Southlake:
Jan 09 vs 08: Sales down 39%, avg price up 1%, DOM 64, up 7%.
YTD 09 vs 08: Sales down 39%, avg price up 1%, DOM 64, up 7%.
Coppell:
Jan 09 vs 08: Sales up 10%, avg price down 3%, DOM 57, down 15%.
YTD 09 vs 08: Sales up 10%, avg price down 3%, DOM 57, down 15%.
Allen:
Jan 09 vs 08: Sales down 32%, avg price down 12%, DOM 57, down 15%.
YTD 09 vs 08: Sales down 32%, avg price down 12%, DOM 57, down 15%.
Rockwall (incl Heath):
Jan 09 vs 08: Sales down 36%, avg price down 23%, DOM 89, down 17%.
YTD 09 vs 08: Sales down 36%, avg price down 23%, DOM 89, down 17%.
Here is a look at Single Family home sales by price category for YTD 2009 vs 2008:
$200-299K (13.6% of sales): down 31%, 14 months inventory
$300-399K (5.5% of sales): down 31%, 18 months inventory
$400-499K (2.7% of sales): down 22%, 20 months inventory
$500-599K (0.9% of sales): down 44%, 35 months inventory
$600-699K (0.3% of sales): down 69%, 67 months inventory
$700-799K (0.4% of sales): down 43%, 37 months inventory
$800-899K (0.3% of sales): up 22%, 33 months inventory
$900-999K (0.2% of sales): down 11%, 34 months inventory
$1MM and up (0.6% of sales): down 51%, 64 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2009 vs 2008.
$200-299K (13.0% of sales): 21 units vs 52 units year ago, 30 months inventory
$300-399K (6.8% of sales): 11 units vs 14 units year ago, 39 months
$400-499K (1.2% of sales): 2 units vs 6 units year ago, 115 months
$500-599K (0.6% of sales): 1 unit vs 5 units year ago, 142 months
$600-699K (0.0% of sales): 0 units vs 2 units year ago, n/a months
$700-799K (0.0% of sales): 0 units vs 2 units year ago, n/a months
$800-899K (0.6% of sales): 1 unit vs 2 units year ago, 64 months
$900-999K (0.6% of sales): 1 unit vs 1 year ago, 14 months
$1MM + (0.6% of sales): 1 unit vs 3 year ago, 129 months
Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
https://www.dallastexashomefinder.com/
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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