If there were ever any doubt that the federal housing credit for home purchases was going to cannabalize sales once it was over, put that doubt to rest! July sales swooned in the aftermath of the tax credit, which originally called for all eligible purchases to close by end of June. Even though the deadline was extended late in the program to the end of September, most all buyers were lined up to close on the original schedule in June. And they did. Overall Dallas sales were down a hefty 29% in July, and most of the hit was to the mid-range priced homes. Homes priced at $600,000 and above sold pretty well compared to last year’s July, but the $200K to $599K homes sat for the most part. This makes sense, as most of the tax credit was aimed at first time home buyers, who tend to buy lower priced homes.
July usually begins the windown of sales, which in Dallas peak the end of June in every year. This July, however, proved that the tax credit worked as planned. My hunch is that August will be a slow sales month as well, living up to its historic pattern and then some.
A quick look at the submarket sales shows that the Park Cities, North Dallas and Southlake did quite well in July and actually have continued to rally well above last year’s sales figures. Median sales prices are up nicely in those markets as well. In fact, Park Cities nudged up over $1 million for median sales price, almost back to pre-meltdown prices for homes sold. These three markets are higher priced markets, so their sales this year were not influenced heavily by the tax credit.
Mortgage rates continue to drop to levels not seen in decades (or lifetimes to some). Could we be looking at 3.9% for a conventional 30 year fixed loan soon? It’s heading there. Today, 4.0% with one point is doable with great credit. Pretty amazing. Rates have been so good for so long that we are becoming numb to the real values. With these rates are real opportunities. Refinancings have taken off again, and refi’s for jumbo loans can now be had at rates below 5% on 30 year fixed loans. This was not the case just months ago. If you need a lender contact or two, give me a call.
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):
Jul 10 vs 09: Sales down 29%, med price up 1%, DOM 77, down 1%.
YTD 10 vs 09: Sales up 3%, med price up 1%, DOM 76, down 7%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 10 vs 09: Sales down 7%, med price up 46%, DOM 153, up 37%.
YTD 10 vs 09: Sales up 13%, med price up 8%, DOM 110, up 6%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 10 vs 09: Sales up 34%, med price up 30%, DOM 126, up 21%.
YTD 10 vs 09: Sales up 58%, med price up 2%, DOM 116, up 14%.
East Dallas (incl M’s and Lakewood):
Jul 10 vs 09: Sales down 30%, med price down 4%, DOM 78, up 13%.
YTD 10 vs 09: Sales down 2%, med price unchanged, DOM 68, down 8%.
North Dallas (South of LBJ):
Jul 10 vs 09: Sales up 17%, med price up 15%, DOM 145, up 56%.
YTD 10 vs 09: Sales up 37%, med price up 1%, DOM 122, up 15%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 10 vs 09: Sales down 37%, med price up 8%, DOM 76, up 21%.
YTD 10 vs 09: Sales down 6%, med price up 2%, DOM 76, up 4%.
Northwest Dallas:
Jul 10 vs 09: Sales down 34%, med price down 1%, DOM 66, down 15%.
YTD 10 vs 09: Sales up 13%, med price down 7%, DOM 67, down 22%.
Northeast Dallas (incl Lake Highlands):
Jul 10 vs 09: Sales down 47%, med price up 9%, DOM 55, down 23%.
YTD 10 vs 09: Sales down 2%, med price down 3%, DOM 60, down 8%.
Plano:
Jul 10 vs 09: Sales down 26%, med price up 8%, DOM 63, up 3%.
YTD 10 vs 09: Sales down 4%, med price up 2%, DOM 63, down 2%.
Frisco:
Jul 10 vs 09: Sales down 31%, med price up 15%, DOM 74, unchanged.
YTD 10 vs 09: Sales down 1%, med price up 2%, DOM 65, down 13%.
Richardson:
Jul 10 vs 09: Sales down 48%, med price up 5%, DOM 47, down 2%.
YTD 10 vs 09: Sales down 11%, med price up 3%, DOM 50, down 18%.
Southlake:
Jul 10 vs 09: Sales up 38%, med price up 18%, DOM 76, down 42%.
YTD 10 vs 09: Sales up 23%, med price up 5%, DOM 95, down 8%.
Coppell:
Jul 10 vs 09: Sales down 27%, med price up 8%, DOM 52, up 6%.
YTD 10 vs 09: Sales down 3%, med price up 7%, DOM 51, up 4%.
Allen:
Jul 10 vs 09: Sales down 30%, med price up 12%, DOM 60, down 6%.
YTD 10 vs 09: Sales up 8%, med price up 2%, DOM 65, down 13%.
Rockwall (incl Heath):
Jul 10 vs 09: Sales down 32%, med price up 2%, DOM 87, down 1%.
YTD 10 vs 09: Sales up 2%, med price up 5%, DOM 83, down 7%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (16.6% of sales): up 3%, 8 months inventory
$300-399K (6.9% of sales): up 7%, 10 months inventory
$400-499K (2.9% of sales): up 5%, 13 months inventory
$500-599K (1.4% of sales): up 10%, 14 months inventory
$600-699K (0.9% of sales): up 25%, 16 months inventory
$700-799K (0.6% of sales): up 28%, 18 months inventory
$800-899K (0.4% of sales): up 51%, 16 months inventory
$900-999K (0.2% of sales): down 9%, 31 months inventory
$1MM and up (1.0% of sales): up 35%, 23 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009.
$200-299K (14.5% of sales): 339 units vs 345 units year ago, 14 months inventory
$300-399K (5.4% of sales): 126 units vs 129 units year ago, 20 months
$400-499K (2.1% of sales): 49 units vs 48 units year ago, 21 months
$500-599K (1.2% of sales): 29 units vs 18 units year ago, 25 months
$600-699K (0.7% of sales): 16 units vs 9 units year ago, 22 months
$700-799K (0.3% of sales): 8 units vs 4 units year ago, 41 months
$800-899K (0.2% of sales): 4 units vs 7 units year ago, 47 months
$900-999K (0.2% of sales): 4 units vs 2 units year ago, 26 months
$1MM + (0.7% of sales): 17 units vs 6 units year ago, 36 months
Bob and Knoxie 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