Our blistering hot summer heat has rubbed off on home sales, with July single family home sales in Dallas up 18% over year ago. We saw the year’s negative year-over-year pattern change in June, when sales that month were even with last year. In July we pulled ahead of last year sales in all but two of the submarkets I track. As I mentioned last month, we can see now the very strong influence the home-buyer tax credit had in the spring of 2010 in pulling sales forward, distorting the usual sales patterns. That tax credit required closings to take place in late spring, cannibalizing July 2010 business. This July, unit sales totalled 6,179 homes vs 5,157 homes in July, 2010. Last year’s July number was significantly lower than July, 2009, which saw 7,198 homes sold. And, July 2009 was not the best of economic times. So, while this July’s sales were up 18%, it was not a record-setter. Still, we’ll take it!
Home sales were up in 12 of the 14 submarkets (below), with only North Dallas and Southlake reporting sales below year ago. Those gains brought us closer to 2010 sales levels, year over year. The Lake Highlands area, Coppell, Richardson and Park Cities were ahead of last year’s 7 months total sales, while the other markets were just modestly below that level. August will probably be another good month, as “pending” sales in July were 13% ahead of last year.
Low mortgage rates continue to support our market, and they dipped to a 9-month low on August 8th, coinciding with the first trading day after the credit downgrade. Money racing out of stocks found its way into treasury bonds, driving the yields down. With this credit downgrade being new territory for our country, and with the volatility in the stock and bond markets, there might be some unusual swings in mortgage interest rates. No one knows, of course. With a weak economy projected to continue for some time, demand for goods and services will continue to be soft, reducing any upward (inflationary) pressure on rates. If the international creditors remain faithful to buying our debt, we might continue to skate along with these incredible mortgage rates. What a nice time to buy or refinance!
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 11 vs 10: Sales up 18%, med price down 1%, DOM 84, up 9%.
YTD 11 vs 10: Sales down 9%, med price unchanged, DOM 89, up 18%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 11 vs 10: Sales up 58%, med price down 34%, DOM 66, down 50%.
YTD 11 vs 10: Sales down 2%, med price down 1%, DOM 121, up 10%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 11 vs 10: Sales up 6%, med price down 11%, DOM 87, down 33%.
YTD 11 vs 10: Sales up 1%, med price up 2%, DOM 97, down 16%.
East Dallas (incl M’s and Lakewood):
Jul 11 vs 10: Sales up 29%, med price up 3%, DOM 82, up 2%.
YTD 11 vs 10: Sales down 6%, med price up 13%, DOM 94, up 36%.
North Dallas (South of LBJ):
Jul 11 vs 10: Sales down 2%, med price down 26%, DOM 127, down 12%.
YTD 11 vs 10: Sales unchanged, med price unchanged, DOM 115, down 6%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 11 vs 10: Sales up 36%, med price up 8%, DOM 71, down 3%.
YTD 11 vs 10: Sales down 2%, med price up 1%, DOM 85, up 13%.
Northwest Dallas:
Jul 11 vs 10: Sales down up 71%, med price up 4%, DOM 98, up 48%.
YTD 11 vs 10: Sales down 6%, med price down 2%, DOM 87, up 30%.
Northeast Dallas (incl Lake Highlands):
Jul 11 vs 10: Sales up 68%, med price down 16%, DOM 71, up 37%.
YTD 11 vs 10: Sales up 7%, med price down 6%, DOM 73, up 22%.
Plano:
Jul 11 vs 10: Sales up 5%, med price up 1%, DOM 55, down 13%.
YTD 11 vs 10: Sales down 4%, med price unchanged, DOM 77, up 22%.
Frisco:
Jul 11 vs 10: Sales up 32%, med price down 4%, DOM 74, up 1%.
YTD 11 vs 10: Sales down 1%, med price up 1%, DOM 77, up 15%.
Richardson:
Jun 11 vs 10: Sales up 10%, med price down 2%, DOM 73, up 24%.
YTD 11 vs 10: Sales down 1%, med price down 3%, DOM 75, up 47%.
Southlake:
Jul 11 vs 10: Sales down 20%, med price down 3%, DOM 64, down 20%.
YTD 11 vs 10: Sales down 6%, med price down 3%, DOM 84, down 13%.
Coppell:
Jul 11 vs 10: Sales up 59%, med price down 2%, DOM 53, up 8%.
YTD 11 vs 10: Sales up 5%, med price down 1%, DOM 66, up 29%.
Allen:
Jul 11 vs 10: Sales up 27%, med price down 1%, DOM 66, unchanged.
YTD 11 vs 10: Sales down 7%, med price up 2%, DOM 73, up 12%.
Rockwall (incl Heath):
Jul 11 vs 10: Sales up 18%, med price up 3%, DOM 102, up 16%.
YTD 11 vs 10: Sales down 4%, med price down 1%, DOM 101, up 20%.
Here is a look at Single Family home sales by price category for YTD 2011 vs 2010:
$200-299K (17.0% of sales): down 16%, 8 months inventory
$300-399K (7.3% of sales): down 3%, 9 months inventory
$400-499K (3.2% of sales): up 3%, 10 months inventory
$500-599K (1.4% of sales): up 6%, 12 months inventory
$600-699K (1.1% of sales): up 12%, 13 months inventory
$700-799K (0.5% of sales): down 11%, 16 months inventory
$800-899K (0.4% of sales): down 1%, 15 months inventory
$900-999K (0.3% of sales): up 55%, 16 months inventory
$1MM and up (1.1% of sales): up 3%, 19 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2011 vs 2010.
$200-299K (13.4% of sales): 285 units vs 343 units year ago, 13 months inventory
$300-399K (6.5% of sales): 139 units vs 128 units year ago, 12 months
$400-499K (2.2% of sales): 46 units vs 51 units year ago, 20 months
$500-599K (1.2% of sales): 25 units vs 30 units year ago, 26 months
$600-699K (0.7% of sales): 14 units vs 16 units year ago, 21 months
$700-799K (0.6% of sales): 13 units vs 8 units year ago, 16 months
$800-899K (0.3% of sales): 6 units vs 4 units year ago, 28 months
$900-999K (0.2% of sales): 5 units vs 4 units year ago, 25 months
$1MM + (1.0% of sales): 21 units vs 17 units year ago, 26 months
Bob and Knoxie Edmonson
—Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
Dallas TX Homefinder WebsiteDallas TX Home Values Blog—Dallas TX Homes for Sale, Condos and Real EstateHighland Park Real Estate, University Park Real Estate,Uptown Dallas Real Estate, M-Streets Real Estate