Sales are UP, between 3% and 34% all across Dallas for the year to date. “What? That’s not what I am hearing”, you say. Well, if you look at the sales by price point, sales are AHEAD of last year for homes priced $300,000 and above. Unfortunately, this group of homes only represents 16% of sales in Dallas. The other 84%, at $299K and below, is not doing so well. And this weighted average creates the negative numbers (down 6% for the year to date) so frequently offered in the news media. It is not inaccurate reporting, and it is very fair, but these sales declines are obviously not evenly distributed across all price points. And, these numbers are for single family homes, not condos or townhomes.
On the other hand, not every area with million dollar homes is seeing positive growth, either. Highland Park and University Park, with an average sales price of $1,142,000, saw a 20% decline in sales in the month of July versus the same month a year ago. The Park Cities is down 2% in unit sales for the year. The luxury home market is still alive and well, but there is a higher sales rate of these homes elsewhere in the Metroplex, compared to this time in 2006, to offset the softness in Park Cities.
There are submarkets that are showing sales ahead for the year, regardless of price. These include the Oak Lawn/Uptown/Downtown area, +8%, Northwest Dallas, +8%, Northeast Dallas, +1% and Southlake, +5%. In the Oak Lawn/Uptown/Downtown area, a different sales pattern has emerged. Here, the positive sales trend has been supported by sales of condos and townhomes priced in the $200K’s. This category now represents 17% of condo and townhome sales, and this percentage is growing every month. Note to builders: there is a 10 month supply of these homes compared to a 57 month supply of million dollar condos. I’ve touched on this before!
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. 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):
Jul 07 vs 06: Sales down 3%, avg price up 4%, DOM 69, up 8%.
YTD 07 vs 06: Sales down 6%, avg price up 5%, DOM 72, up 4%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 07 vs 06: Sales down 10%, avg price up 21%, DOM 87, up 16%.
YTD 07 vs 06: Sales up 8%, avg price up 10%, DOM 99, up 18%.
Highland Park and University Park, Devonshire and Greenway Parks:
Jul 07 vs 06: Sales down 20%, avg price up 3%, DOM 57, down 8%.
YTD 07 vs 06: Sales down 2%, avg price up 9%, DOM 66, up 6%.
East Dallas (incl M’s and Lakewood):
Jul 07 vs 06: Sales down 9%, avg price up 11%, DOM 58, up 5%.
YTD 07 vs 06: Sales down 5%, avg price up 9%, DOM 62, down 2%.
North Dallas (South of LBJ):
Jul 07 vs 06: Sales up 14%, avg price up 39%, DOM 63, up 15%.
YTD 07 vs 06: Sales down 7%, avg price up 22%, DOM 68, up 8%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 07 vs 06: Sales up 5%, avg price down 6%, DOM 45, down 13%.
YTD 07 vs 06: Sales unchanged, avg price down 1%, DOM 55, down 8%.
Northwest Dallas:
Jul 07 vs 06: Sales down 9%, avg price up 15%, DOM 47, down 23%.
YTD 07 vs 06: Sales up 8%, avg price up 7%, DOM 60, down 9%.
Northeast Dallas (incl Lake Highlands):
Jul 07 vs 06: Sales up 8%, avg price up 16%, DOM 52, up 18%.
YTD 07 vs 06: Sales up 1%, avg price up 9%, DOM 53, up 2%.
Plano:
Jul 07 vs 06: Sales down 9%, avg price up 8%, DOM 49, up 20%.
YTD 07 vs 06: Sales down 10%, avg price up 5%, DOM 51, up 6%.
Frisco:
Jul 07 vs 06: Sales up 1%, avg price up 4%, DOM 71, up 9%.
YTD 07 vs 06: Sales down 3%, avg price up 6%, DOM 71, up 13%.
Richardson:
Jul 07 vs 06: Sales up 14%, avg price up 1%, DOM 51, up 9%.
YTD 07 vs 06: Sales down 1%, avg price up 3%, DOM 54, down 4%.
Southlake:
Jul 07 vs 06: Sales down 12%, avg price up 7%, DOM 78, up 86%.
YTD 07 vs 06: Sales up 5%, avg price up 7%, DOM 73, up 38%.
Here is a look at Single Family home sales by price category for YTD 2007 vs 2006:
$200-299K (17.2% of sales): down 5%, 7 months inventory
$300-399K (7.4% of sales): up 3%, 8 months inventory
$400-499K (3.4% of sales): up 9%, 9 months inventory
$500-599K (1.5% of sales): up 11%, 12 months inventory
$600-699K (1.1% of sales): up 16%, 11 months inventory
$700-799K (0.8% of sales): up 34%, 12 months inventory
$800-899K (0.6% of sales): up 11%, 14 months inventory
$900-999K (0.3% of sales): up 7%, 16 months inventory
$1MM and up (1.0% of sales): up 22%, 16 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2007 vs 2006. Some builders do not report their sales in MLS–this list represents MLS reported sales only (as does this entire report).
$200-299K (17.4% of sales): 511 units vs 350 units year ago, 10 months inventory
$300-399K (8.2% of sales): 256 units vs 221 units year ago, 12 months
$400-499K (2.6% of sales): 97 units vs 108 units year ago, 10 months
$500-599K (1.8% of sales): 52 units vs 42 units year ago, 16 months
$600-699K (0.4% of sales): 24 units vs 17 units year ago, 23 months
$700-799K (0.2% of sales): 9 units vs 15 units year ago, 40 months
$800-899K (0.2% of sales): 4 units vs 3 units year ago, 38 months
$900-999K (0.4% of sales): 7 unit vs 4 year ago, 22 months
$1MM + (0.4% of sales): 14 unit vs 9 year ago, 57 months
Bob and Knoxie Edmonson
Allie Beth Allman & Associates
214-563-8540
Oh, by the way, if you know someone who is planning to buy or sell a home and would appreciate the service I provide, please send me their name and number, and I will gladly follow up with them!