Dallas Home Sales Stats for June

The first half of the year ended with a little boost to sales prices, as median sales prices were up in June in five of the markets I track (below). And, for the first time in many months, the median sales price change in Dallas overall was not a negative number! The median sales price for June was unchanged from June of 2008, a nice achievement which speaks to the resiliency of our market. The median sales price for the six months year-to-date is down 3% from this time last year, still among the best performances of the major cities around the country.

The latest study from mortgage insurance firm PMI Group ranks Dallas among the U.S. cities least likely to see a drop in home prices. Dallas’ housing market has only a 3.8% risk of lower home prices two years from now, PMI analysts said, compared with a 65.5% risk of overall lower home prices in the 50 largest U.S. cities. And, Dallas ranks among the top metro areas based on expected home price performance this year, according to Local Market Monitor, a North Carolina based housing sector consultant. “Home values for the Dallas-Plano-Irving Metropolitan Statistical Area are forecast to remain constant for the next twelve months,” a company spokesman said. “This compares to a 6.6 percent forecast decrease in home prices nationally.”

Home prices in the Dallas area are almost 32 percent undervalued, according to the most recent study by IHS Global Insight. The same report shows that prices here have remained virtually unchanged over the year ending with first quarter 2009. Dallas is among a handful of Texas markets the Massachusetts based firm considers among the country’s most undervalued. “What that means is that prices could go up without any long lasting damage to the market”, a spokesman said.

Relocation.com, a leading online consumer resource for moving, has compiled its list of “Best Cities for a Fresh Start”. The study considered consumer requests for moving quotes to that city, economic growth prospects, home affordability and community strength as reflected by volunteerism rates, among other factors. Dallas ranked second nationwide.

The National Association of Realtors reports that pending home sales show a sustained uptrend, rising for four consecutive months, with housing affordability at an all time high. The last time there were four consecutive monthly gains was in October 2004. NAR’s chief economist cautions there could be delays in the number of contracts that go to closing, falling through due to new appraisal rules. “Rises in contract activity show buyers are becoming more active, even as they face more stringent underwriting standards.”

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):
Jun 09 vs 08: Sales down 14%, med price unchanged, DOM 77, up 1%
YTD 09 vs 08: Sales down 22%, med price down 3%, DOM 82, unchanged.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jun 09 vs 08: Sales unchanged, med price down 17%, DOM 95, up 2%.
YTD 09 vs 08: Sales down 22%, med price down 15%, DOM 103, down 4%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jun 09 vs 08: Sales down 4%, med price down 12%, DOM 84, down 1%.
YTD 09 vs 08: Sales down 37%, med price down 7%, DOM 103, up 11%.
East Dallas (incl M’s and Lakewood):
Jun 09 vs 08: Sales down 7%, med price down 4%, DOM 70, up 4%.
YTD 09 vs 08: Sales down 20%, med price down 11%, DOM 75, down 4%.
North Dallas (South of LBJ):
Jun 09 vs 08: Sales up 5%, med price down 7%, DOM 114, up 58%.
YTD 09 vs 08: Sales down 19%, med price down 17%, DOM 108, up 19%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jun 09 vs 08: Sales up 7%, med price down 9%, DOM 68, down 4%.
YTD 09 vs 08: Sales down 12%, med price down 2%, DOM 76, up 1%.
Northwest Dallas:
Jun 09 vs 08: Sales down 23%, med price up 1%, DOM 73, up 35%.
YTD 09 vs 08: Sales down 15%, med price up 1%, DOM 84, up 8%.
Northeast Dallas (incl Lake Highlands):
Jun 09 vs 08: Sales down 12%, med price up 7%, DOM 63, up 37%.
YTD 09 vs 08: Sales down 29%, med price up 2%, DOM 64, up 10%.
Plano:
Jun 09 vs 08: Sales down 21%, med price up 1%, DOM 60, up 2%.
YTD 09 vs 08: Sales down 28%, med price down 5%, DOM 65, down 6%.
Frisco:
Jun 09 vs 08: Sales down 14%, med price up 4%, DOM 76, down 1%.
YTD 09 vs 08: Sales down 12%, med price unchanged, DOM 84, down 9%.
Richardson:
Jun 09 vs 08: Sales down 13%, med price down 2%, DOM 54, down 19%.
YTD 09 vs 08: Sales down 27%, med price down 2%, DOM 67, down 1%.
Southlake:
Jun 09 vs 08: Sales down 28%, med price down 6%, DOM 84, up 27%.
YTD 09 vs 08: Sales down 28%, med price down 6%, DOM 97, up 45%.
Coppell:
Jun 09 vs 08: Sales down 30%, med price up 23%, DOM 44, down 15%.
YTD 09 vs 08: Sales down 24%, med price down 9%, DOM 48, down 19%.
Allen:
Jun 09 vs 08: Sales down 7%, med price down 1%, DOM 59, down 19%.
YTD 09 vs 08: Sales down 23%, med price down 4%, DOM 79, down 5%.
Rockwall (incl Heath):
Jun 09 vs 08: Sales down 2%, med price down 11%, DOM 95, up 7%.
YTD 09 vs 08: Sales down 13%, med price down 6%, DOM 91, down 3%.
Here is a look at Single Family home sales by price category for YTD 2009 vs 2008:
$200-299K (15.8% of sales): down 23%, 8 months inventory
$300-399K (6.5% of sales): down 25%, 11 months inventory
$400-499K (2.8% of sales): down 28%, 14 months inventory
$500-599K (1.3% of sales): down 28%, 18 months inventory
$600-699K (0.7% of sales): down 36%, 23 months inventory
$700-799K (0.4% of sales): down 43%, 27 months inventory
$800-899K (0.3% of sales): down 31%, 30 months inventory
$900-999K (0.2% of sales): down 30%, 31 months inventory
$1MM and up (0.8% of sales): down 42%, 39 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2009 vs 2008.
$200-299K (16.3% of sales): 274 units vs 420 units year ago, 15 months inventory
$300-399K (6.1% of sales): 102 units vs 164 units year ago, 25 months
$400-499K (2.5% of sales): 42 units vs 46 units year ago, 39 months
$500-599K (0.8% of sales): 13 units vs 46 units year ago, 76 months
$600-699K (0.5% of sales): 9 units vs 19 units year ago, 47 months
$700-799K (0.2% of sales): 3 units vs 7 units year ago, 130 months
$800-899K (0.4% of sales): 6 units vs 8 units year ago, 33 months
$900-999K (0.1% of sales): 2 units vs 7 year ago, 93 months
$1MM + (0.2% of sales): 4 units vs 11 year ago, 178 months

Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
https://www.dallastexashomefinder.com/

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
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