Bright spots for sales and average sales prices were few in March, as the first quarter came to an end with a thud. On the positive news side, average sales prices were UP in Plano, Frisco, Richardson and Southlake. The best performing product and price category was $500,000 condos, which showed a strong sales gain in March, and a check in the plus column for the year to date sales figures. Okay, that’s all the good news. Sales were down in all submarkets tallied and in all single family price points above $50,000 (yes, $50K). Time on the market increased in all markets but Uptown and Southlake, confirming what we already know: For Sale signs are not coming down as quickly as sellers would like. Still, we sold 6,223 homes in March, off 18% from the first quarter of 2007. So, buyers are still out there in force, just dealing with more choices than usual.
The large inventory creates two situations for buyers. First, they must take more time sifting through the possibilities when searching the Internet and when making appointments to see homes, and they know there is no particular urgency in selecting a property given the liklihood of several meeting their requirements. This slows things down and reduces sales volume. It is more difficult for buyers to make decisions, and it is certainly frustrating for sellers ready to move.
Good news on the mortgage front is in the form of interest rates, particularly for the 30-year conventional loan and adjustable rate mortgages. This is a great time for contrarians to be in the market. The news reports are (almost) all bad, but the opportunities are terrific. We will look back on 2008 and recall this window of opportunity to pick up good values at low rates. As in the late 1980’s and early 1990’s, a much, much more difficult time for real estate, many took advantage of the down market and purchased residential and commercial property, realizing sharp gains only a few years later. The only buyers during that time were ones with lots of cash, and today, the only buyers are those with great credit and a good job history. Fortunately, there are still lots of qualified buyers in our market, and they are not having to settle for anything less than the exact house they want to buy. Sellers need to price their homes to sell and make sure they are in top showing condition. It is competitive out there!
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):
Mar 08 vs 07: Sales down 25%, avg price up 2%, DOM 87, up 13%.
YTD 08 vs 07: Sales down 18%, avg price down 1%, DOM 88, up 10%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 08 vs 07: Sales down 46%, avg price down 1%, DOM 103, down 16%.
YTD 08 vs 07: Sales down 41%, avg price up 30%, DOM 120, up 4%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 08 vs 07: Sales down 38%, avg price up 24%, DOM 90, up 58%.
YTD 08 vs 07: Sales down 25%, avg price up 5%, DOM 97, up 47%.
East Dallas (incl M’s and Lakewood):
Mar 08 vs 07: Sales down 8%, avg price up 6%, DOM 85, up 21%.
YTD 08 vs 07: Sales down 11%, avg price up 1%, DOM 81, up 11%.
North Dallas (South of LBJ):
Mar 08 vs 07: Sales down 56%, avg price up 33%, DOM 132, up 61%.
YTD 08 vs 07: Sales down 40%, avg price up 20%, DOM 102, up 28%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 08 vs 07: Sales down 27%, avg price up 3%, DOM 76, up 7%.
YTD 08 vs 07: Sales down 26%, avg price up 2%, DOM 79, up 20%.
Mar 08 vs 07: Sales down 43%, avg price down 7%, DOM 95, up 27%.
YTD 08 vs 07: Sales down 40%, avg price down 2%, DOM 95, up 28%.
Northeast Dallas (incl Lake Highlands):
Mar 08 vs 07: Sales down 16%, avg price down 5%, DOM 81, up 47%.
YTD 08 vs 07: Sales down 15%, avg price down 3%, DOM 73, up 24%.
Mar 08 vs 07: Sales down 9%, avg price up 1%, DOM 71, up 34%.
YTD 08 vs 07: Sales down 11%, avg price down 1%, DOM 76, up 27%.
Mar 08 vs 07: Sales down 20%, avg price up 5%, DOM 90, up 25%.
YTD 08 vs 07: Sales down 13%, avg price up 3%, DOM 100, up 27%.
Mar 08 vs 07: Sales down 22%, avg price up 1%, DOM 71, up 27%.
YTD 08 vs 07: Sales down 23%, avg price down 5%, DOM 73, up 14%.
Mar 08 vs 07: Sales down 22%, avg price up 7%, DOM 84, down 22%.
YTD 08 vs 07: Sales down 22%, avg price up 8%, DOM 72, down 29%.
Here is a look at Single Family home sales by price category for YTD 2008 vs 2007:
$200-299K (15.2% of sales): down 16%, 9 months inventory
$300-399K (6.4% of sales): down 15%, 11 months inventory
$400-499K (2.9% of sales): down 12%, 14 months inventory
$500-599K (1.2% of sales): down 8%, 19 months inventory
$600-699K (0.8% of sales): down 28%, 21 months inventory
$700-799K (0.6% of sales): down 20%, 19 months inventory
$800-899K (0.2% of sales): down 38%, 33 months inventory
$900-999K (0.2% of sales): down 20%, 23 months inventory
$1MM and up (1.0% of sales): down 19%, 27 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2008 vs 2007.
$200-299K (16.3% of sales): 171 units vs 189 units year ago, 12 months inventory
$300-399K (6.9% of sales): 67 units vs 96 units year ago, 20 months
$400-499K (2.2% of sales): 21 units vs 40 units year ago, 32 months
$500-599K (2.1% of sales): 20 units vs 13 units year ago, 27 months
$600-699K (0.6% of sales): 6 units vs 9 units year ago, 50 months
$700-799K (0.3% of sales): 3 units vs 5 units year ago, 55 months
$800-899K (0.2% of sales): 2 units vs 2 units year ago, 70 months
$900-999K (0.3% of sales): 3 units vs 3 year ago, 29 months
$1MM + (0.7% of sales): 7 units vs 5 year ago, 39 months
Oh, by the way, I am never too busy for any of your referrals!
Bob & Knoxie Edmonson
Allie Beth Allman & Assoc.
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