Dallas Home Sales Stats for March and First Quarter 2012

March sales continued the strong pace begun in January, making for a very satisfacory first quarter in Dallas, up 16% vs year ago. All but one of the 14 submarkets I track were ahead of March sales a year ago, and all 14 beat last year’s first quarter sales figures. Median sales prices were also up, +11% overall for March and +5% overall year-to-date. Our housing market is beginning to get its legs, and we can thank our local economy for continuing to breathe life into this critical sector. As I mentioned last month, buyers got a head start on sellers in January, and that appears to still be the case. Stock market gains have helped rebuild the “wealth effect” in families’ portfolios, helping home buyers move forward with more confidence. Jobs are an integral part of that formula as well. Mortgage rates are still hovering around 4% for the most common loan type, the best rates in decades. And, in many parts of Dallas, high rents are forcing tenants to reconsider apartment life in favor of home ownership. With lenders finding ways to be more flexible, mortgage money is a tad easier to obtain than a year or two ago. And, there is the investor, who rightly believes he can find a well price property, perhaps a bank-owned property, lease it and realize a return many times higher than his paltry 0.3% CD/savings rate.

What’s missing, however, are sellers in large numbers. Only sellers who have to sell, for job, financial or personal reasons, are putting their homes on the market. Many sellers are still worried they can’t get recover their purchase price, especially if they happened to buy at the height of the market in 2007-2008. By sitting on the sidelines, we have seen new listings in March fall by 11% from year ago levels. Inventory of homes for sale is down 28%. This has led to a months supply of homes equal to 5.3 months, lower than the 6 months level presumed to be the “healthy” market level. Days on market for the North Texas region are down 14% and for Dallas down 10%. And the percent of original sales price received by sellers who are marketing their homes is inching upward, reflecting the imbalance in supply and demand.

The remedies are 1) higher prices and sellers’ confidence in getting those higher prices and 2) new lot development and more housing starts. Lot developers and subdivision-style builders are ready and eager to get rolling. With some braver lenders, we can get this underway.

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):

Mar 12 vs 11: Sales up 13%, med price up 11%, DOM 86, down 10%.

YTD 12 vs 11: Sales up 16%, med price up 5%, DOM 89, down 7%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Mar 12 vs 11: Sales up 19%, med price up 14%, DOM 117, up 7%.

YTD 12 vs 11: Sales up 15%, med price down 4%, DOM 119, down 11%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:

Mar 12 vs 11: Sales up 55%, med price down 7%, DOM 89, down 14%.

YTD 12 vs 11: Sales up 30%, med price up 6%, DOM 92, down 16%.

East Dallas (incl M’s and Lakewood):

Mar 12 vs 11: Sales up 40%, med price up 20%, DOM 90, down 13%.

YTD 12 vs 11: Sales up 36%, med price up 20%, DOM 95, down 10%.

North Dallas (South of LBJ):

Mar 12 vs 11: Sales up 20%, med price down 19%, DOM 92, down 26%.

YTD 12 vs 11: Sales up 27%, med price down 11%, DOM 109, down 23%.

Far North Dallas (incl Addison and to Park Blvd in Plano):

Mar 12 vs 11: Sales up 28%, med price up 3%, DOM 80, down 22%.

YTD 12 vs 11: Sales up 25%, med price down 4%, DOM 87, down 6%.

Northwest Dallas:

Mar 12 vs 11: Sales up 100%, med price down 24%, DOM 82, down 23%.

YTD 12 vs 11: Sales up 59%, med price up 8%, DOM 86, down 14%.

Northeast Dallas (incl Lake Highlands):

Mar 12 vs 11: Sales up 22%, med price up 11%, DOM 54, down 8%.

YTD 12 vs 11: Sales up 25%, med price up 1%, DOM 71, down 9%.

Plano:

Mar 12 vs 11: Sales up 9%, med price up 3%, DOM 74, down 21%.

YTD 12 vs 11: Sales up 11%, med price up 5%, DOM 80, down 12%.

Frisco:

Mar 12 vs 11: Sales up 12%, med price up 3%, DOM 60, down 26%.

YTD 12 vs 11: Sales up 6%, med price up 8%, DOM 75, down 18%.

Richardson:

Mar 12 vs 11: Sales up 42%, med price down 10%, DOM 71, down 8%.

YTD 12 vs 11: Sales up 20%, med price up 2%, DOM 82, up 4%.

Southlake:

Mar 12 vs 11: Sales up 6%, med price up 3%, DOM 68, down 21%.

YTD 12 vs 11: Sales up 20%, med price up 1%, DOM 82, down 13%.

Coppell:

Mar 12 vs 11: Sales up 26%, med price down 4%, DOM 68, down 16%.

YTD 12 vs 11: Sales up 6%, med price up 5%, DOM 78, down 12%.

Allen:

Mar 12 vs 11: Sales down 3%, med price down 16%, DOM 74, down 16%.

YTD 12 vs 11: Sales up 5%, med price down 7%, DOM 82, down 9%.

Rockwall (incl Heath):

Mar 12 vs 11: Sales up 5%, med price up 17%, DOM 102, up 4%.

YTD 12 vs 11: Sales up 14%, med price down 6%, DOM 101, down 6%.

Here is a look at Single Family home sales by price category for YTD 2012 vs 2011:

$200-299K (17.3% of sales): up 29%, 6 months inventory

$300-399K (7.2% of sales): up 16%, 8 months inventory

$400-499K (2.8% of sales): up 13%, 11 months inventory

$500-599K (1.5% of sales): up 17%, 12 months inventory

$600-699K (0.9% of sales): up 6%, 16 months inventory

$700-799K (0.5% of sales): down 8%, 18 months inventory

$800-899K (0.3% of sales): up 25%, 19 months inventory

$900-999K (0.3% of sales): down 12%, 18 months inventory

$1MM and up (0.9% of sales): up 15%, 21 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2012 vs 2011.

$200-299K (16.2% of sales): 140 units vs 91 units year ago, 8 months inventory

$300-399K (4.3% of sales): 37 units vs 50 units year ago, 17 months

$400-499K (3.5% of sales): 30 units vs 19 units year ago, 10 months

$500-599K (1.6% of sales): 14 units vs 9 units year ago, 18 months

$600-699K (0.1% of sales): 1 unit vs 6 units year ago, 45 months

$700-799K (0.1% of sales): 1 unit vs 5 unit year ago, 84 months

$800-899K (0.6% of sales): 5 unit vs 3 units year ago, 14 months

$900-999K (0.0% of sales): 0 units vs 0 units year ago, n/a months

$1MM + (0.5% of sales): 4 units vs 7 units year ago, 50 months

Bob and Knoxie Edmonson