Last month I wrote that I couldn’t wait to see the May sales numbers, as I detected some strengthening in real estate sales from my day-to-day experience. There was more buzz in my office, and I was certainly busier than earlier this year. That feeling was borne out, as there were 629 more single family home sales in May than in April, and May’s total number of single family home sales, 5,971 homes, was the highest total since September. However…the sales numbers for May compared to a year ago were not too exciting, down 24% from 7,894 homes sold. (In May of 2007, there were 8,817 homes sold). From this perspective, the percentage-change trend line has not moved much. Last year, there were over 7000 homes sold in each of June, July, and August, so I expect we will continue to see negative year-over-year percentage changes for the summer months. By fall, we should begin to level out, as we catch up to the first anniversary of the financial debacle.
Median prices for the greater Dallas market seem to be holding on, as they have been for some time now. The Brookings Institution places Dallas in the top 3 markets in the country for price stability. In May, overall median prices in Dallas were down a scant 1%. We’re off 4% for the year to date. Far North Dallas, Northwest Dallas and Northeast Dallas continue to show median prices year-to-date above year ago levels, which seems like an incredible achievement in the face of all the adversity out there. Once again, we’re glad to be in Dallas.
Forbes Magazine picked Dallas to be one of the cities to enjoy the quickest recovery in home sales, when the economy begins to turn around. May housing starts nationally were up 17%, rising for the third month in a row, per the NAHB’s chief economist. Some keys to watch to help predict the turnaround in home sales locally will be unemployment on our local level, mortgage rates, and federal financing rules.
Confidence in one’s job security plays a big role, of course, and also influences buy vs lease decisions. Mortgage rates have climbed a bit, reflecting either a concern for inflation down the road or that the economy is on the mend, and the increase has slowed refinancing but not new loan originations. Congress is taking another look at financing rules, especially those influencing condos. Some easing here is definitely needed, as the pendulum has swung way too far to the other side on this. And, if banks and mortgage companies could find buyers in the secondary market for their jumbo loans, we could see some major improvement in sales of higher priced homes.
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):
May 09 vs 08: Sales down 24%, med price down 1%, DOM 79, unchanged.
YTD 09 vs 08: Sales down 24%, med price down 4%, DOM 83, down 1%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
May 09 vs 08: Sales down 24%, med price down 6%, DOM 96, down 9%.
YTD 09 vs 08: Sales down 28%, med price down 15%, DOM 106, down 5%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
May 09 vs 08: Sales down 31%, med price down 9%, DOM 106, up 1%.
YTD 09 vs 08: Sales down 44%, med price down 6%, DOM 111, up 17%.
East Dallas (incl M’s and Lakewood):
May 09 vs 08: Sales down 19%, med price up 9%, DOM 70, down 14%.
YTD 09 vs 08: Sales down 23%, med price down 15%, DOM 77, down 5%.
North Dallas (South of LBJ):
May 09 vs 08: Sales down 18%, med price down 10%, DOM 95, down 12%.
YTD 09 vs 08: Sales down 25%, med price down 15%, DOM 107, up 10%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
May 09 vs 08: Sales down 19%, med price down 3%, DOM 61, down 3%.
YTD 09 vs 08: Sales down 16%, med price up 1%, DOM 77, up 1%.
Northwest Dallas:
May 09 vs 08: Sales up 20%, med price down 9%, DOM 78, down 5%.
YTD 09 vs 08: Sales down 11%, med price up 2%, DOM 88, up 2%.
Northeast Dallas (incl Lake Highlands):
May 09 vs 08: Sales down 23%, med price up 8%, DOM 53, up15%.
YTD 09 vs 08: Sales down 33%, med price up 3%, DOM 62, up 3%.
Plano:
May 09 vs 08: Sales down 24%, med price down 7%, DOM 55, down 11%.
YTD 09 vs 08: Sales down 30%, med price down 7%, DOM 66, down 8%.
Frisco:
May 09 vs 08: Sales down 18%, med price down 3%, DOM 75, down 17%.
YTD 09 vs 08: Sales down 11%, med price down 1%, DOM 86, down 10%.
Richardson:
May 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:
May 09 vs 08: Sales down 8%, med price down 4%, DOM 105, up 91%.
YTD 09 vs 08: Sales down 26%, med price down 6%, DOM 100, up 47%.
Coppell:
May 09 vs 08: Sales unchanged, med price down 20%, DOM 42, down 36%.
YTD 09 vs 08: Sales down 19%, med price down 15%, DOM 48, down 23%.
Allen:
May 09 vs 08: Sales down 28%, med price down 4%, DOM 71, unchanged.
YTD 09 vs 08: Sales down 27%, med price down 5%, DOM 86, unchanged.
Rockwall (incl Heath):
May 09 vs 08: Sales down 4%, med price down 5%, DOM 94, down 9%.
YTD 09 vs 08: Sales down 15%, med price down 4%, DOM 90, down 5%.
Here is a look at Single Family home sales by price category for YTD 2009 vs 2008:
$200-299K (15.3% of sales): down 25%, 10 months inventory
$300-399K (6.3% of sales): down 27%, 13 months inventory
$400-499K (2.7% of sales): down 32%, 16 months inventory
$500-599K (1.2% of sales): down 34%, 23 months inventory
$600-699K (0.7% of sales): down 38%, 28 months inventory
$700-799K (0.4% of sales): down 47%, 32 months inventory
$800-899K (0.3% of sales): down 34%, 33 months inventory
$900-999K (0.2% of sales): down 33%, 37 months inventory
$1MM and up (0.8% of sales): down 45%, 44 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2009 vs 2008.
$200-299K (16.6% of sales): 215 units vs 362 units year ago, 17 months inventory
$300-399K (6.2% of sales): 81 units vs 129 units year ago, 25 months
$400-499K (2.4% of sales): 31 units vs 46 units year ago, 43 months
$500-599K (0.8% of sales): 11 unit vs 41 units year ago, 77 months
$600-699K (0.2% of sales): 3 units vs 16 units year ago, 133 months
$700-799K (0.2% of sales): 3 units vs 6 units year ago, 107 months
$800-899K (0.4% of sales): 5 unit vs 6 units year ago, 35 months
$900-999K (0.2% of sales): 2 unit vs 6 year ago, 85 months
$1MM + (0.3% of sales): 4 unit vs 10 year ago, 167 months
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Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
https://www.dallastexashomefinder.com/
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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