Dallas Home Sales Stats for May 2012

The good news in the Dallas housing market continued in May, with Dallas area May sales of single family homes up 22% vs year ago, and year-to-date sales up 16%. Median sales prices are now appearing to be in an upward trend, up 9% in May and up 6% year-to-date. This increase in single family sales volume is spread across all the price points from the $200K’s to the $1.0M’s. The upward trend in prices is predicted to exceed 5% by the end of the year, per an economist with the Dallas office of housing analyst Metrostudy.

The key to Dallas’ housing recovery will continue to be good job growth, which has been the case, as Dallas ranks #2 in the nation for business-friendly cities, according to CNN Money. The relatively healthy sales pattern has been developing despite an approximate 25% reduction in single family listings from a year ago and continued tight mortgage credit availability. But, buyer confidence in the long term housing market, a positve shift in consumer attitudes and record low mortgage interest rates are part of the formula.

With sales up 16% YTD and listings down 25% YTD, our dwindling inventory is creating something of a seller’s market here. I never thought I would say that! Dallas has always been a buyer’s market. Well, for many homeowners, the wait is on until they know they can recover their purchase price. Homes bought in 2007 and 2008 were purchased near the top of our market (the market collapse began in earnest on Sep 15, 2008–remember Lehman Bros). For other owners, the economy is still tender, and there is still some fear out there. So, now in our market, the buyers are operating with a higher level of confidence than the sellers seem to be. And of course, buyers see the opportunity of a lifetime, literally, to snap up great interest rates.

Looking at the submarkets, the overall median sales price gain is not evenly distributed among the submarkets I track, as year-to-date median sales price gains range from a +11% in Northwest Dallas to -10% in North Dallas. (Remember, median price sold does not translate to typical home appraised value). You will also note that the nice single family sales trend does not apply to all property types. Condos and townhomes in the $300K range and in the higher price points, $600K+, are still lagging in sales compared to a year ago. So, while the big picture looks very nice five months into the year, the rebound this spring still has a few holes in it. The more we can eliminate the uncertainty in our economic condition, the better we’ll feel about our housing market.

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 12 vs 11: Sales up 22%, med price up 9%, DOM 70, down 18%.

YTD 12 vs 11: Sales up 16%, med price up 6%, DOM 81, down 11%.

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

May 12 vs 11: Sales up 20%, med price up 18%, DOM 102, down 14%.

YTD 12 vs 11: Sales up 14%, med price up 2%, DOM 109, down 11%.

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

May 12 vs 11: Sales up 35%, med price down 3%, DOM 57, down 26%.

YTD 12 vs 11: Sales up 24%, med price up 1%, DOM 75, down 22%.

East Dallas (incl M’s and Lakewood):

May 12 vs 11: Sales up 34%, med price unchanged, DOM 78, down 8%.

YTD 12 vs 11: Sales up 32%, med price up 3%, DOM 85, down 12%.

North Dallas (South of LBJ):

May 12 vs 11: Sales up 38%, med price up 4%, DOM 93, up 1%.

YTD 12 vs 11: Sales up 15%, med price down 10%, DOM 102, down 15%.

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

May 12 vs 11: Sales up 66%, med price up 7%, DOM 50, down 45%.

YTD 12 vs 11: Sales up 41%, med price unchanged, DOM 71, down 24%.

Northwest Dallas:

May 12 vs 11: Sales up 2%, med price up 7%, DOM 57, down 12%.

YTD 12 vs 11: Sales up 28%, med price up 11%, DOM 80, down 7%.

Northeast Dallas (incl Lake Highlands):

May 12 vs 11: Sales up 20%, med price up 18%, DOM 47, down 31%.

YTD 12 vs 11: Sales up 23%, med price up 6%, DOM 62, down 16%.

Plano:

May 12 vs 11: Sales up 27%, med price up 3%, DOM 46, down 43%.

YTD 12 vs 11: Sales up 15%, med price up 6%, DOM 64, down 25%.

Frisco:

May 12 vs 11: Sales up 54%, med price up 8%, DOM 57, down 22%.

YTD 12 vs 11: Sales up 17%, med price up 5%, DOM 68, down 18%.

Richardson:

May 12 vs 11: Sales up 14%, med price down 3%, DOM 49, down 26%.

YTD 12 vs 11: Sales up 16%, med price up 3%, DOM 67, down 11%.

Southlake:

May 12 vs 11: Sales up 55%, med price up 6%, DOM 57, down 21%.

YTD 12 vs 11: Sales up 33%, med price down 3%, DOM 79, down 20%.

Coppell

May 12 vs 11: Sales up 39%, med price down 7%, DOM 59, up 11%.

YTD 12 vs 11: Sales up 19%, med price down 1%, DOM 66, down 13%.

Allen:

May 12 vs 11: Sales up 41%, med price up 13%, DOM 53, up 6%.

YTD 12 vs 11: Sales up 9%, med price up 1%, DOM 68, down 9%.

Rockwall (incl Heath):

May 12 vs 11: Sales up 15%, med price up 13%, DOM 79, down 24%.

YTD 12 vs 11: Sales up 17%, med price up 2%, DOM 93, down 8%.

Las Colinas and Kessler Park: Call Me!

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

$200-299K (18.1% of sales): up 28%, 5 months inventory

$300-399K (7.4% of sales): up 24%, 7 months inventory

$400-499K (3.4% of sales): up 29%, 8 months inventory

$500-599K (1.6% of sales): up 20%, 11 months inventory

$600-699K (1.0% of sales): up 15%, 12 months inventory

$700-799K (0.6% of sales): up 20%, 14 months inventory

$800-899K (0.4% of sales): up 11%, 16 months inventory

$900-999K (0.3% of sales): up 14%, 12 months inventory

$1MM and up (1.1% of sales): up 14%, 17 months inventory

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

$200-299K (15.9% of sales): 256 units vs 187 units year ago, 7 months inventory

$300-399K (5.0% of sales): 81 units vs 99 units year ago, 12 months

$400-499K (4.3% of sales): 69 units vs 32 units year ago, 8 months

$500-599K (1.8% of sales): 29 units vs 20 units year ago, 11 months

$600-699K (0.3% of sales): 5 units vs 13 units year ago, 27 months

$700-799K (0.2% of sales): 4 units vs 10 units year ago, 34 months

$800-899K (0.3% of sales): 5 units vs 6 units year ago, 14 months

$900-999K (0.1% of sales): 1 unit vs 2 units year ago, 65 months

$1MM + (0.5% of sales): 8 units vs 16 units year ago, 39 months