November home sales continued the pattern set in October, with overall Dallas sales down 25%, bringing the 11-month total down 7% vs year ago. Just as in October, almost all of the drop in home sales was in the middle-to-lower priced home categories, those at $299,000 or less. As I mentioned last month, in the overall Dallas market, 84% of all home sales are at prices of $299,000 or less. And, 68% are at prices of $199,000 or less.
The market weakness continues to be centered on the middle to lower priced homes, those under $300,000. The heart of Dallas’ real estate activity occurs in the $250,000 range, and when this sector suffers, it drags down the number for greater Dallas sales. Many first-time homebuyers are in this price bracket, and many of those wanting to buy may not have the newly-required high credit scores or down payment to trigger a purchase. Plenty of mortgage money is available for those whose credit shines, but until we see some good, steady job growth, the upper end market will have to carry us.
Sales in November were down in all the markets I track except for North Dallas and Far North Dallas. North Dallas sales nearly doubled, from 32 to 62 homes sold. Yet it takes longer to sell a house there than in any other area I follow. The average days on market in North Dallas is 143. So it is nice to see we are working down some of the inventory there. Park Cities, Southlake and Uptown are the other markets with over 100 days on the market. All four tend to be the higher-priced markets as well. And, all four are the only markets in this report which have positive year-to-date sales vs those in 2009. Sales of homes over $1 million were up 23% in November.
On another positive note, median sales prices are holding up, with the median price of homes sold in Dallas up 1% in November and up 1% year to date. In November, the median price of homes sold was up over 20% in Park Cities, Plano and Frisco and up 13% in Allen, 11% in North Dallas and 10% in Lakewood/M Streets.
A home purchase is a long term investment, and the long term for our area looks great. The recently released Census data supports recent studies indicating the region is projected to capture 35% of the population and 28% of job growth in Texas over the next five years. From 2010 to 2040, the region is expected to grow by 3,900,000 or 63%. These people will need a place to live! I will have a year end report in a couple of weeks, as we point towards an improving sales climate in 2011.
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):
Nov 10 vs 09: Sales down 25%, med price up 1%, DOM 85, up 12%.
YTD 10 vs 09: Sales down 7%, med price up 1%, DOM 78, down 2%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Nov 10 vs 09: Sales down 15%, med price down 19%, DOM 129, up 22%.
YTD 10 vs 09: Sales up 2%, med price up 6%, DOM 97, up 17%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Nov 10 vs 09: Sales down 2%, med price up 24%, DOM 128, down 17%.
YTD 10 vs 09: Sales up 30%, med price up 4%, DOM 122, up 6%
East Dallas (incl M’s and Lakewood):
Nov 10 vs 09: Sales down 18%, med price up 10%, DOM 72, up 1%.
YTD 10 vs 09: Sales down 13%, med price up 4%, DOM 73, down 1%.
North Dallas (South of LBJ):
Nov 10 vs 09: Sales up 88%, med price up 11%, DOM 143, up 4%.
YTD 10 vs 09: Sales up 29%, med price down 9%, DOM 128, up 12%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Nov 10 vs 09: Sales up 15%, med price up 6%, DOM 80, up 19%.
YTD 10 vs 09: Sales down 7%, med price up 1%, DOM 80, up 14%.
Northwest Dallas:
Nov 10 vs 09: Sales down 44%, med price down 5%, DOM 74, up 6%.
YTD 10 vs 09: Sales down 5%, med price down 4%, DOM 70, down 14%.
Northeast Dallas (incl Lake Highlands):
Nov 10 vs 09: Sales down 24%, med price up 6%, DOM 66, down 18%.
YTD 10 vs 09: Sales down 14%, med price up 6%, DOM 61, down 12%.
Plano:
Nov 10 vs 09: Sales down 18%, med price up 21%, DOM 79, up 46%.
YTD 10 vs 09: Sales down 12%, med price up 4%, DOM 65, up 5%.
Frisco:
Nov 10 vs 09: Sales down 30%, med price up 26%, DOM 92, up 23%.
YTD 10 vs 09: Sales down 11%, med price up 5%, DOM 70, down 10%.
Richardson:
Nov 10 vs 09: Sales down 51%, med price down 3%, DOM 80, up 82%.
YTD 10 vs 09: Sales down 18%, med price unchanged, DOM 54, unchanged.
Southlake:
Nov 10 vs 09: Sales down 47%, med price down 12%, DOM 101, down 8%.
YTD 10 vs 09: Sales up 2%, med price up 3%, DOM 94, down 7%.
Coppell:
Nov 10 vs 09: Sales down 40%, med price up 4%, DOM 59, up 20%.
YTD 10 vs 09: Sales down 5%, med price up 7%, DOM 55, up 10%.
Allen:
Nov 10 vs 09: Sales down 20%, med price up 13%, DOM 78, up 39%.
YTD 10 vs 09: Sales down 5%, med price up 3%, DOM 66, down 11%.
Rockwall (incl Heath):
Nov 10 vs 09: Sales down 34%, med price up 5%, DOM 79, down 17%.
YTD 10 vs 09: Sales down 9%, med price up 4%, DOM 84, down 8%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (16.8% of sales): down 5%, 7 months inventory
$300-399K (7.1% of sales): up 4%, 9 months inventory
$400-499K (2.9% of sales): up 3%, 11 months inventory
$500-599K (1.4% of sales): up 1%, 13 months inventory
$600-699K (0.9% of sales): up 14%, 13 months inventory
$700-799K (0.6% of sales): up 21%, 14 months inventory
$800-899K (0.4% of sales): up 27%, 13 months inventory
$900-999K (0.2% of sales): down 2%, 22 months inventory
$1MM and up (1.0% of sales): up 23%, 20 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009.
$200-299K (14.7% of sales): 501 units vs 582 units year ago, 13 months inventory
$300-399K (5.4% of sales): 184 units vs 207 units year ago, 17 months
$400-499K (2.0% of sales): 68 units vs 71 units year ago, 22 months
$500-599K (1.2% of sales): 40 units vs 29 units year ago, 27 months
$600-699K (0.8% of sales): 26 units vs 15 units year ago, 16 months
$700-799K (0.4% of sales): 12 units vs 13 units year ago, 27 months
$800-899K (0.3% of sales): 10 units vs 18 units year ago, 22 months
$900-999K (0.2% of sales): 7 units vs 6 units year ago, 20 months
$1MM + (0.9% of sales): 31 units vs 24 units year ago, 27 months
Bob and Knoxie Edmonson
Bob Edmonson
Allie Beth Allman & Assoc
(214)563-8540
Dallas TX Homefinder Website Dallas TX Home Values Blog — 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