Dallas Home Sales Stats for November 2011

For the sixth consecutive month, home sales in the greater Dallas area were up double digits over the year ago levels, +13% in November, the most recent data available. In November, 11 of 14 submarkets I track were ahead of last November’s sales volume, and on a year-to-date basis, all but North Dallas were ahead of year ago totals. I predicted in October that this improving pattern would bring us even or better against 2010 sales figures by the end of the year, and with December yet to report, we are now even with 2010 sales volume 11 months into the year. Housing affordability is the best we’ve seen since 2004, with median household income double what is necessary to qualify for a median priced home under prevailing interest rates. And, those rates are beautiful–hovering under 4% for a 30-year conventional mortgage.

Median sales prices are still soft, with only North Dallas, East Dallas and Frisco showing gains YTD. This factor, combined with record low interest rates, has encouraged buyers and led now to a reduction in inventory and choices for home buyers. The total number of homes for sale is down 24% from November 2010 and at its lowest point since sometime in 2005. It’s not just higher demand though; sellers unhappy with where they think they must price their homes to sell are content to wait for the market to improve before listing their homes. With demand and supply moving in opposite directions, we are actually now back to 6 months inventory, the level considered ideal for the number of homes for sale at any one time. This is described in chart form here, and if you note some discrepancies in numbers presented below and in these graphs, it is due to the geography covered: I look at “greater Dallas” and this graphical presentation looks at “North Texas”.

So, when will “that market” improve? I think it is happening now. Moody’s Analytics, reported in a recent Forbes article, estimates job growth in Texas averaging 2.9% per year through 2015, the highest percentage rate in the country, which translates to 1.6 million new jobs for this period. The highest growth categories are expected to be in health care services, education and mining (oil and gas). For the 12 months ending last May, 1 in 5 jobs was created in Texas and 1 in 10 in Dallas and Houston. What a good time to be thinking about buying a house!

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 11 vs 10: Sales up 13%, med price up 1%, DOM 87, up 2%.
YTD 11 vs 10: Sales unchanged, med price unchanged, DOM 38, up 13%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Nov 11 vs 10: Sales up 11%, med price up 22%, DOM 125, up 1%.
YTD 11 vs 10: Sales up 5%, med price down 1%, DOM 122, up 10%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Nov 11 vs 10: Sales down 2%, med price down 26%, DOM 93, down 27%.
YTD 11 vs 10: Sales up 4%, med price down 3%, DOM 98, down 19%.

East Dallas (incl M’s and Lakewood):
Nov 11 vs 10: Sales up 15%, med price down 9%, DOM 86, up 19%.
YTD 11 vs 10: Sales up 2%, med price up 7%, DOM 93, up 27%.

North Dallas (South of LBJ):
Nov 11 vs 10: Sales down 45%, med price down 4%, DOM 108, down 21%.
YTD 11 vs 10: Sales down 5%, med price up 2%, DOM 111, down 13%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Nov 11 vs 10: Sales up 26%, med price unchanged, DOM 93, up 6%.
YTD 11 vs 10: Sales up 3%, med price unchanged, DOM 86, up 8%.

Northwest Dallas:
Nov 11 vs 10: Sales up 71%, med price down 27%, DOM 71, up 3%.
YTD 11 vs 10: Sales up 6%, med price down 8%, DOM 85, up 21%.

Northeast Dallas (incl Lake Highlands):
Nov 11 vs 10: Sales up 21%, med price down 10%, DOM 90, up 38%.
YTD 11 vs 10: Sales up 12%, med price down 11%, DOM 75, up 23%.

Plano:
Nov 11 vs 10: Sales up 3%, med price down 14%, DOM 71, down 10%.
YTD 11 vs 10: Sales up 4%, med price down 1%, DOM 74, up 14%.

Frisco:
Nov 11 vs 10: Sales up 11%, med price down 4%, DOM 80, down 11%.
YTD 11 vs 10: Sales up 7%, med price up 3%, DOM 75, up 9%.

Richardson:
Nov 11 vs 10: Sales up 59%, med price down 9%, DOM 79, up 8%.
YTD 11 vs 10: Sales up 8%, med price down 2%, DOM 74, up 37%.

Southlake:
Nov 11 vs 10: Sales up 138%, med price up 1%, DOM 94, down 20%.
YTD 11 vs 10: Sales up 9%, med price unchanged, DOM 86, down 9%.

Coppell:
Nov 11 vs 10: Sales up 3%, med price down 14%, DOM 80, up 40%.
YTD 11 vs 10: Sales up 3%, med price unchanged, DOM 70, up 27%.

Allen:
Nov 11 vs 10: Sales up 44%, med price up 4%, DOM 80, up 3%.
YTD 11 vs 10: Sales up 1%, med price down 1%, DOM 73, up 11%.

Rockwall (incl Heath):
Nov 11 vs 10: Sales up 47%, med price up 1%, DOM 101, up 29%.
YTD 11 vs 10: Sales up 3%, med price down 3%, DOM 100, up 19%.

Here is a look at Single Family home sales by price category for YTD 2011 vs 2010:
$200-299K (16.9% of sales): unchanged, 6 months inventory
$300-399K (7.1% of sales): up 1%, 7 months inventory
$400-499K (3.2% of sales): up 10%, 8 months inventory
$500-599K (1.6% of sales): up 14%, 10 months inventory
$600-699K (1.0% of sales): up 14%, 10 months inventory
$700-799K (0.5% of sales): down 6%, 12 months inventory
$800-899K (0.4% of sales): down 2%, 13 months inventory
$900-999K (0.3% of sales): up 32%, 14 months inventory
$1MM and up (1.0% of sales): up 3%, 16 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2011 vs 2010.
$200-299K (13.7% of sales): 469 units vs 509 units year ago, 11 months inventory
$300-399K (6.1% of sales): 207 units vs 185 units year ago, 11 months
$400-499K (2.3% of sales): 80 units vs 68 units year ago, 18 months
$500-599K (1.1% of sales): 38 units vs 40 units year ago, 22 months
$600-699K (0.6% of sales): 20 units vs 26 units year ago, 20 months
$700-799K (0.5% of sales): 17 units vs 13 units year ago, 15 months
$800-899K (0.2% of sales): 7 units vs 10 units year ago, 36 months
$900-999K (0.1% of sales): 5 units vs 7 units year ago, 40 months
$1MM + (0.8% of sales): 27 units vs 31 units year ago, 30 months

Bob Edmonson
Allie Beth Allman & Assoc.(214)563-8540

Dallas TX Homefinder WebsiteDallas TX Home Values Blog—Dallas TX Homes for Sale, Condos and Real EstateHighland Park Real Estate, University Park Real Estate,Uptown Dallas Real Estate, M-Streets Real Estate

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