October sales recorded double digit increases in our greater Dallas area, and these increases were realized in all but two of the submarkets I track each month. You have been following the news and know that the boost in sales can be partially attributed to the new home buyer tax credit, which had been scheduled to expire the end of November. But, given the 26% increase in sales in the Park Cities area, with the higher incomes disqualifying buyers for this credit, something else was going on. And, in October, we had one less sales day, with the 31st falling on a Saturday. It is far too early to predict a new upward trend in unit sales, but this was very nice news.
A quick look at the list of markets below could be summarized as “sales up and median prices down”. But not every part of town behaves the same, as you know from reading this letter every month. North Dallas, Northwest Dallas, Northeast Dallas and Richardson had median price gains vs October year-ago to complement their double digit sales increases. Beautiful! Northwest Dallas and Richardson are showing gains in median sales price year-to-date as well. Overall, the softness in our prices remains, but with listing inventory shrinking and new home construction slowly making a comeback, our soft but stable prices should start finding some traction . (Which reminds me, when you read about home sales in the paper, be sure to recognize the difference in headlines that refer to “new home sales” or “new home starts” versus “existing home sales”. For home buyers, “new” refers to new construction, not a re-sale which is “new” to the buyer. “New” home sales are definitely down from year ago numbers, but if they are listed in the MLS, they are incorporated into these statistics).
Interest rates for conventional financing are terrific, still hovering at 5% and even a little lower at times. Jumbo financing is slowly coming back, with rates less than 6% for 5-year and 7-year adjustable rate mortgages. If condo financing would loosen up a bit, we could get Uptown/Oak Lawn/Downtown to join in the rally as well. The home purchase tax credit referred to above was renewed and now extends to contracts written by end of April 2010. Existing home owners, not just first-timers, now qualify with specific rules, which widens the net for those able to take advantage. It is a good time to be a home buyer, as these numbers prove. Will November’s sales activity build on October’s good result? We’ll know in a few weeks.
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):
Oct 09 vs 08: Sales up 11%, med price up 1%, DOM 76, down 6%.
YTD 09 vs 08: Sales down 15%, med price down 1%, DOM 80, down 1%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Oct 09 vs 08: Sales down 33%, med price down 20%, DOM 126, down 6%.
YTD 09 vs 08: Sales down 21%, med price down 16%, DOM 105, down 7%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Oct 09 vs 08: Sales up 26%, med price down 15%, DOM 124, up 38%.
YTD 09 vs 08: Sales down 30%, med price down 13%, DOM 111, up 19%.
East Dallas (incl M’s and Lakewood):
Oct 09 vs 08: Sales up 29%, med price down 20%, DOM 70, down 4%.
YTD 09 vs 08: Sales down 12%, med price down 11%, DOM 75, down 1%.
North Dallas (South of LBJ):
Oct 09 vs 08: Sales up 19%, med price up 29%, DOM 127, up 26%.
YTD 09 vs 08: Sales down 17%, med price down 8%, DOM 112, up 14%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Oct 09 vs 08: Sales up 5%, med price down 1%, DOM 63, down 40%.
YTD 09 vs 08: Sales down 8%, med price unchanged, DOM 70, down 5%.
Northwest Dallas:
Oct 09 vs 08: Sales up 18%, med price up 20%, DOM 80, down 12%.
YTD 09 vs 08: Sales down 7%, med price up 2%, DOM 83, up 9%.
Northeast Dallas (incl Lake Highlands):
Oct 09 vs 08: Sales up 44%, med price up 7%, DOM 65, up 12%.
YTD 09 vs 08: Sales down 15%, med price unchanged, DOM 67, up 16%.
Plano:
Oct 09 vs 08: Sales up 6%, med price down 8%, DOM 62, down 2%.
YTD 09 vs 08: Sales down 20%, med price down 4%, DOM 63, down 7%.
Frisco:
Oct 09 vs 08: Sales up 8%, med price down 2%, DOM 71, down 21%.
YTD 09 vs 08: Sales down 2%, med price unchanged, DOM 78, down 13%.
Richardson:
Oct 09 vs 08: Sales up 25%, med price up 13%, DOM 36, down 44%.
YTD 09 vs 08: Sales down 9%, med price up 2%, DOM 55, down 13%.
Southlake:
Oct 09 vs 08: Sales down 23%, med price down 10%, DOM 89, down 14%.
YTD 09 vs 08: Sales down 23%, med price down 7%, DOM 100, up 35%.
Coppell:
Oct 09 vs 08: Sales up 11%, med price down 11%, DOM 74, up 61%.
YTD 09 vs 08: Sales down 18%, med price down 6%, DOM 51, down 6%.
Allen:
Oct 09 vs 08: Sales up 32%, med price down 5%, DOM 79, down 14%.
YTD 09 vs 08: Sales down 12%, med price down 2%, DOM 75, down 7%.
Rockwall (incl Heath):
Oct 09 vs 08: Sales up 12%, med price down 6%, DOM 86, up 6%.
YTD 09 vs 08: Sales down 6%, med price down 4%, DOM 91, up 3%.
Here is a look at Single Family home sales by price category for YTD 2009 vs 2008:
$200-299K (16.4% of sales): down 13%, 6 months inventory
$300-399K (6.4% of sales): down 17%, 9 months inventory
$400-499K (2.7% of sales): down 22%, 12 months inventory
$500-599K (1.3% of sales): down 17%, 14 months inventory
$600-699K (0.7% of sales): down 30%, 18 months inventory
$700-799K (0.5% of sales): down 36%, 19 months inventory
$800-899K (0.3% of sales): down 26%, 23 months inventory
$900-999K (0.2% of sales): down 26%, 25 months inventory
$1MM and up (0.7% of sales): down 42%, 32 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2009 vs 2008.
$200-299K (15.2% of sales): 479 units vs 671 units year ago, 14 months inventory
$300-399K (5.8% of sales): 183 units vs 277 units year ago, 19 months
$400-499K (2.1% of sales): 65 units vs 110 units year ago, 31 months
$500-599K (078% of sales): 23 units vs 77 units year ago, 62 months
$600-699K (0.5% of sales): 15 units vs 31 units year ago, 48 months
$700-799K (0.3% of sales): 11 units vs 8 units year ago, 50 months
$800-899K (0.4% of sales): 14 units vs 14 units year ago, 25 months
$900-999K (0.1% of sales): 3 units vs 9 year ago, 120 months
$1MM + (0.6% of sales): 18 units vs 21 year ago, 67 months
Bob and Knoxie Edmonson
Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
Dallas TX Homefinder Website
Dallas TX Home Values Blog
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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