Sales of existing single-family homes were up 10% in Dallas over year-ago October sales, compared to an increase of 8% in Texas and and increase of 1.4% in the U.S. October marked the 5th consecutive month of double-digit sales gains in the greater Dallas area. Other Texas cities delivered good results in October as well: Austin +21%, Houston +10%, San Antonio +5%, Ft. Worth +4%, Odessa +18%, Tyler +12%, Corpus Christi +12%–I’ll stop there. Only two significant metros, Wichita Falls and San Angelo, had sales below year ago levels. Year-to-date, we’re still down 2% from last year, but with the trend moving in the right direction, we might end the year even with year ago sales numbers for our area. For the first 10 months of the year, sales in all the submarkets below are tracking ahead of last year with the exceptions of North Dallas (even) and Allen, down 2% . The Lake Highlands area has the largest YTD sales improvement, up 12% vs 2010 YTD. On the other hand, Lake Highland sales might be higher due to opportunity buyers, as the median prices of homes sold there are down 11%, the steepest decline in the area. Most of the other submarkets are plus or minus a few points, with the M Streets/Lakewood area posting the best YTD gain in median sales price, +10%.
Our North Texas Real Estate Information Service (NTREIS) continues to offer a chart-based presentation of our important real estate sales components, including historical trends. This report illustrates that our “for-sale” inventory is down, consistent with the lower number of listings. Our “months’ supply of homes is also down, reducing the choices for buyers at a time when home affordability is reaching new highs. At the same time, apartment construction in DFW is up 80% vs last year, as rental demand continues to soar. New apartment towers are popping up along Stemmons Fwy near the tollway, in the Design District, in Uptown at the Katy Trail and soon on Lemmon at Central, in East Dallas on Ross, at SMU Blvd and Greenvillle, and just south of White Rock Lake. Another 5-story apartment project will soon break ground in Victory Park. And how about the Museum Tower, the luxury condo ($1mm+) project in the Arts District? This is the tallest residential construction (42 stories now topped out) in the nation right now.
So, you might wonder, where are all these folks coming from? The attached list of states representing the source of Texas’ in-migration, just updated for the period 2006-2009, points to California sending the greatest number of people here, followed by…Louisiana (remember Katrina?). Nine states account for more than 50% of the state’s newest residents.
One more little fun fact…which state has the largest homes (average square feet)? Not Texas; we’re No. 4. It is Colorado, followed by Wyoming and Montana.
I hope this finds your Thanksgiving plans well in place for time spent with family and friends. Reflect on all we have to be thankful, and especially grateful, for.
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 11 vs 10: Sales up 10%, med price up 1%, DOM 87, up 2%.
YTD 11 vs 10: Sales down 2%, med price unchanged, DOM 88, up 14%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Oct 11 vs 10: Sales up 4%, med price down 7%, DOM 130, down 7%.
YTD 11 vs 10: Sales up 4%, med price down 2%, DOM 122, up 11%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Oct 11 vs 10: Sales up 50%, med price up 17%, DOM 89, down 41%.
YTD 11 vs 10: Sales up 5%, med price unchanged, DOM 99, down 18%.
East Dallas (incl M’s and Lakewood):
Oct 11 vs 10: Sales up 27%, med price down 5%, DOM 95, up 8%.
YTD 11 vs 10: Sales up 1%, med price up 10%, DOM 93, up 27%.
North Dallas (South of LBJ):
Oct 11 vs 10: Sales down 20%, med price up 31%, DOM 109, down 10%.
YTD 11 vs 10: Sales unchanged, med price up 2%, DOM 111, down 12%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Oct 11 vs 10: Sales up 4%, med price down 4%, DOM 108, up 8%.
YTD 11 vs 10: Sales up 1%, med price unchanged, DOM 86, up 8%.
Northwest Dallas:
Oct 11 vs 10: Sales up 42%, med price down 26%, DOM 76, down 5%.
YTD 11 vs 10: Sales up 3%, med price down 6%, DOM 86, up 23%.
Northeast Dallas (incl Lake Highlands):
Oct 11 vs 10: Sales down 6%, med price down 17%, DOM 75, down 12%.
YTD 11 vs 10: Sales up 12%, med price down 11%, DOM 74, up 21%.
Plano:
Oct 11 vs 10: Sales up 29%, med price up 6%, DOM 60, down 23%.
YTD 11 vs 10: Sales up 5%, med price up 1%, DOM 74, up 16%.
Frisco:
Oct 11 vs 10: Sales up 24%, med price up 1%, DOM 68, down 9%.
YTD 11 vs 10: Sales up 7%, med price up 3%, DOM 75, up 10%.
Richardson:
Oct 11 vs 10: Sales up 10%, med price unchanged, DOM 72, up 11%.
YTD 11 vs 10: Sales up 4%, med price down 2%, DOM 73, up 38%.
Southlake:
Oct 11 vs 10: Sales up 27%, med price up 18%, DOM 76, down 38%.
YTD 11 vs 10: Sales up 4%, med price unchanged, DOM 85, down 10%.
Coppell:
Oct 11 vs 10: Sales down 3%, med price down 17%, DOM 71, unchanged.
YTD 11 vs 10: Sales up 3%, med price unchanged, DOM 69, up 25%.
Allen:
Oct 11 vs 10: Sales up 16%, med price down 10%, DOM 74, up 25%.
YTD 11 vs 10: Sales down 2%, med price down 2%, DOM 72, up 11%.
Rockwall (incl Heath):
Oct 11 vs 10: Sales up 30%, med price up 4%, DOM 108, up 16%.
YTD 11 vs 10: Sales up 1%, med price down 3%, DOM 100, up 34%.
Here is a look at Single Family home sales by price category for YTD 2011 vs 2010:
$200-299K (17.0% of sales): down 1%, 6 months inventory
$300-399K (7.2% of sales): unchanged, 8 months inventory
$400-499K (3.3% of sales): up 11%, 8 months inventory
$500-599K (1.6% of sales): up 12%, 10 months inventory
$600-699K (1.0% of sales): up 15%, 11 months inventory
$700-799K (0.6% of sales): unchanged, 12 months inventory
$800-899K (0.4% of sales): down 2%, 14 months inventory
$900-999K (0.3% of sales): up 34%, 15 months inventory
$1MM and up (1.0% of sales): up 7%, 17 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): 431 units vs 471 units year ago, 13 months inventory
$300-399K (6.1% of sales): 191 units vs 172 units year ago, 11 months
$400-499K (2.2% of sales): 70 units vs 65 units year ago, 20 months
$500-599K (1.2% of sales): 38 units vs 36 units year ago, 22 months
$600-699K (0.6% of sales): 18 units vs 23 units year ago, 21 months
$700-799K (0.5% of sales): 17 units vs 13 units year ago, 16 months
$800-899K (0.2% of sales): 7 units vs 10 units year ago, 36 months
$900-999K (0.2% of sales): 5 units vs 7 units year ago, 42 months
$1MM + (0.8% of sales): 26 units vs 30 units year ago, 32 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