We are down 3 going into the 4th quarter…no, not the Cowboys, although it could be! It’s Dallas’ year-to-date sales, down 3% after the first nine months of the year. Weak August and September sales vs the same months a year ago pushed us into negative territory for the year. Only two submarkets were ahead of last September in sales–Park Cities (+16%) and Coppell (+6%), but several markets are still in the plus territory for the nine months year to date. These include North Dallas, Northwest Dallas, Uptown, Allen and Southlake, as well as Park Cities and Coppell. The higher end of the market ($600K+) is selling better right now, a reversal of the late 2009 and early 2010 trend, which was supported at the middle and lower ranges by the home purchase tax credit. Lenders still require a 20% down payment in most cases, which may be more difficult for the first time home buyer to produce.
The homes that are selling are selling at higher prices than homes that sold last year. Almost every market has higher median sales prices year-to-date. Only North Dallas (-6%), Northwest Dallas (-2%) and Far North Dallas (no change) are behind last year’s first nine months’ median price changes. Generally lower home prices coupled with record low mortgage rates are spurring those with good credit and down payments to take advantage of the current opportunity.
Favorable economic projections make “taking the plunge” a bit easier to do. New Census data trickling in bodes well for our housing market. Texas added more than 174,000 jobs in the last year, more than any other state by far. Texas gained 480,000 people from 2008 to 2009, more than any other state. Dallas/Ft Worth population is estimated to increase by more than 700,000 by 2014, with a 5-year job growth projection of 405,000 people. And, Texas was voted the best state to do business in for the 6th year in a row by CEO Magazine. Lots of reason for optimisim!
On a side note, I have received several calls regarding an email circulating which claims that there is going to be a national 4.0% transaction tax for all home sales beginning in a few years. This was supposedly included in the health care legislation passed in 2009. Our local real estate board and the National Association of Realtors says, “NO!”. I have attached a release by the NAR, which describes this “myth”, as they refer to it. Texas, as you know, has no transfer tax for home sales, but many states do. The Texas real estate PAC advocates strongly against this in Austin, and the NAR is keeping a close eye on the national scene.
Speaking of taxes, now that the property tax bills have been mailed, do keep in mind that many Texas counties permit you to pay online with a credit card, so if you like amassing lots of points on your card quickly, there is hardly a better way. Dallas County, for one, does accept credit cards.
Lastly, if you live in Dallas County and you want to get a look at the actual ballot for the upcoming Nov 2nd election, go to www.dalcoelections.org/voters.asp and check it out. It is tailored for each voter’s precinct, based on the address info you provide.
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):
Sep 10 vs 09: Sales down 22%, med price up 3%, DOM 82, up 8%.
YTD 10 vs 09: Sales down 3%, med price up 2%, DOM 77, down 5%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Sep 10 vs 09: Sales down 15%, med price up 5%, DOM 96, up 5%.
YTD 10 vs 09: Sales up 4%, med price up 6%, DOM 107, up 3%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Sep 10 vs 09: Sales up 16%, med price up 15%, DOM 137, up 1%.
YTD 10 vs 09: Sales up 41%, med price up 3%, DOM 119, up 9%.
East Dallas (incl M’s and Lakewood):
Sep 10 vs 09: Sales down 24%, med price up 28%, DOM 96, up 23%.
YTD 10 vs 09: Sales down 8%, med price up 3%, DOM 71, down 5%.
North Dallas (South of LBJ):
Sep 10 vs 09: Sales down 4%, med price down 24%, DOM 152, up 8%.
YTD 10 vs 09: Sales up 28%, med price down 6%, DOM 126, up 15%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Sep 10 vs 09: Sales down 16%, med price down 5%, DOM 93, up 37%.
YTD 10 vs 09: Sales down 7%, med price unchanged, DOM 79, up 11%.
Sep 10 vs 09: Sales down 44%, med price up 22%, DOM 80, down 2%.
YTD 10 vs 09: Sales up 1%, med price down 2%, DOM 70, down 16%.
Northeast Dallas (incl Lake Highlands):
Sep 10 vs 09: Sales down 55%, med price up 10%, DOM 48, down 45%.
YTD 10 vs 09: Sales down 9%, med price up 5%, DOM 59, down 13%.
Sep 10 vs 09: Sales down 25%, med price up 1%, DOM 58, down 2%.
YTD 10 vs 09: Sales down 10%, med price up 3%, DOM 62, down 2%.
Sep 10 vs 09: Sales down 40%, med price up 5%, DOM 69, up 3%.
YTD 10 vs 09: Sales down 8%, med price up 3%, DOM 67, down 15%.
Sep 10 vs 09: Sales down 16%, med price down 1%, DOM 58, up 35%.
YTD 10 vs 09: Sales down 12%, med price up 2%, DOM 52, down 9%.
Sep 10 vs 09: Sales down 9%, med price down 12%, DOM 94, up 1%.
YTD 10 vs 09: Sales up 8%, med price up 4%, DOM 93, down 8%.
Sep 10 vs 09: Sales up 6%, med price up 13%, DOM 67, up 97%.
YTD 10 vs 09: Sales up 1%, med price up 6%, DOM 53, up 10%.
Sep 10 vs 09: Sales down 37%, med price down 2%, DOM 59, down 23%.
YTD 10 vs 09: Sales up 1%, med price up 2%, DOM 66, down 12%.
Rockwall (incl Heath):
Sep 10 vs 09: Sales down 17%, med price down 1%, DOM 84, down 13%.
YTD 10 vs 09: Sales down 4%, med price up 4%, DOM 83, down 10%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (16.9% of sales): unchanged, 8 months inventory
$300-399K (7.0% of sales): up 3%, 8 months inventory
$400-499K (3.0% of sales): up 4%, 11 months inventory
$500-599K (1.4% of sales): up 1%, 14 months inventory
$600-699K (0.9% of sales): up 20%, 15 months inventory
$700-799K (0.6% of sales): up 17%, 18 months inventory
$800-899K (0.4% of sales): up 36%, 15 months inventory
$900-999K (0.2% of sales): down 3%, 25 months inventory
$1MM and up (0.9% of sales): up 23%, 22 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009.
$200-299K (14.3% of sales): 415 units vs 443 units year ago, 14 months inventory
$300-399K (5.5% of sales): 159 units vs 196 units year ago, 18 months
$400-499K (2.0% of sales): 59 units vs 63 units year ago, 23 months
$500-599K (1.2% of sales): 35 units vs 23 units year ago, 23 months
$600-699K (1.2% of sales): 22 units vs 14 units year ago, 22 months
$700-799K (0.4% of sales):11 units vs 9 units year ago, 28 months
$800-899K (0.2% of sales): 7 units vs 12 units year ago, 23 months
$900-999K (0.2% of sales): 7 units vs 3 units year ago, 18 months
$1MM + (1.0% of sales): 29 units vs 16 units year ago, 26 months
Allie Beth Allman & Assoc.
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