Dallas Homes Sales Stats for March

The first quarter of 2009 is behind us, with inklings of improvement in the Dallas real estate market beginning to appear. With home sellers looking for buyers and buyers looking for value, we should see increasing traffic this spring. An informal poll of Realtors around the office and in my networking group confirm more activity since just before the Easter weekend. Improved traffic is going to be a function of buyer confidence and buyers’ views of the opportunity now before us. Mortgage interest rates for conventional financing ($417,000 loans or less) are still at historic lows, hovering in the high 4% range for good credit buyers. Jumbo financing seems to be improving as well. Call it real estate’s version of the Red Apple Sale, with a 9 month’s supply of single family homes and an 18 month’s supply of condos and townhomes on the market. Dallas saw 5353 single family home sales in March, or almost 13,000 for the first quarter. March’s total represents a nice increase over February, as expected, but still 20% below year ago levels. The first quarter total was 25% below year ago levels.

Sellers looking to buy will likely sell for less than hoped for, but that same seller will be a buyer looking to pay less than planned. In a move-up mode, that buyer who sold his house for 10% less than expected can make it up and more if paying 10% less than planned on the new property. Higher priced markets are feeling the pinch more than the lower-priced markets, due to the difference in interest rates for conventional vs jumbo financing, and the need for hefty down payments. Median sales prices are lower, too, as the higher priced homes rate of sale is lower than that of the the moderately priced home. The sweet spot for sales is in the $250K to $299K range.

Overall median prices are down 6% in March and 8% for the first quarter. In Far North Dallas, Lake Highlands and Southlake, median prices were actually up in March. In Lake Highlands and Frisco, median prices were up for the first quarter vs year ago. Good job! North Dallas, Park Cities area, East Dallas and Uptown saw double-digit median price declines for the first quarter, reflecting the slower activity in the higher end home sales. There was some good news in North Dallas, where sales in March were up 13% over March a year ago.

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):
Mar 09 vs 08: Sales down 20%, med price down 6%, DOM 85, down 5%.
YTD 09 vs 08: Sales down 25%, med price down 8%, DOM 86, down 2%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 09 vs 08: Sales down 28%, med price down 16%, DOM 93, down 7%.
YTD 09 vs 08: Sales down 29%, med price down 19%, DOM 105, down 12%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 09 vs 08: Sales down 39%, med price down 28%, DOM 108, up 8%.
YTD 09 vs 08: Sales down 45%, med price down 21%, DOM 116, up 17%.

East Dallas (incl M’s and Lakewood):
Mar 09 vs 08: Sales down 37%, med price down 25%, DOM 74, down 15%.
YTD 09 vs 08: Sales down 29%, med price down 37%, DOM 78, down 5%.

North Dallas (South of LBJ):
Mar 09 vs 08: Sales up 13%, med price down 13%, DOM 112, down 15%.
YTD 09 vs 08: Sales down 27%, med price down 32%, DOM 123, up 21%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 09 vs 08: Sales down 12%, med price up 4%, DOM 91, up 23%.
YTD 09 vs 08: Sales down 10%, med price unchanged, DOM 89, up 14%.

Northwest Dallas:
Mar 09 vs 08: Sales down 29%, med price down 6%, DOM 99, up 4%.
YTD 09 vs 08: Sales down 16%, med price down 7%, DOM 98, up 4%.

Northeast Dallas (incl Lake Highlands):
Mar 09 vs 08: Sales down 48%, med price up 9%, DOM 72, down 6%.
YTD 09 vs 08: Sales down 35%, med price up 8%, DOM 73, up 4%.

Plano:
Mar 09 vs 08: Sales down 35%, med price down 3%, DOM 67, down 13%.
YTD 09 vs 08: Sales down 32%, med price down 8%, DOM 72, down 9%.

Frisco:
Mar 09 vs 08: Sales down 1%, med price down 3%, DOM 89, down 10%.
YTD 09 vs 08: Sales down 8%, med price up 1%, DOM 90, down 13%.

Richardson:
Mar 09 vs 08: Sales down 7%, med price down 5%, DOM 72, up 4%.
YTD 09 vs 08: Sales down 17%, med price down 6%, DOM 77, up 7%.

Southlake:
Mar 09 vs 08: Sales down 16%, med price up 9%, DOM 101, up 17%.
YTD 09 vs 08: Sales down 34%, med price down 7%, DOM 89, up 22%.

Coppell:
Mar 09 vs 08: Sales down 8%, med price down 7%, DOM 61, unchanged.
YTD 09 vs 08: Sales down 15%, med price down 4%, DOM 57, down 14%.

Allen:
Mar 09 vs 08: Sales down 22%, med price up 1%, DOM 88, down 7%.
YTD 09 vs 08: Sales down 31%, med price unchanged, DOM 93, down 3%.

Rockwall (incl Heath):
Mar 09 vs 08: Sales down 1%, med price down 2%, DOM 87, down 9%.
YTD 09 vs 08: Sales down 19%, med price down 8%, DOM 93, down 2%.

Here is a look at Single Family home sales by price category for YTD 2009 vs 2008:

$200-299K (14.7% of sales): down 26%, 11 months inventory
$300-399K (5.7% of sales): down 31%, 15 months inventory
$400-499K (2.6% of sales): down 31%, 18 months inventory
$500-599K (1.1% of sales): down 31%, 27 months inventory
$600-699K (0.6% of sales): down 38%, 34 months inventory
$700-799K (0.5% of sales): down 42%, 30 months inventory
$800-899K (0.2% of sales): down 13%, 37 months inventory
$900-999K (0.2% of sales): down 29%, 41 months inventory
$1MM and up (0.7% of sales): down 45%, 51 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2009 vs 2008.

$200-299K (15.5% of sales): 101 units vs 193 units year ago, 22 months inventory
$300-399K (5.4% of sales): 35 units vs 69 units year ago, 37 months
$400-499K (3.1% of sales): 20 units vs 23 units year ago, 39 months
$500-599K (0.8% of sales): 5 unit vs 20 units year ago, 103 months
$600-699K (0.3% of sales): 2 units vs 9 units year ago, 124 months
$700-799K (0.0% of sales): 0 units vs 2 units year ago, n/a months
$800-899K (0.5% of sales): 3 unit vs 6 units year ago, 57 months
$900-999K (0.3% of sales): 2 unit vs 3 year ago, 28 months
$1MM + (0.2% of sales): 1 unit vs 7 year ago, 402 months

Bob and Knoxie Edmonson
Allie Beth Allman & Associates
214-563-8540

Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
https://www.dallastexashomefinder.com/

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

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