Bob Edmonson's Dallas TX Property Values Blog: June 2008

For all of us looking for some "new" news in May, well, there really isn't much. May sales in Dallas were down 12% from year ago, extending the sales pattern of April and months before. For the year, sales are off 14%. Single Family homes sales numbered 7750 in May, and condos and townhomes sales numbered 439. Sometimes, with the continued negative sales results, it is easy to forget that homes are still selling and buyers are still buying. It is just happening at a slower pace. That's okay.

Average sales prices are up a few percentage points in some areas and down a few points in other areas. For the greater Dallas area, average sales prices were down 1% in May and year to date. For several months, going back to last year, the pattern in prices has been fairly flat for the area. Looking at trends, prices in the Uptown, Northwest Dallas and Frisco markets have been generally on an upward path. No market appears to be on a downhill run. One might think that with long term softness in sales, prices would be dragged downward, but that doesn't seem to be happening. Homes that are selling the fastest are homes which are in great condition, look great inside and out, and are well located. Those homes stand out in a field of 44,910 homes for sale across the area, homes buyers prefer and for which buyers are willing to pay a good price.

Then there is Frisco. What's going on there? Sales were up 2% in May, when all the other submarkets were down double digits. Average sales price was up 8% and is up a healthy 4% for the year. Clearly, Frisco has a lot of attractions, particularly for families. Frisco is the good news story for May. Maybe we can spread that magic to more market areas in June.

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. Scroll down for the "Sales by Price Category" info. DOM is short for Days on Market. Avg Price pertains to sales occurring in the period(s).

Overall Market (North Texas):
May 08 vs 07: Sales down 12%, avg price down 1%, DOM 79, up 14%.
YTD 08 vs 07: Sales down 14%, avg price down 1%, DOM 84, up 12%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):
May 08 vs 07: Sales down 26%, avg price up 6%, DOM 104, up 17%.
YTD 08 vs 07: Sales down 37%, avg price up 15%, DOM 111, up 9%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
May 08 vs 07: Sales down 12%, avg price down 14%, DOM 105, up 42%.
YTD 08 vs 07: Sales down 21%, avg price up 1%, DOM 95, up 42%.

East Dallas (incl M's and Lakewood):
May 08 vs 07: Sales down 21%, avg price down 2%, DOM 83, up 57%.
YTD 08 vs 07: Sales down 18%, avg price down 1%, DOM 108, up 86%.

North Dallas (South of LBJ):
May 08 vs 07: Sales down 13%, avg price down 1%, DOM 108, up 86%.
YTD 08 vs 07: Sales down 31%, avg price up 7%, DOM 97, up 39%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
May 08 vs 07: Sales down 23%, avg price down 6%, DOM 63, up 26%.
YTD 08 vs 07: Sales down 29%, avg price up 1%, DOM 74, up 32%.

Northwest Dallas:
May 08 vs 07: Sales down 32%, avg price up 33%, DOM 82, up 46%.
YTD 08 vs 07: Sales down 39%, avg price up 11%, DOM 86, up 32%.

Northeast Dallas (incl Lake Highlands):
May 08 vs 07: Sales down 14%, avg price unchanged, DOM 46, down 8%.
YTD 08 vs 07: Sales down 16%, avg price up 2%, DOM 60, up 9%.

Plano:
May 08 vs 07: Sales down 17%, avg price down 4%, DOM 58, up 23%.
YTD 08 vs 07: Sales down 12%, avg price up 2%, DOM 70, up 30%.

Frisco:
May 08 vs 07: Sales up 2%, avg price up 8%, DOM 92, up 51%.
YTD 08 vs 07: Sales down 7%, avg price up 4%, DOM 97, up 35%.

Richardson:
May 08 vs 07: Sales down 15%, avg price down 4%, DOM 67, up 56%.
YTD 08 vs 07: Sales down 15%, avg price down 5%, DOM 68, up 24%.

Southlake:
May 08 vs 07: Sales down 33%, avg price down 2%, DOM 57, up 19%.
YTD 08 vs 07: Sales down 31%, avg price up 2%, DOM 67, down 15%.

Here is a look at Single Family home sales by price category for YTD 2008 vs 2007:
$200-299K (15.8% of sales): down 13%, 8 months inventory
$300-399K (6.7% of sales): down 11%, 10 months inventory
$400-499K (3.0% of sales): down 10%, 12 months inventory
$500-599K (1.4% of sales): down 3%, 15 months inventory
$600-699K (0.8% of sales): down 19%, 18 months inventory
$700-799K (0.6% of sales): down 22%, 17 months inventory
$800-899K (0.3% of sales): down 30%, 24 months inventory
$900-999K (0.2% of sales): down 18%, 21 months inventory
$1MM and up (1.1% of sales): down 14%, 24 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2008 vs 2007. $200-299K (18.2% of sales): 341 units vs 372 units year ago, 10 months inventory
$300-399K (6.5% of sales): 121 units vs 159 units year ago, 18 months
$400-499K (2.4% of sales): 45 units vs 74 units year ago, 27 months
$500-599K (2.0% of sales): 38 units vs 35 units year ago, 20 months
$600-699K (0.9% of sales): 16 units vs 18 units year ago, 30 months
$700-799K (0.3% of sales): 6 units vs 7 units year ago, 36 months
$800-899K (0.3% of sales): 6 units vs 3 units year ago, 43 months
$900-999K (0.3% of sales): 6 units vs 5 year ago, 22 months
$1MM + (0.5% of sales): 9 units vs 9 year ago, 59 months

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Bob & Knoxie Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
http://www.DallasTexasHomefinder.com
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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