Bob Edmonson's Dallas TX Property Values Blog: Dallas Home Sales Stats for July

July numbers are in, and our pattern continues: sales down but prices stable. We saw close to 7400 homes sell in July, almost identical to June's volume. But, we had a nice 2% increase in overall average sales price, which is definitely reassuring given the problems other cities are facing. Dallas is also beginning to work off some of the inventory, as we had reductions of one month in the "month's inventory" figures in all but the highest price points. These are signs of a market's improving health. Of course, Dallas still receives good scores from various national publications when the housing market is discussed. A recent article touting Dallas in Forbes Magazine can be found at http://www.forbes.com/2008/07/14/housing-buyers-list-forbeslife-cx_md_0714bestbuy.html.

While sales in every price point from $200,000 to $1 million plus are down double digits from a year ago, it's good to see that the percentage change in sales is not down in all the markets surveyed. The Park Cities area, North Dallas and Frisco all reported increased sales activity in July vs year ago. Further, several areas showed higher average sales prices for July vs year ago (supporting the Overall Market figure), including East Dallas, North Dallas, Northwest Dallas, Frisco and Southlake. More good news.

It was August of 2007 when cracks started surfacing in the mortgage industry and were brought to the public's attention. We have endured a year of talk of subprime lending problems, issues with adjustable rate mortgages, home builders' problems, foreclosures and the like. Dallas did a good job of weathering that storm, and it might not be long before our sales comparisons to year ago figures start showing positive trends.

We'll keep an eye on it.

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):
Jul 08 vs 07: Sales down 16%, avg price up 2%, DOM 77, up 8%.
YTD 08 vs 07: Sales down 15%, avg price down 1%, DOM 82, up 12%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 08 vs 07: Sales down 13%, avg price down 8%, DOM 105, up 22%.
YTD 08 vs 07: Sales down 32%, avg price up 9%, DOM 107, up 9%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 08 vs 07: Sales up 22%, avg price down 1%, DOM 80, up 43%.
YTD 08 vs 07: Sales down 16%, avg price unchanged, DOM 91, up 38%.

East Dallas (incl M's and Lakewood):
Jul 08 vs 07: Sales down 11%, avg price up 4%, DOM 68, up 19%.
YTD 08 vs 07: Sales down 16%, avg price down 1%, DOM 76, up 25%.

North Dallas (South of LBJ):
Jul 08 vs 07: Sales up 4%, avg price up 7%, DOM 111, up 73%.
YTD 08 vs 07: Sales down 25%, avg price up 4%, DOM 96, up 39%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 08 vs 07: Sales down 32%, avg price down 7%, DOM 69, up 50%.
YTD 08 vs 07: Sales down 29%, avg price unchanged, DOM 73, up 33%.

Northwest Dallas:
Jul 08 vs 07: Sales down 12%, avg price up 1%, DOM 72, up 53%.
YTD 08 vs 07: Sales down 32%, avg price up 8%, DOM 77, up 28%.

Northeast Dallas (incl Lake Highlands):
Jul 08 vs 07: Sales down 29%, avg price down 4%, DOM 50, down 2%.
YTD 08 vs 07: Sales down 19%, avg price down 1%, DOM 57, up 10%.

Plano:
Jul 08 vs 07: Sales down 14%, avg price down 1%, DOM 67, up 37%.
YTD 08 vs 07: Sales down 15%, avg price unchanged, DOM 68, up 33%.

Frisco:
Jul 08 vs 07: Sales up 6%, avg price up 1%, DOM 83, up 14%.
YTD 08 vs 07: Sales down 5%, avg price up 1%, DOM 91, up 26%.

Richardson:
Jul 08 vs 07: Sales down 17%, avg price down 6%, DOM 53, up 2%.
YTD 08 vs 07: Sales down 20%, avg price down 5%, DOM 65, up 20%.

Southlake:
Jul 08 vs 07: Sales down 3%, avg price up 7%, DOM 63, up 31%.
YTD 08 vs 07: Sales down 21%, avg price up 2%, DOM 69, down 5%.

Here is a look at Single Family home sales by price category for YTD 2008 vs 2007:
$200-299K (16.4% of sales): down 14%, 7 months inventory
$300-399K (7.0% of sales): down 13%, 9 months inventory
$400-499K (3.1% of sales): down 14%, 11 months inventory
$500-599K (1.4% of sales): down 13%, 14 months inventory
$600-699K (0.9% of sales): down 18%, 16 months inventory
$700-799K (0.6% of sales): down 20%, 15 months inventory
$800-899K (0.3% of sales): down 32%, 22 months inventory
$900-999K (0.2% of sales): down 17%, 20 months inventory
$1MM and up (1.1% of sales): down 11%, 21 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2008 vs 2007
$200-299K (17.8% of sales): 485 units vs 534 units year ago, 10 months inventory
$300-399K (7.1% of sales): 193 units vs 257 units year ago, 16 months
$400-499K (2.5% of sales): 68 units vs 97 units year ago, 25 months
$500-599K (1.9% of sales): 52 units vs 53 units year ago, 20 months
$600-699K (0.7% of sales): 20 units vs 24 units year ago, 32 months
$700-799K (0.3% of sales): 7 units vs 9 units year ago, 45 months
$800-899K (0.3% of sales): 8 units vs 4 units year ago, 43 months
$900-999K (0.3% of sales): 8 units vs 7 year ago, 27 months
$1MM + (0.4% of sales): 11 units vs 15 year ago, 60 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