May was another very good month for home sales throughout the Dallas area, as expected. The 18% increase in sales for Dallas overall reflected the impact of the federal tax credit and the usual bump associated with the Spring Market. There were healthy year-over-year increases in all but two markets I track, Plano and Coppell. All of the submarkets in this report were ahead of last year's volume for the first five months of the year. This three month buying spree as reflected by "closings" will likely continue into June, which is the deadline for closing on those spring contracts. Historically, sales peak in June, with activity tapering off during the summer months. There is no reason to believe 2010 will be different, but mortgage interest rates are expected to continue to hover near or at their historic lows, presenting a great buying opportunity.
In some parts of town, these higher sales numbers were accompanied by higher median prices, including Park Cities, Frisco and Rockwall/Heath. Plano and Coppell, where sales were down vs May 2009, had higher median prices as well. As I have mentioned before, higher median prices mean that more higher priced homes sold during that period vs lower priced homes in those markets, not that home values have risen (or fallen). Overall, for Dallas year-to-date, median sales prices are up 4% for the year, which is quite typical for Dallas. See how
Dallas compares on this measure with other cities around the country.
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):
May 10 vs 09: Sales up 18%, med price up 2%, DOM 73, down 8%.
YTD 10 vs 09: Sales up 12%, med price up 4%, DOM 77, down 8%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
May 10 vs 09: Sales up 12%, med price up 5%, DOM 118, up 24%.
YTD 10 vs 09: Sales up 24%, med price up 5%, DOM 104, down 1%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
May 10 vs 09: Sales up 38%, med price up 13%, DOM 124, up 22%.
YTD 10 vs 09: Sales up 73%, med price down 3%, DOM 112, up 3%.
East Dallas (incl M's and Lakewood):
May 10 vs 09: Sales up 22%, med price down 7%, DOM 63, down 11%.
YTD 10 vs 09: Sales up 6%, med price up 9%, DOM 67, down 13%.
North Dallas (South of LBJ):
May 10 vs 09: Sales up 9%, med price down 5%, DOM 102, up 10%.
YTD 10 vs 09: Sales up 46%, med price down 2%, DOM 119, up 12%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
May 10 vs 09: Sales up 32%, med price unchanged, DOM 61, unchanged.
YTD 10 vs 09: Sales up 8%, med price unchanged, DOM 76, down 3%.
Northwest Dallas:
May 10 vs 09: Sales up 13%, med price down 3%, DOM 55, down 30%.
YTD 10 vs 09: Sales up 27%, med price up 1%, DOM 68, down 24%.
Northeast Dallas (incl Lake Highlands):
May 10 vs 09: Sales up 10%, med price down 2%, DOM 61, up 7%.
YTD 10 vs 09: Sales up 14%, med price up 4%, DOM 61, down 5%.
Plano:
May 10 vs 09: Sales down 5%, med price up 2%, DOM 57, up 8%.
YTD 10 vs 09: Sales up 3%, med price down 1%, DOM 62, down 6%.
Frisco:
May 10 vs 09: Sales up 25%, med price up 5%, DOM 56, down 26%.
YTD 10 vs 09: Sales up 8%, med price up 1%, DOM 66, down 23%.
Richardson:
May 10 vs 09: Sales up 10%, med price down 2%, DOM 48, down 8%.
YTD 10 vs 09: Sales up 13%, med price up 3%, DOM 48, down 28%.
Southlake:
May 10 vs 09: Sales up 9%, med price unchanged, DOM 110, down 2%.
YTD 10 vs 09: Sales up 24%, med price down 4%, DOM 108, up 6%.
Coppell:
May 10 vs 09: Sales down 11%, med price up 12%, DOM 49, up 9%.
YTD 10 vs 09: Sales up 5%, med price up 12%, DOM 52, up 2%.
Allen:
May 10 vs 09: Sales up 51%, med price down 8%, DOM 54, down 22%.
YTD 10 vs 09: Sales up 28%, med price up 2%, DOM 66, down 22%.
Rockwall (incl Heath):
May 10 vs 09: Sales up 34%, med price up 8%, DOM 65, down 31%.
YTD 10 vs 09: Sales up 28%, med price up 2%, DOM 66, down 22%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (16.5% of sales): up 21%, 7 months inventory
$300-399K (6.5% of sales): up 17%, 11 months inventory
$400-499K (2.7% of sales): up 11%, 15 months inventory
$500-599K (1.2% of sales): up 8%, 18 months inventory
$600-699K (0.8% of sales): up 31%, 20 months inventory
$700-799K (0.4% of sales): up 23%, 25 months inventory
$800-899K (0.4% of sales): up 68%, 19 months inventory
$900-999K (0.2% of sales): down 10%, 36 months inventory
$1MM and up (0.9% of sales): up 30%, 28 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009.
$200-299K (13.9% of sales): 230 units vs 223 units year ago, 14 months inventory
$300-399K (5.3% of sales): 88 units vs 82 units year ago, 22 months
$400-499K (2.3% of sales): 38 units vs 32 units year ago, 22 months
$500-599K (1.3% of sales): 21 units vs 13 units year ago, 25 months
$600-699K (0.5% of sales): 8 units vs 3 units year ago, 34 months
$700-799K (0.2% of sales): 4 units vs 3 units year ago, 51 months
$800-899K (0.2% of sales): 3 units vs 5 units year ago, 52 months
$900-999K (0.1% of sales): 2 unit vs 2 units year ago, 45 months
$1MM + (0.9% of sales): 15 units vs 5 units year ago, 35 months
Bob and Knoxie Edmonson
Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
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
# posted by
Bob Edmonson @ 3:18 PM
