After two consecutive months (April and May) with home sales running 15% below year ago levels, June came in even with last year, putting at least a temporary halt to the sales slowdown across the Metroplex. You recall that the 2010 housing credit offered by the federal government skewed the sales pattern last year, boosting sales in late spring. It was extended into the summer at the last minute, but not until most home buyers had already moved to take advantage of the credit and close their home purchases in April and May. Some of those spring sales took a bite out of June 2010's expected sales, helping to create this flat June over June performance.
At the current sales pace, we still have 8 to 20 months inventory of single family homes, depending on the price point. Longer for condominiums. But in June, we saw a 1-month trimming of that inventory in almost every price category, a very good sign. While the month's inventory is beginning to drop a bit, the days on market is still increasing in most areas. Only Park Cities, North Dallas and Frisco showed declines in the average number of days to sell in June. Year to date, Park Cities, North Dallas and Southlake are taking a little less time to sell.
Median sales prices for Dallas (overall) were up 1% in June and unchanged year to date from last year at this time. The "average" sales price is up 4% year to date over 2010. Reports in the papers this week that Dallas has seen a 4.7% decline in home prices this year, based on Case-Shiller index data, continues to puzzle me. Texas is a non-reporting state, meaning that sales prices are not recorded for public record. I wonder where they come up with these numbers. Of the 14 sub areas I track, East Dallas' median sales prices are up 16% this year; all the other markets are in single digits up/down, or unchanged (Far North Dallas and Coppell).
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):
Jun 11 vs 10: Sales unchanged, med price up 1%, DOM 85, up 16%.
YTD 11 vs 10: Sales down 12%, med price unchanged, DOM 90, up 19%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jun 11 vs 10: Sales down 35%, med price up 17%, DOM 125, up 19%.
YTD 11 vs 10: Sales down 11%, med price up 4%, DOM 124, up 20%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jun 11 vs 10: Sales down 14%, med price up 11%, DOM 110, down 9%.
YTD 11 vs 10: Sales up 1%, med price up 2%, DOM 100, down 12%.
East Dallas (incl M's and Lakewood):
Jun 11 vs 10: Sales down 2%, med price up 19%, DOM 97, up 47%.
YTD 11 vs 10: Sales down 11%, med price up 16%, DOM 97, up 45%.
North Dallas (South of LBJ):
Jun 11 vs 10: Sales down 16%, med price up 9%, DOM 90, down 22%.
YTD 11 vs 10: Sales up 1%, med price up 5%, DOM 114, down 3%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jun 11 vs 10: Sales up 42%, med price down 9%, DOM 71, up 3%.
YTD 11 vs 10: Sales down 7%, med price unchanged, DOM 86, up 13%.
Northwest Dallas:
Jun 11 vs 10: Sales down 27%, med price up 3%, DOM 74, up 9%.
YTD 11 vs 10: Sales down 17%, med price down 4%, DOM 84, up 25%.
Northeast Dallas (incl Lake Highlands):
Jun 11 vs 10: Sales up 17%, med price down 7%, DOM 74, up 28%.
YTD 11 vs 10: Sales down 1%, med price down 5%, DOM 74, up 21%.
Plano:
Jun 11 vs 10: Sales unchanged, med price down 2%, DOM 65, unchanged.
YTD 11 vs 10: Sales down 6%, med price up 2%, DOM 81, up 29%.
Frisco:
Jun 11 vs 10: Sales up 12%, med price down 10%, DOM 61, down 12%.
YTD 11 vs 10: Sales down 5%, med price up 1%, DOM 78, up 18%.
Richardson:
Jun 11 vs 10: Sales up 10%, med price down 2%, DOM 73, up 24%.
YTD 11 vs 10: Sales down 1%, med price down 3%, DOM 75, up 47%.
Southlake:
Jun 11 vs 10: Sales up 36%, med price down 15%, DOM 84, up 1%.
YTD 11 vs 10: Sales down 12%, med price up 3%, DOM 92, down 15%.
Coppell:
Jun 11 vs 10: Sales up 59%, med price up 9%, DOM 57, up 24%.
YTD 11 vs 10: Sales down 1%, med price unchanged, DOM 70, up 37%.
Allen:
Jun 11 vs 10: Sales up 7%, med price up 3%, DOM 73, up 28%.
YTD 11 vs 10: Sales down 12%, med price up 3%, DOM 75, up 15%.
Rockwall (incl Heath):
Jun 11 vs 10: Sales down 12%, med price up 1%, DOM 98, up 13%.
YTD 11 vs 10: Sales down 8%, med price up 1%, DOM 101, up 22%.
Here is a look at Single Family home sales by price category for YTD 2011 vs 2010:
$200-299K (16.9% of sales): down 10%, 8 months inventory
$300-399K (7.2% of sales): down 4%, 10 months inventory
$400-499K (3.2% of sales): up 3%, 11 months inventory
$500-599K (1.6% of sales): up 7%, 13 months inventory
$600-699K (1.1% of sales): up 12%, 14 months inventory
$700-799K (0.6% of sales): down 6%, 16 months inventory
$800-899K (0.4% of sales): down 6%, 16 months inventory
$900-999K (0.3% of sales): up 64%, 16 months inventory
$1MM and up (1.1% of sales): up 7%, 20 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2011 vs 2010.
$200-299K (13.5% of sales): 237 units vs 304 units year ago, 14 months inventory
$300-399K (6.7% of sales): 118 units vs 112 units year ago, 12 months
$400-499K (2.2% of sales): 38 units vs 46 units year ago, 22 months
$500-599K (1.4% of sales): 24 units vs 26 units year ago, 22 months
$600-699K (0.8% of sales): 17 units vs 12 units year ago, 18 months
$700-799K (0.6% of sales): 11 units vs 5 units year ago, 13 months
$800-899K (0.3% of sales): 6 units vs 4 units year ago, 25 months
$900-999K (0.3% of sales): 3 units vs 2 units year ago, 38 months
$1MM + (1.1% of sales): 19 units vs 16 units year ago, 25 months
Bob EdmonsonAllie Beth Allman & Assoc.
(214)563-8540
Dallas TX Homefinder WebsiteDallas TX Home Values Blog---
Dallas TX Homes for Sale, Condos and Real EstateHighland Park Real Estate,
University Park Real Estate,
Uptown Dallas Real Estate,
M-Streets Real Estate
# posted by
Bob Edmonson @ 6:47 PM
