Bob Edmonson's Dallas TX Property Values Blog: September 2011

The Dallas area recorded another big gain in home sales, up 27% versus year ago August. This follows the 18% gain in July vs year ago sales figures. These are great results, but we are still working against the distortion in the normal sales pattern of last year, when we were paying people to buy homes, aka the tax credit for first time home buyers. That tax credit shifted sales to the spring months, leaving last year's summer sales at more depressed levels. Year to date, we are still 4% behind last year's sales volume, with median sales prices unchanged. While the market is still pretty sluggish, the higher end homes are moving pretty well, given record low jumbo mortgage rates. The spread between jumbo loan rates (5%) and conventional loan rates (4 1/2%) is not so great, and savvy buyers of higher priced homes are taking advantage of this unique situation of lower home prices and record low mortgage rates.

Submarkets with both sales and median sales prices up for the 8 months year to date include the Uptown/Oak Lawn area, Frisco, Coppell and Allen markets. Submarkets where sales were up but median prices flat vs year ago include Park Cities, North Dallas, Far North Dallas and Plano. Submarkets where year-to-date sales are still lower than last year include Northwest Dallas, East Dallas and Rockwall.

For a more graphical look at the historical trends in our marketplace, I have included a link to a new feature in this blog. The graphs lag the raw data I report below by a month, but it is still quite descriptive of the longer term activity here.

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):
Aug 11 vs 10: Sales up 27%, med price up 2%, DOM 86, up 10%.
YTD 11 vs 10: Sales down 4%, med price unchanged, DOM 89, up 16%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Aug 11 vs 10: Sales up 78%, med price up 20%, DOM 135, up 38%.
YTD 11 vs 10: Sales up 5%, med price up 2%, DOM 124, up 15%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Aug 11 vs 10: Sales up 49%, med price down 11%, DOM 91, down 28%.
YTD 11 vs 10: Sales up 4%, med price unchanged, DOM 97, down 17%.

East Dallas (incl M's and Lakewood):
Aug 11 vs 10: Sales up 45%, med price up 2%, DOM 96, up 37%.
YTD 11 vs 10: Sales down 2%, med price up 13%, DOM 94, up 36%.

North Dallas (South of LBJ):
Aug 11 vs 10: Sales up 28%, med price down 5%, DOM 95, down 30%.
YTD 11 vs 10: Sales up 3%, med price unchanged, DOM 112, down 10%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Aug 11 vs 10: Sales up 40%, med price down 5%, DOM 80, down 14%.
YTD 11 vs 10: Sales up 2%, med price unchanged, DOM 85, up 10%.

Northwest Dallas:
Aug 11 vs 10: Sales up 39%, med price up 6%, DOM 103, up 26%.
YTD 11 vs 10: Sales down 2%, med price down 2%, DOM 89, up 31%.

Northeast Dallas (incl Lake Highlands):
Aug 11 vs 10: Sales up 59%, med price down 21%, DOM 90, up 55%.
YTD 11 vs 10: Sales up 11%, med price down 7%, DOM 76, up 27%.

Plano:
Aug 11 vs 10: Sales up 46%, med price up 1%, DOM 72, up 13%.
YTD 11 vs 10: Sales up 1%, med price unchanged, DOM 67, up 21%.

Frisco:
Aug 11 vs 10: Sales up 25%, med price up 11%, DOM 70, up 4%.
YTD 11 vs 10: Sales up 3%, med price up 2%, DOM 76, up 13%.

Richardson:
Aug 11 vs 10: Sales up 6%, med price up 1%, DOM 70, up 27%.
YTD 11 vs 10: Sales up 3%, med price down 3%, DOM 73, up 43%.

Southlake:
Aug 11 vs 10: Sales up 58%, med price up 12%, DOM 85, up 37%.
YTD 11 vs 10: Sales up 1%, med price down 2%, DOM 84, down 9%.

Coppell:
Aug 11 vs 10: Sales up 10%, med price up 20%, DOM 57, up 4%.
YTD 11 vs 10: Sales up 6%, med price up 2%, DOM 66, up 27%.

Allen:
Aug 11 vs 10: Sales up 22%, med price down 12%, DOM 64, down 6%.
YTD 11 vs 10: Sales up 3%, med price up 2%, DOM 76, up 13%.

Rockwall (incl Heath):
Aug 11 vs 10: Sales down 1%, med price unchanged, DOM 98, up 24%.
YTD 11 vs 10: Sales down 3%, med price down 2%, DOM 100, up 20%.

Here is a look at Single Family home sales by price category for YTD 2011 vs 2010:

$200-299K (17.0% of sales): down 3%, 7 months inventory
$300-399K (7.2% of sales): unchanged, 8 months inventory
$400-499K (3.3% of sales): up 8%, 9 months inventory
$500-599K (1.7% of sales): up 13%, 10 months inventory
$600-699K (1.1% of sales): up 17%, 11 months inventory
$700-799K (0.6% of sales): down 4%, 14 months inventory
$800-899K (0.4% of sales): down 3%, 14 months inventory
$900-999K (0.3% of sales): up 50%, 14 months inventory
$1MM and up (1.0% of sales): up 8%, 18 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2011 vs 2010.
$200-299K (13.9% of sales): 349 units vs 382 units year ago, 11 months inventory
$300-399K (6.3% of sales): 158 units vs 146 units year ago, 11 months
$400-499K (2.2% of sales): 56 units vs 58 units year ago, 19 months
$500-599K (1.2% of sales): 31 units vs 31 units year ago, 22 months
$600-699K (0.6% of sales): 16 units vs 19 units year ago, 19 months
$700-799K (0.5% of sales): 13 units vs 9 units year ago, 17 months
$800-899K (0.2% of sales): 6 units vs 6 units year ago, 33 months
$900-999K (0.2% of sales): 5 units vs 4 units year ago, 32 months
$1MM + (1.0% of sales): 25 units vs 18 units year ago, 25 months

Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540

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