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

The winning streak continued in September, with Dallas area home sales posting a 14% increase over year-ago September sales. September marked the 4th consecutive month of double-digit sales gains in the greater Dallas area. As I mentioned last month, the typical sales pattern was distorted by last year's federal tax credit, which pumped up sales in the first half of 2010 and pulled down sales in the 3rd quarter. Looking at the submarket year-to-date sales figures, the distortion has almost washed through, and we should be back to "normal" year-over-year comparisons when October's numbers are available. In addition to favorable sales activity, median sales prices are even with last year, which is a lot better than one might have thought given the constant negative news bombardment nationally.

Home sales are benefitting from the lowest mortgage interest rate environment in decades. Rates hit a modern times low in early October, touching 3 7/8% for 30-year fixed conventional loans. Rates are slightly higher as I write this, but still remarkably low. This fact, along with soft prices, has created the highest housing affordability reading since 2004. Our housing inventory is the lowest it has been since the first quarter of 2005, the result of fewer listings and miniscule new home construction. Home builders and lot developers are now beginning to stir as a result of this low inventory and high affordability. Check out the set of graphs in this link, which help to describe these trends.

With pending sales up slightly in September, I am encouraged that October sales will continue the string of positive year-over-year changes in sales. And, with record low interest rates, the ingredients are there for buyers who have the ability to buy.

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):
Sep 11 vs 10: Sales up 14%, med price up 2%, DOM 88, up 10%.
YTD 11 vs 10: Sales down 3%, med price unchanged, DOM 89, up 16%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Sep 11 vs 10: Sales up 16%, med price down 25%, DOM 102, up 6%.
YTD 11 vs 10: Sales up 5%, med price down 1%, DOM 122, up 14%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Sep 11 vs 10: Sales down 10%, med price down 31%, DOM 138, up 3%.
YTD 11 vs 10: Sales up 2%, med price down 1%, DOM 100, down 15%.

East Dallas (incl M's and Lakewood):
Sep 11 vs 10: Sales up 3%, med price up 11%, DOM 82, down 15%.
YTD 11 vs 10: Sales down 1%, med price up 12%, DOM 93, up 31%.

North Dallas (South of LBJ):
Sep 11 vs 10: Sales up 10%, med price up 5%, DOM 97, down 36%.
YTD 11 vs 10: Sales up 3%, med price down 1%, DOM 111, down 13%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Sep 11 vs 10: Sales up 11%, med price down 6%, DOM 80, down 11%.
YTD 11 vs 10: Sales up 1%, med price unchanged, DOM 84, up 6%.

Northwest Dallas:
Sep 11 vs 10: Sales up 15%, med price down 27%, DOM 78 up 1%.
YTD 11 vs 10: Sales down 2%, med price down 4%, DOM 88, up 28%.

Northeast Dallas (incl Lake Highlands):
Sep 11 vs 10: Sales up 58%, med price down 21%, DOM 59, up 23%.
YTD 11 vs 10: Sales up 13%, med price down 9%, DOM 74, up 25%.

Plano:
Sep 11 vs 10: Sales up 24%, med price unchanged, DOM 76, up 23%.
YTD 11 vs 10: Sales up 3%, med price unchanged, DOM 76, up 21%.

Frisco:
Sep 11 vs 10: Sales up 34%, med price up 6%, DOM 70, up 3%.
YTD 11 vs 10: Sales up 6%, med price up 3%, DOM 76, up 13%.

Richardson:
Sep 11 vs 10: Sales up 23%, med price up 2%, DOM 77, up 35%.
YTD 11 vs 10: Sales up 4%, med price down 2%, DOM 74, up 42%.

Southlake:
Sep 11 vs 10: Sales up 29%, med price up 17%, DOM 98, up 9%.
YTD 11 vs 10: Sales up 3%, med price down 1%, DOM 86, down 7%.

Coppell:
Sep 11 vs 10: Sales down 9%, med price down 9%, DOM 94, up 40%.
YTD 11 vs 10: Sales up 3%, med price up 1%, DOM 68, up 28%.

Allen:
Sep 11 vs 10: Sales up 8%, med price down 7%, DOM 70, up 11%.
YTD 11 vs 10: Sales down 4%, med price unchanged, DOM 72, up 11%.

Rockwall (incl Heath):
Sep 11 vs 10: Sales up 5%, med price up 2%, DOM 108, up 59%.
YTD 11 vs 10: Sales down 3%, med price down 2%, DOM 100, up 19%.

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 10%, 8 months inventory
$500-599K (1.6% of sales): up 14%, 10 months inventory
$600-699K (1.1% of sales): up 18%, 11 months inventory
$700-799K (0.6% of sales): down 1%, 13 months inventory
$800-899K (0.4% of sales): down 6%, 14 months inventory
$900-999K (0.3% of sales): up 35%, 15 months inventory
$1MM and up (1.0% of sales): up 5%, 18 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2011 vs 2010.
$200-299K (13.6% of sales): 389 units vs 422 units year ago, 12 months inventory
$300-399K (6.2% of sales): 176 units vs 161 units year ago, 11 months
$400-499K (2.2% of sales): 64 units vs 61 units year ago, 20 months
$500-599K (1.2% of sales): 34 units vs 35 units year ago, 21 months
$600-699K (0.6% of sales): 17 units vs 22 units year ago, 22 months
$700-799K (0.5% of sales): 15 units vs 11 units year ago, 15 months
$800-899K (0.2% of sales): 6 units vs 7 units year ago, 38 months
$900-999K (0.2% of sales): 5 units vs 7 units year ago, 40 months
$1MM + (0.9% of sales): 26 units vs 28 units year ago, 29 months

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

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