Dec 08 Stats for the Dallas Real Estate Market
January 28, 2009
The Dallas Real Estate Market Has The Lowest Sales Since January 2001
January 7, 2009
| Year | Month |
Sales |
% 1 Year Change | % 2 Year Change | Average Price | % 1 Year Change2 | Median Price | % 1 Year Change | Total Listings |
|
2006 |
Jan |
3,457 |
$197,000 |
$149,600 |
26,232 |
||||
|
2006 |
Feb |
4,311 |
$199,600 |
$154,100 |
26,793 |
||||
|
2006 |
Mar |
5,883 |
$204,000 |
$154,900 |
27,795 |
||||
|
2006 |
Apr |
5,332 |
$202,400 |
$154,800 |
29,147 |
||||
|
2006 |
May |
6,410 |
$219,600 |
$164,500 |
29,775 |
||||
|
2006 |
Jun |
7,117 |
$217,300 |
$163,400 |
30,323 |
||||
|
2006 |
Jul |
5,965 |
$215,100 |
$164,000 |
31,191 |
||||
|
2006 |
Aug |
6,344 |
$210,700 |
$158,300 |
30,770 |
||||
|
2006 |
Sep |
5,052 |
$194,600 |
$150,200 |
31,030 |
||||
|
2006 |
Oct |
5,033 |
$200,800 |
$152,300 |
30,258 |
||||
|
2006 |
Nov |
4,585 |
$205,000 |
$154,900 |
29,060 |
||||
|
2006 |
Dec |
4,737 |
$209,600 |
$156,300 |
27,369 |
||||
|
2007 |
Jan |
3,626 |
4.89% |
$201,800 |
2.44% |
$149,300 |
-0.20% |
28,328 |
|
|
2007 |
Feb |
4,248 |
-1.46% |
$202,800 |
1.60% |
$153,500 |
-0.39% |
29,121 |
|
|
2007 |
Mar |
5,726 |
-2.67% |
$215,700 |
5.74% |
$158,200 |
2.13% |
31,281 |
|
|
2007 |
Apr |
5,252 |
-1.50% |
$221,900 |
9.63% |
$164,100 |
6.01% |
32,787 |
|
|
2007 |
May |
6,092 |
-4.96% |
$225,000 |
2.46% |
$163,000 |
-0.91% |
33,283 |
|
|
2007 |
Jun |
6,207 |
-12.79% |
$230,700 |
6.17% |
$169,100 |
3.49% |
33,624 |
|
|
2007 |
Jul |
6,111 |
2.45% |
$217,800 |
1.26% |
$163,700 |
-0.18% |
33,414 |
|
|
2007 |
Aug |
6,041 |
-4.78% |
$224,100 |
6.36% |
$165,700 |
4.67% |
32,915 |
|
|
2007 |
Sep |
4,069 |
-19.46% |
$208,200 |
6.99% |
$157,500 |
4.86% |
32,907 |
|
|
2007 |
Oct |
4,396 |
-12.66% |
$205,600 |
2.39% |
$153,500 |
0.79% |
32,079 |
|
|
2007 |
Nov |
4,124 |
-10.05% |
$215,500 |
5.12% |
$155,400 |
0.32% |
30,563 |
|
|
2007 |
Dec |
3,803 |
-19.72% |
$214,100 |
2.15% |
$153,700 |
-1.66% |
27,649 |
|
|
2008 |
Jan |
3,207 |
-11.56% |
-7.23% |
$196,300 |
-2.73% |
$146,000 |
-2.21% |
28,933 |
|
2008 |
Feb |
3,867 |
-8.97% |
-10.30% |
$199,800 |
-1.48% |
$147,400 |
-3.97% |
29,206 |
|
2008 |
Mar |
4,488 |
-21.62% |
-23.71% |
$214,200 |
-0.70% |
$159,500 |
0.82% |
30,124 |
|
2008 |
Apr |
4,750 |
-9.56% |
-10.92% |
$215,800 |
-2.75% |
$157,500 |
-4.02% |
30,471 |
|
2008 |
May |
5,177 |
-15.02% |
-19.24% |
$220,100 |
-2.18% |
$162,000 |
-0.61% |
30,340 |
|
2008 |
Jun |
5,147 |
-17.08% |
-27.68% |
$218,400 |
-5.33% |
$164,400 |
-2.78% |
30,340 |
|
2008 |
Jul |
5,097 |
-16.59% |
-14.55% |
$220,500 |
1.24% |
$163,200 |
-0.31% |
29,724 |
|
2008 |
Aug |
4,863 |
-19.50% |
-23.34% |
$216,100 |
-3.57% |
$159,200 |
-3.92% |
28,367 |
|
2008 |
Sep |
4,213 |
3.54% |
-16.61% |
$204,900 |
-1.59% |
$150,600 |
-4.38% |
27,406 |
|
2008 |
Oct |
3,502 |
-20.34% |
-30.42% |
$207,500 |
0.92% |
$154,100 |
0.39% |
26,563 |
|
2008 |
Nov |
2,776 |
-32.69% |
-39.45% |
$200,300 |
-7.05% |
$144,100 |
-7.27% |
26,573 |
The Dallas real estate market posted some enormous drops during 2008. September 2008 was literally the only month which saw any gain over it’s 2007 counterpart, and this gain was a paltry 3.54 percent. Every other month saw declines. February and April were the only months with single digit decline, at 8.97 percent and 9.56 percent, respectively. The largest drop was in November 2008. This month was 32.69 percent lower than it had been in 2007.
The two year drop was even more startling. January 2008 was 7.23 percent lower than January 2006, and this was the smallest decline. Every other month posted double digit declines, which ranged from 10.3 percent in February to 39.45 percent in November.
Not only did the number of sales decrease, but the mean and median housing costs decreased for November 2008, too. The mean sales price dropped over 7 percent to $200,300 and the median dropped 7.27 percent to $144,100. November was the biggest drop for all months in 2008 for both the mean and median housing prices.
| Price Range |
Percent Distribution |
# of Sales |
|||
|
2007 |
2008e |
2007 |
2008 |
Change | |
| $29,999 or less |
1.5 |
2.3 |
895.425 |
1083.001 |
20.95% |
| 30,000 - 39,999 |
1.4 |
2.1 |
835.73 |
988.827 |
18.32% |
| 40,000 - 49,999 |
1.9 |
2.4 |
1134.205 |
1130.088 |
-0.36% |
| 50,000 - 59,999 |
2.2 |
2.4 |
1313.29 |
1130.088 |
-13.95% |
| 60,000 - 69,999 |
2.5 |
2.7 |
1492.375 |
1271.349 |
-14.81% |
| 70,000 - 79,999 |
3.1 |
3.5 |
1850.545 |
1648.045 |
-10.94% |
| 80,000 - 89,999 |
3.8 |
4 |
2268.41 |
1883.48 |
-16.97% |
| 90,000 - 99,999 |
4 |
4 |
2387.8 |
1883.48 |
-21.12% |
| Under 100k |
20.4 |
23.4 |
12177.78 |
11018.358 |
-9.52% |
| 100,000 - 119,999 |
9.3 |
8.6 |
5551.635 |
4049.482 |
-27.06% |
| 120,000 - 139,999 |
10.9 |
10.4 |
6506.755 |
4897.048 |
-24.74% |
| 140,000 - 159,999 |
9.6 |
9 |
5730.72 |
4237.83 |
-26.05% |
| 100-160k |
29.8 |
28 |
17789.11 |
13184.36 |
-25.89% |
| 160,000 - 179,999 |
8.6 |
8.1 |
5133.77 |
3814.047 |
-25.71% |
| 180,000 - 199,999 |
6.4 |
6.2 |
3820.48 |
2919.394 |
-23.59% |
| 200,000 - 249,999 |
10.9 |
10.8 |
6506.755 |
5085.396 |
-21.84% |
| 250,000 - 299,999 |
7.2 |
7.2 |
4298.04 |
3390.264 |
-21.12% |
| 300,000 - 399,999 |
8.1 |
7.8 |
4835.295 |
3672.786 |
-24.04% |
| 400,000 - 499,999 |
3.3 |
3.3 |
1969.935 |
1553.871 |
-21.12% |
| 500,000 and more |
5.4 |
5.2 |
3223.53 |
2448.524 |
-24.04% |
While reviewing the percentage of sales for each price range, it is obvious why both the mean and the median home prices have dropped off over the past year. The only price ranges where home sales have increased are homes under $29,999 and homes between $30k and $39,999. Both of these fractions are up by about 20 percent. The rest of the divisions show double digit drops in every category, but $40-49,999. Home under $100,000 dropped by almost ten percent, even with the gains seen in homes under $40,000.
The largest decline occurs with homes priced from $100k to $119,999. These dropped by 26.05 percent. Homes between 100k and 160k had sales decline by over 25 percent.