Minor gain from January doesn’t mask major loss from 2008
March 28, 2009
Dallas sales were up from January; however, the 2916 homes sold were 25 percent lower than in February 2008 and 31.4 percent lower than February 2007. January was the worst month seen in years; however, the 665 additional homes sold this month don’t change the reality that February’s sub-3000 sales were the third lowest number of sales in the past two years, and only the third time Dallas has had sales under 3000 homes.
The average price is the second lowest in our two year snap shot. February’s $188,900 price is 5.5 percent lower than in 2008. The price did gain on the $179,100 average price last month, but is lower than the $199,800 seen last February. The median price fared a little better. It is up from January 2009, and down only 1 percent from last year. The median price for the Dallas real estate market was $145,900.
Dallas sales the worst since January 1999
February 25, 2009
Dallas had 2241 sales in January 2009. This is the lowest number of home sales posted for the city since January 1999, which had 2149. This number is down 30.12 percent from one year ago, and 38.2 percent from two years ago. It is important to point out January 2008 had particularly low sales, too. That month posted 3207, and it was lower than every month since January 2005. This only highlights how low the sales were for January 2009.
Not only were sales low, but also sales prices were low, too. The mean price was down 8.76 from a year ago at $179,100, and the median price was down 5.41 from January 2008 to $138,100. Not only are these prices down from last year, they are the lowest prices in the two year snap shot period. The last time the average price was at or below $179,100 was January 2003, and the median price has not been this low since January 2001.
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.