Another month, another home sales record. August home sales rose 9% over last year’s August numbers (just as did July’s prices), with 11,253 homes sold. And median sales prices were 9% higher, continuing their upward march.
Not all the submarkets I track in this report are experiencing higher sales than last year: Year to date, Cedar Hill, -14%, Uptown/Oak Lawn, -7%, M Streets and Lakewood, -4%, Richardson, -2% and Lake Highlands, -1%. In some cases, the problem is low inventory, and in others, it’s price resistance. It’s not for lack of demand. Sales in every price point for single family homes priced above $200,000 is up double digits year to date for the North Texas market, averaging 25% higher sales.
The big question for the Fall is how and if the Dallas market will be affected by Harvey’s aftermath. With labor already in short supply in the new construction arena, and the inevitable increase in prices for concrete, lumber, roofing materials, etc, new construction in our area may slow considerably, not something we need. (We are now only building 50% of our historic rate). Short term, we may see crews in Houston heading north to stay busy until the mess is cleaned up and ready for building. At that point, crews in Dallas, or individual laborers, may see a better opportunity in Houston. We’ll see how this unfolds soon.
With fewer new homes being built here, resales will likely become pricer still, and apartments may fill up faster than expected. Could be a good time to buy?
Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Aug 17 vs 16: Sales up 9%, med price up 9%, DOM 39, up 3%.
YTD 17 vs 16: Sales up 5%, med price up 10%, DOM 41, down 2%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Aug 17 vs 16: Sales up 8%, med price up 5%, DOM 35, unchanged.
YTD 17 vs 16: Sales down 7%, med price up 15%, DOM 48, up 30%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Aug 17 vs 16: Sales up 39%, med price up 17%, DOM 88, up 16%.
YTD 17 vs 16: Sales up 21%, med price down 1%, DOM 70, up 13%.
East Dallas (incl M’s and Lakewood):
Aug 17 vs 16: Sales down 6%, med price up 1%, DOM 32, down 6%.
YTD 17 vs 16: Sales down 4%, med price up 7%, DOM 34, down 3%.
North Dallas (South of LBJ):
Aug 17 vs 16: Sales down 5%, med price down 3%, DOM 62, down 9%.
YTD 17 vs 16: Sales up 14%, med price up 11%, DOM 59, up 5%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Augl 17 vs 16: Sales up 15%, med price up 8%, DOM 30, down 21%.
YTD 17 vs 16: Sales up 4%, med price up 7%, DOM 37, up 9%.
Northwest Dallas:
Aug 17 vs 16: Sales up 5%, med price up 8%, DOM 34, up 21%.
YTD 17 vs 16: Sales up 4%, med price up 15%, DOM 36, up 6%.
Northeast Dallas (incl Lake Highlands):
Aug 17 vs 16: Sales up 3%, med price unchanged, DOM 30, up 3%.
YTD 17 vs 16: Sales down 1%, med price up 5%, DOM 32, down 11%.
Plano:
Aug 17 vs 16: Sales down 5%, med price up 7%, DOM 27, up 23%.
YTD 17 vs 16: Sales up 4%, med price up 9%, DOM 30, up 7%.
Frisco:
Aug 17 vs 16: Sales down 3%, med price up 1%, DOM 44, up 26%.
YTD 17 vs 16: Sales up 6%, med price up 4%, DOM 44, up 19%.
Richardson:
Aug 17 vs 16: Sales down 4%, med price up 15% 6%, DOM 22, down 8%.
YTD 17 vs 16: Sales down 2%, med price up 10%, DOM 21, down 9%.
Southlake:
Aug 17 vs 16: Sales up 22%, med price up 19%, DOM 43, down 7%.
YTD 17 vs 16: Sales up 11%, med price up 6%, DOM 51, down 14%.
Coppell:
Aug 17 vs 16: Sales up 22%, med price up 6%, DOM 33, up 10%.
YTD 17 vs 16: Sales up 1%, med price up 3%, DOM 41, unchanged.
Allen:
Aug 17 vs 16: Sales up 4%, med price up 7%, DOM 32, unchanged.
YTD 17 vs 16: Sales up 33%, med price up 5%, DOM 32, up 3%.
Rockwall (incl Heath):
Aug 17 vs 16: Sales up 9%, med price down 2%, DOM 43, up 19%.
YTD 17 vs 16: Sales up 8%, med price up 8%, DOM 44, unchanged.
Cedar Hill:
Aug 17 vs 16: Sales up 5%, med price up 23%, DOM 30, down 17%.
YTD 17 vs 16: Sales down 14%, med price up 18%, DOM 33, down 15%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Aug 17 vs 16: Sales up 21%, med price up 18%, DOM 35, up 9%.
YTD 17 vs 16: Sales up 16%, med price up 3%, DOM 41, up 5%.
For Las Colinas: Call me at my Allie Beth Allman & Associates office, 214-563-8540.
Here is a look at Single Family home sales by price category for YTD 2017 vs 2016:
$200-299K (30.7% of sales): up 15.7%, 1.7 months inventory
$300-399K (17.2% of sales): up 24%, 2.9 months inventory
$400-499K (8.2% of sales): up 20%, 3.8 months inventory
$500-599K (4.0% of sales): up 27.0%, 4.6 months inventory
$600-699K (2.1% of sales): up 28%, 5.4 months inventory
$700-799K (1.2% of sales): up 26%, 5.6 months inventory
$800-899K (0.8% of sales): up 32%, 5.9 months inventory
$900-999K (0.4% of sales): up 19%, 8.3 months inventory
$1MM and up (1.6% of sales): up 31%, 9.8 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (25.3% of sales): 1153 units vs 1038 units year ago, 2.0 months inventory
$300-399K (16.0% of sales): 728 units vs 560 units year ago, 4.0 months inventory
$400-499K (7.6% of sales): 344 units vs 251 units year ago, 5.1 months inventory
$500-599K (2.4% of sales): 110 units vs 116 units year ago, 7.4 months inventory
$600-699K (1.6% of sales): 71 units vs 58 units year ago, 6.2 months inventory
$700-799K (0.6% of sales): 26 units vs 24 units year ago, 10.2 months inventory
$800-899K (0.4% of sales): 20 units vs 19 units year ago, 10.8 months inventory
$900-999K (0.4% of sales): 18 units vs 6 units year ago, 7.1 months inventory
$1MM + (1.1% of sales): 52 units vs 36 units year ago, 14.5 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540