Dallas Home Sales Stats for April, 2018

Dallas home sales rebounded in April, with an 11% increase over last year, besting the 4% increase in March and the 10% increase in February.  Sales in the first four months of the year are 4% ahead,  Pending sales in April were up 11%, pointing to a good May report coming soon.  As I reported last month, area-wide median sales prices are not rising as fast, up 4% in April, but certain submarkets are still reporting double-digit price increases (see below).

Interest rates are higher, now around 4 5/8% versus 4% at the beginning of the year.  For those of us that remember the days of double-digit mortgage rates, this is still great territory.  However, those who secured rates in the low 3% range in 2016-2017 and earlier, trading for another home and giving up the lower rate can be a tough decision–one reason why the remodeling boom is rocking along.

The number of homes listed for sale is up 8% but still below normal.  Demand for homes is still strong, bolstered by Texas’ fastest growing economy in the nation in 2017.  This demand, coupled with continued short supply, will continue to put upward pressure on home prices.  Until this formula reverses, or affordability hits the ceiling (salaries not keeping up or interest rates spiking), the pattern of increasing sales amid higher median prices will continue.  As the Texas economy continues to shine, DFW will continue to benefit.

Here is a glimpse of the activity in the submarkets I regularly track.  DOM stands for “Days on Market”…

Overall Market (North Texas):
Apr 18 vs 17: Sales up 11%, med price up 4%, DOM 43, up 8%.
YTD 18 vs 17: Sales up 4%, med price up 5%, DOM 49, up 7%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Apr 18 vs 17: Sales up 23%, med price up 23%, DOM 61, up 53%.
YTD 18 vs 17: Sales up 14%, med price up 14%, DOM 63, up 40%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Apr 18 vs 17: Sales up 19%, med price up 16%, DOM 42, down 21%.
YTD 18 vs 17: Sales down 20%, med price up 3%, DOM 60, down 12%.
East Dallas (incl M’s and Lakewood):
Apr 18 vs 17: Sales up 9%, med price up 5%, DOM 31, unchanged..
YTD 18 vs 17: Sales down 3%, med price up 5%, DOM 38, up 3%
North Dallas (South of LBJ):
Apr 18 vs 17: Sales up 3%, med price up 2%, DOM 75, up 29%.
YTD 18 vs 17: Sales down 9%, med price up 9%, DOM 86, up 34%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Apr 18 vs 17: Sales up 5%, med price down 1%, DOM 47, up 12%.
YTD 18 vs 17: Sales unchanged, med price up 3%, DOM 44, down 2%.
Northwest Dallas:
Apr 18 vs 17: Sales down 15%, med price down 1%, DOM 27, down 7%.
YTD 18 vs 17: Sales down 14%, med price up 10%, DOM 42, up 11%.
Northeast Dallas (incl Lake Highlands):
Apr 18 vs 17: Sales up 6%, med price up 7%, DOM 25, down 11%.
YTD 18 vs 17: Sales down 15%, med price up 8%, DOM 41, up 32%.
Plano:
Apr 18 vs 17: Sales up 6%, med price up 3%, DOM 35, up 25%.
YTD 18 vs 17: Sales down 5%, med price up 1%, DOM 41, up 8%.
Frisco:
Apr 18 vs 17: Sales up 9%, med price up 3%, DOM 59, up 55%.
YTD 18 vs 17: Sales up 6%, med price up 1%, DOM 63, up 40%.
Richardson:

Apr 18 vs 17: Sales unchanged, med price up 2%, DOM 24, up 26%.
YTD 18 vs 17: Sales up 3%, med price up 3%, DOM 29, up 26%.
Southlake:

Apr 18 vs 17: Sales down 6%, med price down 5%, DOM 43, down 22%.
YTD 18 vs 17: Sales down 13%, med price up 6%, DOM 60, down 13%.
Coppell:

Apr 18 vs 17: Sales unchanged, med price down 4%, DOM 39, down 26%.
YTD 18 vs 17: Sales down 6%, med price up 7%, DOM 49, down 8%
Allen:
Mar 18 vs 17: Sales up 12%, med price down 1%, DOM 43, down 10%.
YTD 18 vs 17: Sales down 7%, med price up 4%, DOM 46, down 13%.
Rockwall (incl Heath):

Apr 18 vs 17: Sales up 10%, med price up 7%, DOM 44, up 10%.
YTD 18 vs 17: Sales up 1%, med price up 4%, DOM 52, up 4%.
Cedar Hill:
Apr 18 vs 17: Sales down 10%, med price up 9%, DOM 35, up 59%.
YTD 18 vs 17: Sales up 2%, med price up 12%, DOM 40, up 5%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Apr 18 vs 17: Sales down 4%, med price up 9%, DOM 62, up 51%.
YTD 18 vs 17: Sales up 6%, med price up 21%, DOM 47, up 7%.
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 2018 vs 2017:
$200-299K (33.0% of sales): up 16%, 1.6 months inventory
$300-399K (17.8% of sales): up 13%, 3.0 months inventory
$400-499K (8.4% of sales): up 16%, 4.4 months inventory
$500-599K (3.8% of sales): up 9%, 5.8 months inventory
$600-699K (2.0% of sales): up 10%, 6.7 months inventory
$700-799K (1.2% of sales): up 7%, 7.7 months inventory
$800-899K (0.7% of sales): up 5%, 7.9 months inventory
$900-999K (0.4% of sales): down 2%, 11.7 months inventory
$1MM and up (1.5% of sales): unchanged, 12.8 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2018 vs 2017.
$200-299K (26.6% of sales): 655 units vs 470 units year ago, 1.8 months inventory
$300-399K (17.4% of sales): 357 units vs 322 units year ago, 4.0 months inventory
$400-499K (8.8% of sales): 181 units vs 147 units year ago, 4.6 months inventory
$500-599K (3.3% of sales): 67 units vs 46 units year ago, 7.8 months inventory
$600-699K (1.6% of sales): 32 units vs 30 units year ago, 6.3 months inventory
$700-799K (0.5% of sales): 11 units vs 9 units year ago, 11.3 months inventory
$800-899K (0.5% of sales): 10 units vs 5 units year ago, 10.0 months inventory
$900-999K (0.2% of sales): 5 units vs 11 units year ago, 10.4 months inventory
$1MM + (1.2% of sales): 25 units vs 21 units year ago, 14.1 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

The owner of this website has made a committment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.