Dallas Home Sales Stats for January 2017

The latest Harvard-Harris survey conducted for The Hill and reported in the Washington Post shows Americans more optimistic and confident (61%) than not in the national economy.  This is a significant turnaround from previous years, and importantly, bodes well for the housing industry, which feeds off consumer confidence and job security/job creation.  And, DFW led the U.S. in job growth in 2016, per the Bureau of Labor Statistics.

I think this is one of two major positive influences on the robust January sales data, the other being mortgage interest rate creep.  2017 started off with an 8% increase in single family home sales and a 15% increase in median prices over last January, resulting in the the most home sales ever for the first month of the year. January is historically the slowest sales month of the year, but this year was different.  January sales resulted from December contracts, and December was marked by positive economic messages coming from the new administration as well as a bump in mortgage interest rates of almost a full 1%.  Rates have since settled down to roughly 75 basis points above last fall’s 3.5% rate, but the talk of stronger economic activity and inflationary pressures seems to have energized home buyers.

Oh, and just for fun, the 55,000 sf White House, with its 130 rooms, 35 bathrooms, gym, sun room, library, doctor’s office, flower shop, bowling alley, theater and 18 acre grounds with basketball and tennis courts might be worth $397.9 million, based on current DC values.  Were one to put 20% down and take out a 30 year, 4.25% mortgage, the payment would be $1,565,900 per month.
Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Jan 17 vs 16: Sales up 8%, med price up 15%, DOM 49, down 8%.
YTD 17 vs 16: Sales up 8%, med price up 15%, DOM 49, down 8%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jan 17 vs 16: Sales up 11%, med price unchanged, DOM 45, down 2%.
YTD 17 vs 16: Sales up 11%, med price unchanged, DOM 45 down 2%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jan 17 vs 16: Sales up 23%, med price up 47%, DOM 96, up 19%.
YTD 17 vs 16: Sales up 23%, med price up 47%, DOM 96, up 19%.
East Dallas (incl M’s and Lakewood):
Jan 17 vs 16: Sales up 9%, med price up 12%, DOM 51, up 13%.
YTD 17 vs 16: Sales up 9%, med price up 12%, DOM 51, up 13%.
North Dallas (South of LBJ):
Jan 17 vs 16: Sales down 17%, med price up 7%, DOM 70, up 46%.
YTD 17 vs 16: Sales down 17%, med price up 7%, DOM 70, up 46%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jan 17 vs 16: Sales up 26%, med price up 3%, DOM 50, up 2%.
YTD 17 vs 16: Sales up 26%, med price up 3%, DOM 50, up 2%.
Northwest Dallas:
Jan 17 vs 16: Sales up 88%, med price up 33%, DOM 33, down 20%.
YTD 17 vs 16: Sales up 88%, med price up 33%, DOM 33, down 20%.
Northeast Dallas (incl Lake Highlands):
Jan 17 vs 16: Sales up 6%, med price up 5%, DOM 29, down 47%.
YTD 17 vs 16: Sales up 6%, med price up 5%, DOM 29, down 47%.
Plano:
Jan 17 vs 16: Sales down 16%, med price up 16%, DOM 50, up 14%.
YTD 17 vs 16: Sales down 16%, med price up 16%, DOM 50, up 14%.
Frisco:
Jan 17 vs 16: Sales down 3%, med price up 8%, DOM 47, down 6%.
YTD 17 vs 16: Sales down 3%, med price up 8%, DOM 47, down 6%.
Richardson:
Jan 17 vs 16: Sales up 4%, med price up 30%, DOM 30, down 15%.
YTD 17 vs 16: Sales up 4%, med price up 30%, DOM 30, down 15%.
Southlake:
Jan 17 vs 16: Sales up 12%, med price up 9%, DOM 94, down 5%.
YTD 17 vs 16: Sales up 12%, med price up 9%, DOM 94, down 5%.
Coppell:
Jan 17 vs 16: Sales up 29%, med price up 2%, DOM 52, down 27%.
YTD 17 vs 16: Sales up 29%, med price up 2%, DOM 52, down 27%.
Allen:
Jan 17 vs 16: Sales up 19%, med price up 15%, DOM 35, down 15%.
YTD 17 vs 16: Sales up 19%, med price up 15%, DOM 35, down 15%.
Rockwall (incl Heath):
Jan 17 vs 16: Sales up 11%, med price up 23%, DOM 54, down 11%.
YTD 17 vs 16: Sales up 11%, med price up 23%, DOM 54, down 11%.
Cedar Hill:
Jan 17 vs 16: Sales down 24%, med price up 20%, DOM 58, up 14%.
YTD 17 vs 16: Sales down 24%, med price up 20%, DOM 58, up 14%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Jan 17 vs 16: Sales up 3%, med price down 6%, DOM 50, up 43%.
YTD 17 vs 16: Sales up 3%, med price down 6%, DOM 50, up 43%.
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 (29.8% of sales): up 32%, 1.7 months inventory
$300-399K (14.8% of sales): up 30%, 3.2 months inventory
$400-499K (6.4% of sales): up 24%, 5.5 months inventory
$500-599K (3.2% of sales): up 28%, 6.2 months inventory
$600-699K (1.5% of sales): up 24%, 8.7 months inventory
$700-799K (0.9% of sales): up 42%, 8.6 months inventory
$800-899K (0.6% of sales): up 27%, 8.0 months inventory
$900-999K (0.3% of sales): up 11%, 12.3 months inventory
$1MM and up (1.3% of sales): up 48%, 13.9 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (25.2% of sales): 99 units vs 78 units year ago, 1.6 months inventory
$300-399K (13.5% of sales): 53 units vs 40 units year ago, 6.1 months inventory
$400-499K (5.6% of sales): 22 units vs 16 units year ago, 8.8 months inventory
$500-599K (1.8% of sales): 7 units vs 11 units year ago, 10.6 months inventory
$600-699K (1.0% of sales): 4 units vs 8 units year ago, 10.0 months inventory
$700-799K (0.0% of sales): 0 units vs 0 units year ago, NA months inventory
$800-899K (0.3% of sales): 1 unit vs 0 units year ago, 17.0 months inventory
$900-999K (0.3% of sales): 1 unit vs 0 units year ago, 12.0 months inventory
$1MM + (1.5% of sales): 6 units vs 3 units year ago, 17.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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