Dallas Home Sales Stats for November, 2016

November’s 26% increase in home sales was the biggest year-over-year gain in almost five years. Most of the houses sold would have been under contract before the national election. Median prices of homes sold jumped 15% and are still rising, because the supply of homes remains historically low with a 2 month supply. For the 11 months year-to-date, sales are up 6% and median sale prices are up 10%. Home sales by sub-area vary significantly (see chart below), mostly due to the availability of homes for sale, and to a lesser extent, the “priciness” of that sub-area and product type. Condos and townhomes priced $700K and above are selling at a slower pace than in 2015, for example.

Our area is growing, with job growth in Dallas proper up 4.1% this year, more than twice as fast as the state’s 1.5% pace. Since 2010, 72 major corporations have moved their corporate headquarters to the Dallas area. In the city’s core area, more than 90 developments are underway, including 14 hotels. And with property values growing 6-8% a year, the tax base is at a new high. Property values in the southern part of the city, primarily North Oak Cliff, have increased by $1.6 billion in the last two years. Sales tax receipts are growing 4-5% annually.

Anecdotally, with the year a week from being over, I note that Realtors are busy, inspectors are busy, lenders are busy and title companies are busy. December and January are supposed to be the slowest months of the year for home sales. Can’t wait to see what December’s numbers are. North Texas home sales will likely pass the 100,000 mark for the first time in history.

Here is a look at home sales by submarket that I track. DOM is “Days on Market”. For details on Las Colinas, call me at my Allie Beth Allman & Associates office, 214-563-8540.

Overall Market (North Texas):

Nov 16 vs 15: Sales up 26%, med price up 15%, DOM 44, down

4%.

YTD 16 vs 15: Sales up 6%, med price up 10%, DOM 42, down 6%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Nov 16 vs 15: Sales down 4%, med price up 16%, DOM 38, up 3%.

YTD 16 vs 15: Sales down 8%, med price up 4%, DOM 37, down 5%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:

Nov 16 vs 15: Sales up 6%, med price up 14%, DOM 84, up 27%.

YTD 16 vs 15: Sales up 1%, med price up 8%, DOM 67, up 22%.

East Dallas (incl M’s and Lakewood):

Nov 16 vs 15: Sales up 33%, med price up 25%, DOM 42, up 31%.

YTD 16 vs 15: Sales up 4%, med price up 8%, DOM 35, up 6%.

North Dallas (South of LBJ):

Nov 16 vs 15: Sales down 4%, med price up 14%, DOM 76; up 29%.

YTD 16 vs 15: Sales down 2%, med price up 3%, DOM 58, up 2%.

Far North Dallas (incl Addison and to Park Blvd in Plano):

Nov 16 vs 15: Sales up 52%, med price up 10%, DOM 48, up 23%.

YTD 16 vs 15: Sales down 5%, med price up 9%, DOM 33, up 3%.

Northwest Dallas:

Nov 16 vs 15: Sales up 20%, med price up 7%, DOM 38, unchanged.

YTD 16 vs 15: Sales unchanged, med price up 12%, DOM 35, up 6%.

Northeast Dallas (incl Lake Highlands):

Nov 16 vs 15: Sales down 43%, med price up 21%, DOM 49, up 7%.

YTD 16 vs 15: Sales unchanged, med price up 12%, DOM 38, up 9%.

Plano:

Nov 16 vs 15: Sales up 17%, med price up 10%, DOM 33, down 8%.

YTD 16 vs 15: Sales down 2%, med price up 7%, DOM 29, up 7%.

Frisco:

Nov 16 vs 15: Sales up 36%, med price up 3%, DOM 46, down 6%.

YTD 16 vs 15: Sales up 1%, med price up 8%, DOM 39, up 15%.

Richardson:

Nov 16 vs 15: Sales up 18%, med price up 17%, DOM 27, down 13%.

YTD 16 vs 15: Sales down 5%, med price up 12%, DOM 24, down 8%.

Southlake:

Nov 16 vs 15: Sales up 38%, med price up 6%, DOM 72, unchanged.

YTD 16 vs 15: Sales down 7%, med price up 4%, DOM 61, up 3%.

Coppell:

Nov 16 vs 15: Sales down 64%, med price down 30%, DOM 57, up 39%.

YTD 16 vs 15: Sales up 9%, med price up 11%, DOM 42, up 5%.

Allen:

Nov 16 vs 15: Sales up 33%, med price up 11%, DOM 43, up 2%.

YTD 16 vs 15: Sales up 7%, med price up 7%, DOM 32, down 18%.

Rockwall (incl Heath):

Nov 16 vs 15: Sales up 32%, med price up 4%, DOM 42, down 24%.

YTD 16 vs 15: Sales up 5%, med price up 10%, DOM 43, down 10%.

Cedar Hill:

Nov 16 vs 15: Sales up 12%, med price up 6%, DOM 51, up 38%.

YTD 16 vs 15: Sales up 12%, med price up 15%, DOM 39, down 13%.

North Oak Cliff (Incl Kessler Park, Winnetka Heights):

Nov 16 vs 15: Sales up 70%, med price up 29%, DOM 41, up 21%.

YTD 16 vs 15: Sales up 9%, med price up 15%, DOM 39, down 3%.

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 2016 vs 2015:

$200-299K (28.1% of sales): up 18%, 1.5 months inventory

$300-399K (14.6% of sales): up 23%, 2.5 months inventory

$400-499K (7.1% of sales): up 26%, 3.7 months inventory

$500-599K (3.3% of sales): up 22%, 4.5 months inventory

$600-699K (1.8% of sales): up 21%, 5.3 months inventory

$700-799K (1.0% of sales): up 17%, 6.2 months inventory

$800-899K (0.7% of sales): up 6%, 6.2 months inventory

$900-999K (0.4% of sales): up 9%, 8.3 months inventory

$1MM and up (1.3% of sales): up 13%, 10.3 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2016 vs 2015.

$200-299K (24.2% of sales): 1429 units vs 1289 units year ago, 1.9 months inventory

$300-399K (12.9% of sales): 758 units vs 611 units year ago, 4.2 months inventory

$400-499K (6.0% of sales): 351 units vs 287 units year ago, 6.2 months inventory

$500-599K (2.7% of sales): 158 units vs 120 units year ago, 4.5 months inventory

$600-699K (1.4% of sales): 80 units vs 62 units year ago, 6.1 months inventory

$700-799K (0.6% of sales): 35 units vs 42 units year ago, 12.9 months inventory

$800-899K (0.4% of sales): 24 unit vs 32 units year ago, 8.3 months inventory

$900-999K (0.2% of 9 units vs 13 units year ago, 18.3 months inventory

$1MM + (0.9% of sales): 51 units vs 63 units year ago, 21.8 months inventory

Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540