The Dallas home sales success of the summer continues, with August sales posting an 11% increase, following a 25% increase in July and 16% in June. Median sales prices were up 9%, just as in July
This surge in demand is due to incredibly low mortgage rates and a desire for more space, both in the home and its surroundings. It has created an acute housing shortage even while builders are putting up homes as fast as they can. Home sales inventory in the greater DFW area is down 40% compared to this time last year. Sales of brand new single family homes were up 19.9% in July, the most recent data available, the highest since December of 2006.
The covid virus has changed how people feel about their living space, at least temporarily, with more home schooling, more work at home, more crowded conditions, and the need for more functionality-another office or play area, or more yard space. This has ramifications for an unknown period of time.
Meanwhile, we are fortunate to be in Texas, where our economy (GDP, real estate values and employment) is only down 2.7% this year vs down 32.9% for the nation as a whole. In fact, only 8 of the top 50 U.S metros have fully recovered from the 2008 debacle, and 4 of those metros are here in Texas. As this momentum continues, we should continue to have strong demand for housing. Keep an eye on job growth, population growth, consumer sentiment and interest rates as we head into the fall..
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Aug 20 vs 19: Sales up 11%, median price up 9%, DOM 43, down 9%
YTD 20 vs 19: Sales up 4%, median price up 5%, DOM 52 up 2%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Aug 20 vs 19: Sales down 10%, median price up 22%, DOM 60, down 10%.
YTD 20 vs 19: Sales down 13%, median price down 2%, DOM 69, up 11%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Aug 20 vs 19: Sales up 78%, median price down 15%, DOM 77, down 17%.
YTD 20 vs 19: Sales up 8%, median price down 10%, DOM 68, down 7%
East Dallas (incl M’s and Lakewood):
Aug 20 vs 19: Sales up 22%, median price up 14%, DOM 38, down 9%.
YTD 20 vs 19: Sales up 8%, median price up 6%, DOM 48, unchanged.
North Dallas (South of LBJ):
Aug 20 vs 19: Sales up 30%, median price up 30%, DOM 72, up 7%.
YTD 20 vs 19: Sales up 4%, median price up 9%, DOM 84, up 24%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Aug 20 vs 19: Sales up 39%, median price up 5%, DOM 39, down 28%.
YTD 20 vs 19: Sales up 2%, median price up 5%, DOM 46 down 2%.
Northwest Dallas (incl Midway Hollow):
Aug 20 vs 19: Sales up 39%, median up 14%, DOM 41, down 27%.
YTD 20 vs 19: Sales up 1%, median price up 8%, DOM 50, down 2%.
Northeast Dallas (incl Lake Highlands):
Aug 20 vs 19: Sales up 32%, median price up 12%, DOM 42, down 29%.
YTD 20 vs 19: Sales up 19%, median price up 3%, DOM 47, unchanged.
Plano:
Aug 20 vs 19: Sales up 43%, median price up 5%, DOM 38, down 16%.
YTD 20 vs 19: Sales up 2%, median price up 4%, DOM 42, down 5%.
Frisco:
Aug 20 vs 19: Sales up 10%, median price up 5%, DOM 38, down 39%.
YTD 20 vs 19: Sales up 5%, median price up 2%, DOM 51, down 19%.
Richardson:
Aug 20 vs 19: Sales up 17%, median price up 7%, DOM 39, unchanged.
YTD 20 vs 19: Sales up 8%, median price up 2%, DOM 36, unchanged.
Southlake:
Aug 20 vs 19: Sales up 21%, median price up 8%, DOM 35, down 17%.
YTD 20 vs 19: Sales down 3%, median price up 6%, DOM 48, down 6%.
Coppell:
Aug 20 vs 19: Sales down 43%, median price up 14%, DOM 25, down 36%.
YTD 20 vs 19: Sales down 22%, median price up 4%, DOM 38, up 3%.
Allen:
Aug 20 vs 19: Sales up 17%, median price up 6%, DOM 38, down 5%.
YTD 20 vs 19: Sales up 6%, median price up 2%, DOM 44, down 14%.
Rockwall (incl Heath):
Aug 20 vs 19: Sales up 35%, median price 9%, DOM 50, up 6%.
YTD 20 vs 19: Sales up 15%, median up 6%, DOM 65, up 7%.
Cedar Hill:
Aug 20 vs 19: Sales up 10%, median price up 5%, DOM 32, down 33%.
YTD 20 vs 19: Sales down 11%, median price up 8%, DOM 47, up 21%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Aug 20 vs 19: Sales up 24%, median price up 17%, DOM 63, up 62%.
YTD 20 vs 19: Sales up 7%, median price up 9%, DOM 54, up 13%.
Carrollton/Farmers Branch:
Aug 20 vs 19: Sales down 9%, median price up 8%, DOM 27, down 27%.
YTD 20 vs 19: Sales down 14%, median price up 3%, DOM 34, down 11%.
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 2020 vs 2019:
$200-299K (36.0% of sales): up 5%, 1.2 months inventory
$300-399K (21.4% of sales): up 11%, 1.8 months inventory
$400-499K (10.2% of sales): up 14%, 2.3 months inventory
$500-599K (4.3% of sales): up 13%, 2.7 months inventory
$600-699K (2.4% of sales): up 9%, 3.3 months inventory
$700-799K (1.4% of sales): up 16%, 3.9 months inventory
$800-899K (0.9% of sales): up 17%, 4.1 months inventory
$900-999K (0.5% of sales): up 8%, 4.8 months inventory
$1MM and up (1.7% of sales): up 2%, 8.5 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2020 vs 2019.
$200-299K (28.3% of sales): 1187 units vs 1280 units year ago, 3.4 months inventory
$300-399K (20.4% of sales): 856 units vs 815 units year ago, 5.2 months inventory
$400-499K (8.1% of sales): 338 units vs 319 units year ago, 7.5 months inventory
$500-599K (3.4% of sales): 144 units vs 151 units year ago, 7.1 months inventory
$600-699K (1.2% of sales): 52 units vs 66 units year ago, 9.1 months inventory
$700-799K (0.6% of sales): 26 units vs 19 units year ago, 14.8 months inventory
$800-899K (0.4% of sales): 16 units vs 13 units year ago, 14.0 months inventory
$900-999K (0.2% of sales): 7 units vs 14 units year ago, 25.1 months inventory
$1MM + (0.9 of sales): 36 units vs 38 units year ago, 30.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540
