As anticipated, Dallas area home sales in May got hammered. For the 22-county area, sales were down 25% and the median price of home sold was down 1%, our first dip into negative territory in quite a while. For the first five months of the year, sales were down 6% with a median sales price up 3%. For the three month period beginning with the shutdown on March 16th and running to June 19th, my office closed 502 sales for $435 million. While this number is still lower than in 2019, the market is still quite alive.
The few highlights include higher median sales prices in Frisco, Southlake, Uptown, Midway Hollow, Cedar Hill and Rockwall. The low inventory levels are providing price support in the $200K to $900K price points for single family homes. Condo and townhome inventories are a bit higher, reaching 10 months or more in the $700K+ price points.
As we all grow more accustomed to working in this environment, we will see more showings and more contracts, as the extended version of Spring Market 2020 continues.
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
May 20 vs 19: Sales down 25%, median price down 1%, DOM 51, up 9%
YTD 20 vs 19: Sales down 6%, median price down 3%, DOM 56, up 4%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
May 20 vs 19: Sales down 64%, median price up 2%, DOM 90, up 43%.
YTD 20 vs 19: Sales down 26%, median price up 3%, DOM 71, up 13%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
May 20 vs 19: Sales down 51%, median price down 15%, DOM 47, down 19%.
YTD 20 vs 19: Sales down 6%, median price down 11%, DOM 72, up 9%.
East Dallas (incl M’s and Lakewood):
May 20 vs 19: Sales down 43%, median price down 12%, DOM 38, down 10%.
YTD 20 vs 19: Sales down 13%, median price up 3%, DOM 54, up 15%.
North Dallas (South of LBJ):
May 20 vs 19: Sales down 51%, median price unchanged, DOM 77, up 26%.
YTD 20 vs 19: Sales down 16%, median price up 3%, DOM 85, up 25%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
May 20 vs 19: Sales down 43%, median price down 5%, DOM 43, down 4%.
YTD 20 vs 19: Sales down 14%, median price up 2%, DOM 51 up 9%.
Northwest Dallas (incl Midway Hollow):
May 20 vs 19: Sales down 26%, median price up 2%, DOM 45, down 15%.
YTD 20 vs 19: Sales down 16%, median price up 11%, DOM 57, up 12%.
Northeast Dallas (incl Lake Highlands):
May 20 vs 19: Sales down 17%, median price down 12%, DOM 59, up 2%.
YTD 20 vs 19: Sales up 3%, median price down 3%, DOM 53, up 6%.
Plano:
May 20 vs 19: Sales down 30%, median price unchanged, DOM 39, up 3%.
YTD 20 vs 19: Sales down 7%, median price up 1%, DOM 48, unchanged.
Frisco:
May 20 vs 19: Sales down 30%, median price up 1%, DOM 53, down 2%.
YTD 20 vs 19: Sales down 3%, median price up 1%, DOM 61, down 12%.
Richardson:
May 20 vs 19: Sales down 24%, median price down 5%, DOM 34, down 6%.
YTD 20 vs 19: Sales up 5%, median price down 1%, DOM 39, up 5%.
Southlake:
May 20 vs 19: Sales down 48%, median price up 5%, DOM 65, unchanged.
YTD 20 vs 19: Sales down 15%, median price up 3%, DOM 62, up 13%.
Coppell:
May 20 vs 19: Sales down 40%, median price down 9%, DOM 26, up 4%.
YTD 20 vs 19: Sales down 25%, median price up 5%, DOM 48, up 23%.
Allen:
May 20 vs 19: Sales down 15%, median price down 4%, DOM 46, down 9%.
YTD 20 vs 19: Sales down 5%, median price unchanged, DOM 46, down 18%.
Rockwall (incl Heath):
May 20 vs 19: Sales down 14%, median price up 7%, DOM 70, up 17%.
YTD 20 vs 19: Sales down3%, median up 3%, DOM 71, up 1%.
Cedar Hill:
May 20 vs 19: Sales down 45%, median price up 10%, DOM 47, up 47%.
YTD 20 vs 19: Sales down 16%, median price up 9%, DOM 51, up 24%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
May 20 vs 19: Sales down 14%, median price down 1%, DOM 51, down 4%.
YTD 20 vs 19: Sales unchanged, median price up 11%, DOM 52, unchanged.
Carrollton/Farmers Branch:
May 20 vs 19: Sales down 31%, median price down 5%, DOM 31, down 18%.
YTD 20 vs 19: Sales down 20%, median price up 2%, DOM 39, down 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 2020 vs 2019:
$200-299K (36.7% of sales): down 3%, 1.6 months inventory
$300-399K (20.6% of sales): up 2%, 2.0 months inventory
$400-499K (9.6% of sales): up 2%, 2.6 months inventory
$500-599K (4.2% of sales): down 4%, 4.3 months inventory
$600-699K (2.2% of sales): down 4%, 5.3 months inventory
$700-799K (1.2% of sales): down 4%, 5.5 months inventory
$800-899K (0.8% of sales): up 3%, 6.4 months inventory
$900-999K (0.5% of sales): up 3%, 6.4 months inventory
$1MM and up (1.5% of sales): down 16%, 12.0 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2020 vs 2019.
$200-299K (28.9% of sales): 617 units vs 688 units year ago, 3.8 months inventory
$300-399K (20.0 % of sales): 427 units vs 485 units year ago, 6.9 months inventory
$400-499K (7.5% of sales): 161 units vs 185 units year ago, 8.9 months inventory
$500-599K (3.3% of sales): 70 units vs 88 units year ago, 8.4 months inventory
$600-699K (1.1% of sales): 24 units vs 52 units year ago, 11.5 months inventory
$700-799K (0.7% of sales): 14 units vs 13 units year ago, 10.4 months inventory
$800-899K (0.4% of sales): 9 units vs 7 units year ago, 12.2 months inventory
$900-999K (0.1% of sales): 3 units vs 8 units year ago, 20.0 months inventory
$1MM + (0.8 of sales): 17 units vs 25 units year ago, 41.8 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540
