September sales of single-family homes in the Dallas area were up 27% from year ago, a new record. This was the fourth consecutive months of double-digit increases in unit sales. We have never seen a September like this, but then again, we have never seen such upheaval in lifestyles, where everyone is impacted. Sales were up double-digits in all 17 submarkets I monitor in the list below, ranging from +19% to +62%. Days on Market are shrinking, also at a double-digit pace, percentage-wise. Inventory is down 50% from this time last year, which is driving prices higher, with median prices of homes sold up 10% in September.
All this is due to several factors–1) a scramble for more functional living space, including home offices, home-schooling areas, home gyms, often requiring a move to another home; 2) a move to the suburbs with yards for kids and away from city centers, now that 60% of office workers are working from home; 3) kids moving in with their parents; 4) and of course, 2.75% interest rates, which are expected to remain this low for months to come and providing the fuel for this opportunity.
Pending sales in October are up 20%, so this pattern will continue for a while. Those buyers have homes under contract. But as inventory continues to shrink with demand remaining strong, I’m routing for builders to pour it on.
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Sep 20 vs 19: Sales up 27%, median price up 10%, DOM 41, down 20%
YTD 20 vs 19: Sales up 6%, median price up 6%, DOM 50, down 1%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Sep 20 vs 19: Sales up 21%, median price down 7%, DOM 49, down 26%.
YTD 20 vs 19: Sales down 9%, median price up 2%, DOM 67, up 6%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Sep 20 vs 19: Sales up 62%, median price up 29%, DOM 58, down 35%.
YTD 20 vs 19: Sales up 12%, median price down 7%, DOM 67, down 11%.
East Dallas (incl M’s and Lakewood):
Sep 20 vs 19: Sales up 40%, median price up 1%, DOM 32, down 37%.
YTD 20 vs 19: Sales up 11%, median price up 5%, DOM 46, down 4%.
North Dallas (South of LBJ):
Sep 20 vs 19: Sales up 28%, median price down 5%, DOM 65, down 21%.
YTD 20 vs 19: Sales up 6%, median price up 7%, DOM 82, up 19%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Sep 20 vs 19: Sales up 25%, median price unchanged, DOM 40, down 22%.
YTD 20 vs 19: Sales up 4%, median price up 3%, DOM 45 down 6%.
Northwest Dallas (incl Midway Hollow):
Sep 20 vs 19: Sales up 14%, median down 7%, DOM 31, down 26%.
YTD 20 vs 19: Sales up 2%, median price up 6%, DOM 47, down 6%.
Northeast Dallas (incl Lake Highlands):
Sep 20 vs 19: Sales up 29%, median price unchanged, DOM 32, down 40%.
YTD 20 vs 19: Sales up 19%, median price up 3%, DOM 47, unchanged.
Plano:
Sep 20 vs 19: Sales up 43%, median price up 10%, DOM 34, down 33%.
YTD 20 vs 19: Sales up 6%, median price up 5%, DOM 41, down 9%.
Frisco:
Sep 20 vs 19: Sales up 42%, median price up 7%, DOM 41, down 31%.
YTD 20 vs 19: Sales up 9%, median price up 3%, DOM 50, down 19%.
Richardson:
Sep 20 vs 19: Sales up 21%, median price up 7%, DOM 27, down 21%.
YTD 20 vs 19: Sales up 9%, median price up 3%, DOM 35, down 5%.
Southlake:
Sep 20 vs 19: Sales up 45%, median price up 16%, DOM 52, down 32%.
YTD 20 vs 19: Sales unchanged, median price up 6%, DOM 49, down 8%.
Coppell:
Sep 20 vs 19: Sales up 45%, median price up 11%, DOM 38, down 10%.
YTD 20 vs 19: Sales down 16%, median price up 5%, DOM 38, unchanged.
Allen:
Sep 20 vs 19: Sales up 21%, median price up 21%, DOM 39, down 26%.
YTD 20 vs 19: Sales up 8%, median price up 3%, DOM 43, down 16%.
Rockwall (incl Heath):
Sep 20 vs 19: Sales up 34%, median price 11%, DOM 49, down 20%.
YTD 20 vs 19: Sales up 16%, median up 6%, DOM 63, up 3%.
Cedar Hill:
Sep 20 vs 19: Sales up 12%, median price up 5%, DOM 19, down 34%.
YTD 20 vs 19: Sales down 8%, median price up 8%, DOM 44, up 16%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Sep 20 vs 19: Sales up 36%, median price up 32%, DOM 48, up 17%.
YTD 20 vs 19: Sales up 10%, median price up 10%, DOM 53, up 13%.
Carrollton/Farmers Branch:
Sep 20 vs 19: Sales up 31%, median price up 14%, DOM 28, down 22%.
YTD 20 vs 19: Sales down 10%, median price up 4%, 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 7%, 1.0 months inventory
$300-399K (21.6% of sales): up 16%, 1.3 months inventory
$400-499K (10.4% of sales): up 20%, 1.8 months inventory
$500-599K (4.9% of sales): up 23%, 2.1 months inventory
$600-699K (2.5% of sales): up 20%, 2.4 months inventory
$700-799K (1.5% of sales): up 26%, 2.8 months inventory
$800-899K (0.9% of sales): up 29%, 3.3 months inventory
$900-999K (0.5% of sales): up 8%, 4.8 months inventory
$1MM and up (1.8% of sales): up 15%, 6.9 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2020 vs 2019.
$200-299K (28.4% of sales): 1381 units vs 1315 units year ago, 2.9 months inventory
$300-399K (20.6% of sales): 1003 units vs 929 units year ago, 4.9 months inventory
$400-499K (7.9% of sales): 383 units vs 351 units year ago, 7.4 months inventory
$500-599K (3.4% of sales): 163 units vs 170 units year ago, 6.5 months inventory
$600-699K (1.4% of sales): 67 units vs 77 units year ago, 9.7 months inventory
$700-799K (0.6% of sales): 30 units vs 21 units year ago, 13.5 months inventory
$800-899K (0.4% of sales): 18 units vs 14 units year ago, 12.0 months inventory
$900-999K (0.2% of sales): 9 units vs 17 units year ago, 25.0 months inventory
$1MM + (0.9 of sales): 46 units vs 43 units year ago, 28.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates
