Getting a head start on my report of July home sales data in Dallas, on the heals of my June report posted just a week ago, there’s not a lot of new anecdotal data to share. But the empirical data show another strong month for sales, with July volume up 11% over year ago (yes, another double-digit increase) and the median price of homes sold up 9% vs year ago.
What’s positive about the 9% median sales price increase is the interruption of the downward trend we’ve seen since March. In March, the median sales price was up 13%, April 12%, May 10%, June 8%. We know that there has been a little softness in pricing, with price reductions off opening list prices more common than last year. This has been particularly true in the luxury end, $1.5M plus. Lots of reasons have been offered , most often the “prices can’t climb forever” mantra, which is true, but seeing a little stability in the rate of price increases is a good thing.
But…while DFW leads the nation in new home building, with home starts at 31,000+ for the year ending in June, the highest level since the recession, we are still building just 40% of the homes we built in 2006. The double whammy of rapid population growth and lower-paced home building will likely keep prices on the upward path for the near future.
Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Jul 17 vs 16: Sales up 11%, med price up 9%, DOM 35, down 3%.
YTD 17 vs 16: Sales up 5%, med price up 10%, DOM 41, down 5%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 17 vs 16: Sales down 13%, med price up 20%, DOM 56, up 65%.
YTD 17 vs 16: Sales down 8%, med price up 17%, DOM 50, up 35%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 17 vs 16: Sales up 19%, med price unchanged, DOM 77, up 15%.
YTD 17 vs 16: Sales up 20%, med price down 2%, DOM 68, up 11%.
East Dallas (incl M’s and Lakewood):
Jul 17 vs 16: Sales up 12%, med price up 4%, DOM 34, up 2%.
YTD 17 vs 16: Sales down 2%, med price up 8%, DOM 35, unchanged.
North Dallas (South of LBJ):
Jul 17 vs 16: Sales up 18%, med price up 21%, DOM 52, down 24%.
YTD 17 vs 16: Sales up 18%, med price up 14%, DOM 58, up 9%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 17 vs 16: Sales up 6%, med price up 3%, DOM 27, up 13%.
YTD 17 vs 16: Sales up 4%, med price up 7%, DOM 38, up 15%.
Northwest Dallas:
Jul 17 vs 16: Sales up 16%, med price up 27%, DOM 39, up 11%.
YTD 17 vs 16: Sales up 5%, med price up 17%, DOM 37, up 6%.
Northeast Dallas (incl Lake Highlands):
Jul 17 vs 16: Sales up 40%, med price up 4%, DOM 34, up 3%.
YTD 17 vs 16: Sales unchanged, med price up 5%, DOM 32, down 14%.
Plano:
Jul 17 vs 16: Sales up 7%, med price up 11%, DOM 24, unchanged.
YTD 17 vs 16: Sales up 7%, med price up 10%, DOM 31, up 7%.
Frisco:
Jul 17 vs 16: Sales up 18%, med price up 6%, DOM 37, up 19%.
YTD 17 vs 16: Sales up 9%, med price up 4%, DOM 43, up 13%.
Richardson:
Jul 17 vs 16: Sales up 7%, med price up 6% 6%, DOM 19, plus 6%.
YTD 17 vs 16: Sales down 1%, med price up 8%, DOM 20, down 13%.
Southlake:
Jul 17 vs 16: Sales up 19%, med price up 3%, DOM 30, down 48%.
YTD 17 vs 16: Sales up 10%, med price up 5%, DOM 52, down 15%.
Coppell:
Jul 17 vs 16: Sales down 17%, med price up 8%, DOM 35, down 8%.
YTD 17 vs 16: Sales down 1%, med price up 2%, DOM 41, down 5%.
Allen:
Jul 17 vs 16: Sales down 13%, med price up 3%, DOM 33, up 43%.
YTD 17 vs 16: Sales down 9%, med price up 9%, DOM 32, up 3%.
Rockwall (incl Heath):
Jul 17 vs 16: Sales up 9%, med price up 13%, DOM 39, up 5%.
YTD 17 vs 16: Sales up 9%, med price up 10%, DOM 44, down 2%.
Cedar Hill:
Jul 17 vs 16: Sales down 26%, med price up 9%, DOM 21, down 48%.
YTD 17 vs 16: Sales down 17%, med price up 18%, DOM 33, down 18%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Jul 17 vs 16: Sales up 9%, med price up 12%, DOM 39, up 30%.
YTD 17 vs 16: Sales up 15%, med price unchanged, DOM 42, up 5%.
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 (30.3% of sales): up 16%, 1.9 months inventory
$300-399K (17.2% of sales): up 24%, 3.0 months inventory
$400-499K (8.2% of sales): up 20%, 4.2 months inventory
$500-599K (4.0% of sales): up 28%, 4.8 months inventory
$600-699K (2.1% of sales): up 33%, 5.6 months inventory
$700-799K (1.3% of sales): up 33%, 5.6 months inventory
$800-899K (0.8% of sales): up 25%, 6.3 months inventory
$900-999K (0.4% of sales): up 15%, 9.7 months inventory
$1MM and up (1.7% of sales): up 37%, 10.0 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (25.4% of sales): 999 units vs 891 units year ago, 2.1 months inventory
$300-399K (15.8% of sales): 620 units vs 484 units year ago, 3.9 months inventory
$400-499K (7.7% of sales): 303 units vs 220 units year ago, 4.4 months inventory
$500-599K (2.4% of sales): 95 units vs 100 units year ago, 7.1 months inventory
$600-699K (1.6% of sales): 64 units vs 54 units year ago, 5.1 months inventory
$700-799K (0.6% of sales): 25 units vs 20 units year ago, 10.1 months inventory
$800-899K (0.5% of sales): 18 units vs 15 units year ago, 9.7 months inventory
$900-999K (0.5% of sales): 18 units vs 8 units year ago, 5.8 months inventory
$1MM + (1.2% of sales):48 units vs 32 units year ago, 14.6 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540