Dallas Home Sales Stats for August, 2014

Home sales and job growth are highly correlated, which is why the DFW area has either led the nation or been in the top tier of metro areas for home sales since the financial blowout in 2008.  Currently, the DFW area ranks 3rd nationally in job growth over the past 12 months, per the Bureau of Labor Statistics, adding 74,900 jobs.  In August, Texas added 20,100 jobs, a lower figure than in July, but still enough to rank 3rd among the states, with only California and Florida creating more jobs in August.  Zillow states that the DFW area is the 4th best area in the nation to sell a home, with prices up 7% and 5% fewer homes on the market than average.

Continued good economic activity and job migration to our area helps justify all the apartment construction and suburban new home construction we see around almost every corner.  Mortgage lending to good credit buyers at higher price points continues to ease, despite the additional documentation required of buyers.  However, first time home buyers, those with high student debt and facing new FHA rules (and higher government fees), are finding it harder to borrow.  First time home purchases are at an all-time low, representing only 28% of existing home sales.   The National Association of Realtors believes 1.5 million renters were at unacceptable debt-to-income levels due to the FHA rule changes.   They are in apartments today.

Our sales in the Dallas area were down 2% in August vs year ago August, but median sales prices continued a nice upward trend, +8%.  For the eight months ending August, sales were down 1% from last year with median prices for sold homes were up 7%.  All but two of the 15 submarkets I track show home sales below year ago levels year-to-date.  Uptown/Oak Lawn is unchanged and Northwest Dallas is up 5%.  On median sales prices, the picture is just the opposite–only one submarket is showing a lower median sales price year-to-date, and that is Uptown/Oak Lawn, down 1%.  The days on market are not uniformly declining month-to-month, which has been the case for some time.  We now see a few markets with a higher DOM, Park Cities, Coppell and North Dallas the most notable, although the year-to-date figures are still reflecting the faster pace of sales since January.

Here are the details for single family homes and condo/townhouse sales in selected areas. For a more comprehensive look at any one market, give me a call at my Allie Beth Allman office or on my cell, 214-563-8540. Scroll down for the “Sales by Price Category” info. DOM is short for Days on Market.

Overall Market (North Texas):

Aug 14 vs 13: Sales down 2%, med price up 8%, DOM 45, down 10%.

YTD 14 vs 13: Sales down 1%, med price up 7%, DOM 51, down 11%

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

Aug 14 vs 13: Sales up 4%, med price up 9%, DOM 45, down 13%

YTD vs 13: Sales unchanged, med price down 1%, DOM 57, down 14%.

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

Aug 14 vs 13: Sales down 19%, med price down 6%, DOM 68, up 21%.

YTD vs 13: Sales down 13%, med price up 12%, DOM 55, down 4%.

East Dallas (incl M’s and Lakewood):

Aug 14 vs 13: Sales down 3%, med price up 10%, DOM 33, down 6%.

YTD vs 13: Sales down 11%, med price up 9%, DOM 37, down 20%.

North Dallas (South of LBJ):

Aug 14 vs 13: Sales down 22%, med price up 3%, DOM 51, up 13%.

YTD vs 13: Sales down 20%, med price up 13%, DOM 69, down 17%.

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

Aug 14 vs 13: Sales down 18%, med price up 1%, DOM 26, down 37%

YTD vs 13: Sales down 17%, med price up 5% DOM 32, down 37%.

Northwest Dallas:

Aug 14 vs 13: Sales up 4%, med price up 4%, DOM 43, down 7%.

YTD vs 13: Sales up 5%, med price up 8%, DOM 41, down 20%.

Northeast Dallas (incl Lake Highlands):

Aug 14 vs 13: Sales down 18%, med price up 1%, DOM 34, unchanged.

YTD vs 13: Sales down 1%, med price up 9%, DOM 34, down 21%.

Plano:

Aug 14 vs 13: Sales down 2%, med price up 11%, DOM 26, down 7%.

YTD vs 13: Sales down 10%, med price up 10%, DOM 31, down 23%.

Frisco:

Aug 14 vs 13: Sales down 2%, med price up 2%, DOM 28, down 26%.

YTD vs 13: Sales down 6%, med price up 11%, DOM 36, down 14%.

Richardson:

Aug 14 vs 13: Sales down 4%, med price up 7%, DOM 28, unchanged.

YTD vs 13: Sales down 7%, med price up 11%, DOM 30, down 17%.

Southlake:

Aug 14 vs 13: Sales down 7%, med price down 2%, DOM 46, up 2%.

YTD vs 13: Sales down 13%, med price up 15%, DOM 47, down 18%.

Coppell:

Aug 14 vs 13: Sales down 15%, med price up 9%, DOM 28, up 47%.

YTD vs 13: Sales down 9%, med price up 9%, DOM 30, down 6%.

Allen:

Aug 14 vs 13: Sales up 3%, med price down 6%, DOM 24, down 20%.

YTD vs 13: Sales down 7%, med price up 1%, DOM 30, down 21%.

Rockwall (incl Heath):

Aug 14 vs 13: Sales down 11%, med price up 5%, DOM 47, down 15%.

YTD vs 13: Sales down 4%, med price up 6%, DOM 55, down 13%.

Cedar Hill:

Aug 14 vs 13: Sales down 17%, med price up 13%, DOM 44, down 19%.

YTD vs 13: Sales down 5%, med price up 17%, DOM 57, down 3%.

Las Colinas and Kessler Park: Call Me!

Here is a look at Single Family home sales by price category for YTD 2014 vs 2013:

$200-299K (22.9% of sales): up 9%, 2.5 months inventory

$300-399K (10.8% of sales): up 8%, 3.3 months inventory

$400-499K (5.2% of sales): up 11%, 4.5 months inventory

$500-599K (2.4% of sales): up 10%, 5.7 months inventory

$600-699K (1.4% of sales): up 14%, 6.0 months inventory

$700-799K (0.8% of sales): up 5%, 7.7 months inventory

$800-899K (0.5% of sales): up 7%, 8.1 months inventory

$900-999K (0.3% of sales): up 18%, 9.4 months inventory

$1MM and up (1.2% of sales): up 15%, 10.5 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2014 vs 2013.

$200-299K (20.7% of sales): 852 units vs 763 units year ago, 2.3 months inventory

$300-399K (8.9% of sales): 366 units vs 300 units year ago, 3.3 months inventory

$400-499K (3.9% of sales): 160 units vs 144 units year ago, 5.1 months inventory

$500-599K (1.6% of sales): 64 units vs 72 units year ago, 5.3 months inventory

$600-699K (0.7% of sales): 29 units vs 24 units year ago, 6.9 months inventory

$700-799K (0.6% of sales): 23 units vs 26 units year ago, 7.3 months inventory

$800-899K (0.5% of sales): 21 units vs 14 units year ago, 4.6 months inventory

$900-999K (0.1% of sales): 6 units vs 8 units year ago, 4.0 months inventory

$1MM + (1.0% of sales): 41 units vs 32 units year ago, 7.8 months inventory

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

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