Dallas Home Sales Stats for February, 2014

We are a little more than two months into the new year, and the Dallas spring market has a striking resemblance to last year’s market:  Higher demand and lower supply and the inevitable higher prices.  January saw home sales fall to their lowest level in 18 months as higher prices and tighter mortgage rules put the squeeze on buyers who continue to face shortages of properties for sale.  February sales saw a decent rebound, up just 2% vs year ago, and now unchanged through the first two months, with the median sales price up 11%.  The low inventory level is forcing buyers to either stretch their home shopping time frame or “settle” for something not quite meeting their requirements.   And, of course, most buyers would rather see 10 homes rather than 2 homes when making this major purchase.  Hopefully, the higher prices will entice more would-be sellers to list their homes this spring, but these same people also wonder if and when they might find their next home.  A fascinating Catch-22.

Home buyers, even if they don’t find their perfect home (okay, there is no such thing), can take comfort in the recent Forbes Magazine story listing the DFW area as the Number One market for investing in a home.  Working with Local Market Monitor, tracking home prices and economic conditions in 300 markets, Ft. Worth ranked #1 and Dallas #2.  Dallas home prices were forecast to rise more than 29% over the next three years.  Job growth is the key–Texas led the nation in median household income growth and NEW home sales in 2013, per the Texas Association of Realtors.

Here are the details for single family homes and condo/townhome 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):

Feb 14 vs 13:  Sales up 2%, med price up 13%, DOM 64, down 14%.

YTD vs 13:  Sales unchanged, med price up 11%,  DOM 64, down 13%.

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

Feb 14 vs 13:  Sales up 63%, med price down 9%, DOM 79, up 16%.

YTD vs 13:  Sales up 43%, med price up 7%, DOM 76, up 3%.

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

Feb 14 vs 13:  Sales up 66%, med price up 57%, DOM 73, up 20%.

YTD vs 13:  Sales up 43%, med price up 38%,  DOM 78, up 3%.

East Dallas (incl M’s and Lakewood):

Feb 14 vs 13:  Sales up 8%, med price up 22%,  DOM 45, down 37%.

YTD vs 13: Sales down 10%, med price up 27%, DOM 47, down 38%.

North Dallas (South of LBJ):

Feb 14 vs 13:  Sales up 29%, med price up 26%, DOM 60, down 31%.

YTD vs 13: Sales up 15%, med price up 15%, DOM 86, up 2%.

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

Feb 14 vs 13:  Sales up 15%, med price up 11%%, DOM 50, down 43%.

YTD vs 13: Sales up 9%, med price up 10%, DOM 49, down 40%.

Northwest Dallas:

Feb 14 vs 13:  Sales unchanged, med price up 16%, DOM 57, up 6%.

YTD vs 13: Sales up 14%, med price up 24%, DOM 55, down 10%.

Northeast Dallas (incl Lake Highlands):

Feb 14 vs 13: Sales down 15%, med price up 28%,  DOM 45, down 25%.

YTD vs 13: Sales up 8%, med price up 15%, DOM 50, down 23%.

Plano:

Feb 14 vs 13: Sales up 14%, med price up 13%, DOM 45, down 32%.

YTD vs 13: Sales up 6%, med price up 12%, DOM 45, down 31%.

Frisco:

Feb 14 vs 13: Sales up 14%, med price up 16%, DOM 47, down 18%.

YTD vs 13: Sales up 5%, med price up 14%, DOM 47, down 23%.

Richardson:

Feb 14 vs 13: Sales down 13%, med price up 14%, DOM 49, down 13%.

YTD vs 13: Sales up 1%, med price up 14%, DOM 46, down 19%.

Southlake:

Feb 14 vs 13:  Sales up 19%, med price up 14%, DOM 74, down 10%.

YTD vs 13:  Sales down 13%, med price up 16%, DOM 76, down 15%.

Coppell

Feb 14 vs 13:  Sales down 5%, med price up 14%, DOM 32, down 44%.

YTD vs 13: Sales up 3%, med price up 11%, DOM 42, down 28%.

Allen:

Feb 14 vs 13: Sales down 7%, med price up 6%, DOM 41, down 32%.

YTD vs 13: Sales down 8%, med price up 2%, DOM 44, down 29%.

Rockwall (incl Heath):

Feb 14 vs 13:  Sales down 6%, med price up 14%, DOM 59, down 14%.

YTD vs 13: Sales down 7%, med price up 11%, DOM 62, down 21%.

Cedar Hill:

Feb 14 vs 13: Sales down 20%, med price up 23%, DOM 72, up 4%.

YTD vs 13: Sales down 14%, med price up 25%, DOM 62, down 22%.

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 (20.9% of sales): up 18%, 3.0 months inventory

$300-399K (8.7% of sales): up 12%, 5.1 months inventory

$400-499K (4.1% of sales):  up 29%, 6.7 months inventory

$500-599K (2.0% of sales):  up 31%, 7.2 months inventory

$600-699K (1.2% of sales):  up 33%, 7.5 months inventory

$700-799K (0.6% of sales):  up 27%, 11.0 months inventory

$800-899K (0.4% of sales):  up 11%, 12.6 months inventory

$900-999K (0.4% of sales):  up 59%, 10.4 months inventory

$1MM and up (1.1% of sales): up 53%, 16.0 months inventory

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

$200-299K (19.5% of sales): 138 units vs 123 units year ago, 4.0 months inventory

$300-399K (7.3% of sales): 52 units vs 46 units year ago, 5.8 months inventory

$400-499K (5.8% of sales): 41 units vs 18 units year ago, 4.3 months inventory

$500-599K (1.8% of sales): 13 units vs 4 units year ago, 6.6 months inventory

$600-699K (0.3% of sales): 2 units vs 1 unit year ago, 18.0 months inventory

$700-799K (0.7% of sales): 5 units vs 2 units year ago, 4.4 months inventory

$800-899K (0.3% of sales): 1 unit vs 3 units year ago, 20.0 months inventory

$900-999K (0.0% of sales): 0 units vs 0 units year ago, n/a months inventory

$1MM + (1.3% of sales): 9 units vs 2 units year ago, 11.1 months inventory

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

(See my interview on Channel 8 news regarding the “frustrated buyer” at

http://www.wfaa.com/home/Homebuyers-realtors-report-increasingly-crowded-housing-market-211504151.html )

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