Dallas Home Sales Stats for December and 2014

DFW home sales hit a record high in 2014–90,028 single family homes and 6,035 condos and townhomes, eeking out a 1% increase over 2013.  It was also the best year since the recession for new home construction, with builders starting 30% more houses in the 4th quarter than a year earlier, reaching a total of 25,902 new homes.  CoreLogic is forecasting a 9% increase in home sales nationally and 10% in DFW, with housing starts to grow 14%.

In the latest Forbes Fastest Growing Cities list, half the Top 10 are in Texas, with the top three Houston, Austin and Dallas.  Texas created 441,200 jobs last year, about 1/3 of all jobs created in the country.  Not all these jobs are in the oil and gas industry–we have a well diversified economy in the Dallas area, continuing to attract corporate relocations (Toyota being the latest “big” one–6000 jobs) and job seekers in the health, technology, manufacturing and trade/service industries.

Yet we see many of the submarkets I track with home sales below 2013 levels.  With 2014 area sales up 1% over 2013, 13 out of 15 markets I track saw lower home sales.  One word: inventory.  Buyers continue to snap up homes as they hit the market, faster than builders can put them up.  The days on market continue to drop (except in suburbs like Frisco, where the DOM looks crazy, as builders often start listing in MLS the day they break ground).  Sales of homes priced at $1 million or more were up 15%; Allie Beth Allman & Associates sold 290 of these million-plus homes in 2014.  Home prices, reflecting high demand and short supply, hit a record in Dallas in 2014, with a median price up 7%.

DFW also led the nation for apartment rentals in 2014, a total of 15,226 units, up 4.9% from the year earlier.  At year’s end, 30,196 units were still under construction.  And for us Uptown dwellers, it seems like all 30,196 units are going up right here!

By the way, new regs from the Dept of Energy will raise efficiency standards for air conditioning systems from today’s 13 SEER to 14, effective April 1.  If replacing your system is in your future, you might save a few bucks replacing it in March.

Below are the stats for the individual sub-markets I track. I am happy to delve into this with you in more detail. Call me at my Allie Beth Allman office if you have any questions!

Overall Market (North Texas):

Dec 14 vs 13: Sales up 11%, med price up 11%, DOM 57, down 5%.

YTD 14 vs 13: Sales up 1%, med price up 7%, DOM 57, unchanged.

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

Dec 14 vs 13: Sales down 5%, med price down 6%, DOM 43, down 26%.

YTD vs 13: Sales down 2%, med price down 1%, DOM 56, down 14%.

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

Dec 14 vs 13: Sales up 2%, med price up 14%, DOM 63, up 2%.

YTD vs 13: Sales down 12%, med price up 15%, DOM 58, down 3%.

East Dallas (incl M’s and Lakewood):

Dec 14 vs 13: Sales up 24%, med price up 24%, DOM 43, unchanged.

YTD vs 13: Sales down 8%, med price up 9%, DOM 39, down 13%.

North Dallas (South of LBJ):

Dec 14 vs 13: Sales down 5%, med price up 19%, DOM 66, down 8%.

YTD vs 13: Sales down 17%, med price up 16%, DOM 71, up 11%.

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

Dec 14 vs 13: Sales up 3%, med price up 17%, DOM 41, down 29%

YTD vs 13: Sales down 10%, med price up 8% DOM 36, down 29%.

Northwest Dallas:

Dec 14 vs 13: Sales up 67%, med price up 16%, DOM 48, down 4%.

YTD vs 13: Sales up 8%, med price up 10%, DOM 41, down 16%.

Northeast Dallas (incl Lake Highlands):

Dec 14 vs 13: Sales up 2%, med price up 6%, DOM 45, down 32%.

YTD vs 13: Sales down 1%, med price up 11%, DOM 36, down 18%.

Plano:

Dec 14 vs 13: Sales down 2%, med price up 4%, DOM 42, down 9%.

YTD vs 13: Sales down 6%, med price up 9%, DOM 32, down 18%.

Frisco:

Dec 14 vs 13: Sales up 10%, med price up 11%, DOM 39, down 30%.

YTD vs 13: Sales down 4%, med price up 10%, DOM 123, up 186%.

Richardson:

Dec 14 vs 13: Sales down 22%, med price up 18%, DOM 35, down 15%.

YTD vs 13: Sales down 10%, med price up 9%, DOM 32, down 9%.

Southlake:

Dec 14 vs 13: Sales up 34%, med price down 24%, DOM 50, down 41%.

YTD vs 13: Sales down 11%, med price up 10%, DOM 52, down 12%.

Coppell:

Dec 14 vs 13: Sales down 6%, med price up 26%, DOM 37, down 8%.

YTD vs 13: Sales down 7%, med price up 13%, DOM 33, unchanged.

Allen:

Dec 14 vs 13: Sales up 16%, med price up 26%, DOM 52, up 33%.

YTD vs 13: Sales down 1%, med price up 5%, DOM 37, down 3%.

Rockwall (incl Heath):

Dec 14 vs 13: Sales up 15%, med price up 4%, DOM 57, down 14%.

YTD vs 13: Sales up 3%, med price up 8%, DOM 58, down 8%.

Cedar Hill:

Dec 14 vs 13: Sales up 45%, med price up 24%, DOM 64, up 7%.

YTD vs 13: Sales down 5%, med price up 10%, DOM 58, up 2%.

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 (23.0% of sales): up 12%, 1.8 months inventory

$300-399K (10.8% of sales): up 12%, 2.6 months inventory

$400-499K (5.2% of sales): up 16%, 3.4 months inventory

$500-599K (2.3% of sales): up 13%, 4.5 months inventory

$600-699K (1.4% of sales): up 18%, 4.9 months inventory

$700-799K (0.8% of sales): up 17%, 6.2 months inventory

$800-899K (0.5% of sales): up 11%, 7.1 months inventory

$900-999K (0.4% of sales): up 32%, 6.4 months inventory

$1MM and up (1.2% of sales): up 14%, 8.4 months inventory

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

$200-299K (20.6% of sales): 1243 units vs 1094 units year ago, 2.2 months inventory

$300-399K (9.1% of sales): 552 units vs 442 units year ago, 3.3 months inventory

$400-499K (4.0% of sales): 244 units vs 225 units year ago, 4.1 months inventory

$500-599K (1.6% of sales): 96 units vs 102 units year ago, 5.6 months inventory

$600-699K (0.8% of sales): 48 units vs 48 units year ago, 6.8 months inventory

$700-799K (0.6% of sales): 35 units vs 32 units year ago, 9.3 months inventory

$800-899K (0.5% of sales): 29 units vs 19 units year ago, 7.0 months inventory

$900-999K (0.2% of sales): 14 units vs 12 units year ago, 9.4 months inventory

$1MM + (1.0% of sales): 61 units vs 48 units year ago, 12.2 months inventory

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

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