What should we expect housing-wise in Dallas this year? Most pundits believe it will be much the same as 2014, and they are probably right. We saw 96,063 single family homes, condos and townhomes sold last year, in a low-inventory environment, and there is nothing imminent to suggest we will see lower sales this year. Home listings and condo inventory are both lower so far this year, implying another spring market featuring multiple offers and over-asking prices. Anecdotally, I can vouch for this already through February.
Keeping the momentum going are the continuing terrific mortgage interest rates. We saw a gradual but slow rise in conventional, 30-year rates to slightly over 4% in January, only to see them drift back down below 4% in February. The combination of principle, interest, taxes and insurance, and sometimes HOA fees, comprising the monthly cost of financing a home, is lower than many rental rates today. Those that can buy, are buying. Yet, don’t expect a significant bump in vacancy rates, despite all the new apartment towers under construction and recently opening. And don’t expect single family home properties sitting on the lease market for long. While many are leaving the rental market to buy, many more are moving to the area and looking for temporary quarters while getting settled.
With March and the Spring Market just around the corner, a nice “surge” in homes for sale would be more than welcome! In the meantime, if you are looking to buy, get pre-qualified upfront with your favorite lender (I can recommend) and be prepared to act quickly. It’s looking like a repeat of 2014!
And speaking of jobs, did you know Texas ranks #2 nationally for tech jobs, with DFW 35% of the total, or 205,000 workers?
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):
Jan 15 vs 14: Sales up 3%, med price up 12%, DOM 42, down 19%.
Year End 14 vs 13: Sales up 1%, med price up 7%, DOM 57, unchanged.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jan 15 vs 14: Sales up 7%, med price down 29%, DOM 66, down 8%.
Year End 14 vs 13: Sales down 2%, med price down 1%, DOM 56, down 14%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jan 15 vs 14: Sales down 21%, med price up 5%, DOM 69, down 19%.
Year End 14 vs 13: Sales down 12%, med price up 15%, DOM 58, down 3%.
East Dallas (incl M’s and Lakewood):
Jan 15 vs 14: Sales up 21%, med price up 17%, DOM 47, down 6%.
Year End 14 vs 13: Sales down 8%, med price up 9%, DOM 39, down 13%.
North Dallas (South of LBJ):
Jan 15 vs 14: Sales down 40%, med price up 3%, DOM 41, down 63%.
Year End 14 vs 13: Sales down 17%, med price up 16%, DOM 71, up 11%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jan 15 vs 14: Sales up 37%, med price up 12%, DOM 51, down 6%
Year End 14 vs 13: Sales down 10%, med price up 8% DOM 36, down 29%.
Northwest Dallas:
Jan 15 vs 14: Sales up 7%, med price unchanged, DOM 53, down 4%.
Year End 14 vs 13: Sales up 8%, med price up 10%, DOM 41, down 16%.
Northeast Dallas (incl Lake Highlands):
Jan 15 vs 14: Sales down 2%, med price up 31%, DOM 46, down 16%.
Year End 14 vs 13: Sales down 1%, med price up 11%, DOM 36, down 18%.
Plano:
Jan 15 vs 14: Sales up 2%, med price up 3%, DOM 42, down 5%.
Year End 14 vs 13: Sales down 6%, med price up 9%, DOM 32, down 18%.
Frisco:
Jan 15 vs 14: Sales down 9%, med price up 11%, DOM 42, down 14%.
Year End 14 vs 13: Sales down 4%, med price up 10%, DOM 123, up 186%.
Richardson:
Jan 15 vs 14: Sales down 8%, med price up 7%, DOM 35, down 19%.
Year End 14 vs 13: Sales down 10%, med price up 9%, DOM 32, down 9%.
Southlake:
Jan 15 vs 14: Sales up 50%, med price down 14%, DOM 89, unchanged.
Year End 14 vs 13: Sales down 11%, med price up 10%, DOM 52, down 12%.
Coppell:
Jan 15 vs 14: Sales down 19%, med price down 8%, DOM 57, unchanged.
Year End 14 vs 13: Sales down 7%, med price up 13%, DOM 33, unchanged.
Allen:
Jan 15 vs 14: Sales up 16%, med price up 26%, DOM 52, up 6%.
Year End 14 vs 13: Sales down 1%, med price up 5%, DOM 37, down 3%.
Rockwall (incl Heath):
Jan 15 vs 14: Sales down 15%, med price up 12%, DOM 59, down 9%.
Year End 14 vs 13: Sales up 3%, med price up 8%, DOM 58, down 8%.
Cedar Hill:
Jan 15 vs 14: Sales down 25%, med price up 13%, DOM 60, down 8%.
Year End 14 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 2015 vs 2014:
$200-299K (22.8% of sales): up 18%, 2.7 months inventory
$300-399K (10.2% of sales): up 26%, 4.4 months inventory
$400-499K (5.5% of sales): up 61%, 5.2 months inventory
$500-599K (1.9% of sales): up 17%, 9.2 months inventory
$600-699K (1.1% of sales): up 26%, 9.2 months inventory
$700-799K (0.7% of sales): up 36%, 11.8 months inventory
$800-899K (0.6% of sales): up 56%, 10.5 months inventory
$900-999K (0.4% of sales): up 62%, 8.7 months inventory
$1MM and up (0.8% of sales): down 10% (38 vs 42), 22.4 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2015 vs 2014.
$200-299K (18.6% of sales): 58 units vs 57 units year ago, 4.4 months inventory
$300-399K (8.7% of sales): 27 units vs 24 units year ago, 5.4 months inventory
$400-499K (4.2% of sales): 13 units vs 14 units year ago, 6.8 months inventory
$500-599K (2.3% of sales): 7 units vs 6 units year ago, 7.4 months inventory
$600-699K (0.6% of sales): 2 units vs 1 unit year ago, 16.0 months inventory
$700-799K (0.3% of sales): 1 unit vs 3 units year ago, 22.0 months inventory
$800-899K (0.0% of sales): 0 units vs 0 units year ago, n/a months inventory
$900-999K (0.2% of sales): 0 units vs 0 units year ago, n/a months inventory
$1MM + (1.9% of sales): 6 units vs 3 units year ago, 11.5 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540