Dallas Home Sales Stats for March, 2015

March in Dallas is usually a great month for home sales in Dallas, and this year it didn’t disappoint.  Sales in Dallas were up 12% over last year and the median sales price was up 9%.  For the first quarter, sales were up 4% and median sales prices up 9% vs year ago.  Nationally, March sales rose to the highest level in 18 months, a sign the housing market is gaining strength elsewhere as well.  Our sales pace here was still double that of the national bump of 6.1%.  Both Dallas and the nation are benefitting from a mix of low mortgage interest rates, steady job creation and pent-up demand.  We would probably see even stronger numbers but for the limited inventory and rising prices.

On the subject of jobs, Texas actually had a net loss of jobs in March, probably concentrated in the oil patch and in Houston.  In Dallas, only 1% of total employment is in the oil and gas industry, per CBRE (Coldwell Banker), so any of the 24,000 jobs lost state wide were offset, particularly in Dallas, by the corporate relocations referred to in my last month’s letter.  As we know, housing sales are highly correlated to job growth, and the Federal Reserve Bank is forecasting a net gain of 117,000-235,000 jobs in Texas in 2015.

I couldn’t help but notice the shortest time on the market for homes in our area are in Richardson, Plano, Allen and Frisco (see below), coincidentally the nearest neighborhoods surrounding the big corporate relocations of Toyota, State Farm, Liberty Mutual and FedEx Office.  Many of these soon-to-be-relocated families are buying homes now, in some cases a year before they move here.  They are trying to beat the greater rush to come and “warehousing” their new homes by renting them out.

It’s good to know that in a recent Gallup Poll, a third of Americans named real estate as the best long-term investment, ahead of stocks, gold, savings accounts, CD’s and bonds.  I couldn’t agree more!

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):

Mar 15 vs 14: Sales up 12%, med price up 9%, DOM 52, down 13%.

YTD 15 vs 14: Sales up 4%, med price up 9%, DOM 56, down 11%.

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

Mar 15 vs 14: Sales up 28%, med price up 18%, DOM 54, up 4%.

YTD 15 vs 14: Sales up 11%, med price up 1%, DOM 56, down 18%.

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

Mar 15 vs 14: Sales up 5%, med price up 19%, DOM 49, down 20%.

YTD 15 vs 14: Sales down 11%, med price up 1%, DOM 56, down 20%.

East Dallas (incl M’s and Lakewood):

Mar 15 vs 14: Sales up 17%, med price up 29%, DOM 42, up 11%.

YTD 15 vs 14: Sales up 12%, med price up 18%, DOM 43, down 2%.

North Dallas (South of LBJ):

Mar 15 vs 14: Sales up 16%, med price up 9%, DOM 52, down 17%.

YTD 15 vs 14: Sales down 10%, med price up 20%, DOM 57, down 24%.

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

Mar 15 vs 14: Sales down 1%, med price up 16%, DOM 52, up 21%

YTD 15 vs 14: Sales up 4%, med price up 10% DOM 48, up 2%.

Northwest Dallas:

Mar 15 vs 14: Sales down 13%, med price down 1%, DOM 35, down 20%.

YTD 15 vs 14: Sales down 6%, med price up 3%, DOM 46, down 10%.

Northeast Dallas (incl Lake Highlands):

Mar 15 vs 14: Sales up 3%, med price up 26%, DOM 38, up 9%.

YTD 15 vs 14: Sales up 1%, med price up 17%, DOM 41, down 7%.

Plano:

Mar 15 vs 14: Sales down 9%, med price up 16%, DOM 34, down 13%.

YTD 15 vs 14: Sales down 6%, med price up 10%, DOM 38, down 12%.

Frisco:

Mar 15 vs 14: Sales unchanged %, med price up 8%, DOM 34, down 33%.

YTD 15 vs 14: Sales down 6%, med price up 8%, DOM 38, down 24%.

Richardson:

Mar 15 vs 14: Sales up 39%, med price up 20%, DOM 27, down 31%.

YTD 15 vs 14: Sales up 11%, med price up 17%, DOM 32, down 27%.

Southlake:

Mar 15 vs 14: Sales up 41%, med price up 21%, DOM 90, up 50%.

YTD 15 vs 14: Sales up 23%, med price up 5%, DOM 86, up 23%.

Coppell:

Mar 15 vs 14: Sales up 59%, med price up 18%, DOM 45, unchanged.

YTD 15 vs 14: Sales up 5%, med price up 12%, DOM 58, up 35%.

Allen:

Mar 15 vs 14: Sales up 3%, med price up 7%, DOM 34, down 8%.

YTD 15 vs 14: Sales up 1%, med price up 13%, DOM 45, up 10%.

Rockwall (incl Heath):

Mar 15 vs 14: Sales up 3%, med price up 2%, DOM 58, down 6%.

YTD 15 vs 14: Sales down 4%, med price up 8%, DOM 59, down 6%.

Cedar Hill:

Mar 15 vs 14: Sales up 47%, med price up 5%, DOM 54, down 30%.

YTD 15 vs 14: Sales up 5%, med price up 5%, DOM 57, down 14%.

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 (23.2% of sales): up 15%, 2.1 months inventory

$300-399K (11.3% of sales): up 25%, 3.3 months inventory

$400-499K (5.6% of sales): up 33%, 4.5 months inventory

$500-599K (2.4% of sales): up 19%, 6.9 months inventory

$600-699K (1.5% of sales): up 17%, 7.1 months inventory

$700-799K (0.9% of sales): up 43%, 8.0 months inventory

$800-899K (0.6% of sales): up 30%, 9.1 months inventory

$900-999K (0.4% of sales): up 52%, 9.8 months inventory

$1MM and up (1.2% of sales): up 14%, 14.0 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2015 vs 2014.

$200-299K (20.2% of sales): 253 units vs 254 units year ago, 2.3 months inventory

$300-399K (10.5% of sales): 131 units vs 97 units year ago, 3.5 months inventory

$400-499K (6.0% of sales): 75 units vs 55 units year ago, 3.1 months inventory

$500-599K (2.2% of sales): 27 units vs 19 units year ago, 5.2 months inventory

$600-699K (1.1% of sales): 14 units vs 7 units year ago, 5.4 months inventory

$700-799K (0.6% of sales): 7 units vs 9 units year ago, 8.6 months inventory

$800-899K (0.5% of sales): 6 units vs 3 units year ago, 6.5 months inventory

$900-999K (0.2% of sales): 2 units vs 3 units year ago, 18.0 months inventory

$1MM + (1.3% of sales): 16 units vs 12 units year ago, 13.7 months inventory

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

– See more at: http://webcache.googleusercontent.com/search?q=cache:zvMZimaxLHYJ:www.dallastexashomefinder.com/dallas-real-estate-market-report/dallas-home-sales-stats-for-march-2015/+&cd=1&hl=en&ct=clnk&gl=ph#sthash.eGxEpcgL.dpuf

The owner of this website has made a committment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.