July home sales in Dallas were up 3% from year ago, not enough however to get back to even with last year’s 7-month total home sales. Median prices are still up 7% vs year ago. The average days on market are still declining overall, but we are starting to see some changes here in more submarkets. Three submarkets I track (Lakewood/M Streets, Coppell, and Cedar Hill) showed an increase in DOM in July vs year ago, indicating a slow down in buyers’ energy level. Summer is usually a bit slower for home sales, but comparing July to last July removes the seasonality. Perhaps it is a sign of price resistance or, in some areas, more sellers coming to market adding to the supply and choices. The Park Cities and North Dallas/Preston Hollow have been tracking higher days on market for much of the year.
Zillow is estimating DFW home prices will rise at almost twice the national rate next year, predicting +4.9% by mid 2015 vs nationally at +2.9%. Texas ranked #1 nationwide for job growth in July, per the Bureau of Labor Statistics. This growth was across all industry groups, reflecting a healthy economy and creating upward pressure on rents and home prices. The Dallas Federal Reserve is predicting 400,000+ new jobs for the state this year.
DFW and the suburbs are also the best cities in the US for first-time homebuyers, according to a study from WalletHub. Allen was #2, Frisco #5, Plano #6 and Richardson #10. The study rated the 300 largest U.S. cities for affordability, real estate market and community environment, including crime rate, recreation and, of course, job markets.
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):
Jul 14 vs 13: Sales up 3%, med price up 7%, DOM 44, down 10%.
YTD 14 vs 13: Sales down 1%, med price up 7%, DOM 52, down 12%
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 14 vs 13: Sales down 4%, med price down 6%, DOM 49, down 25%
YTD vs 13: Sales up 3%, med price down 3%, DOM 60, down 13%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 14 vs 13: Sales up 4%, med price up 19%, DOM 38, down 25%.
YTD vs 13: Sales down 14%, med price up 31%, DOM 51, up 9%.
East Dallas (incl M’s and Lakewood):
Jul 14 vs 13: Sales down 18%, med price up 12%, DOM 38, up 9%.
YTD vs 13: Sales down 12%, med price up 10%, DOM 38, down 21%.
North Dallas (South of LBJ):
Jul 14 vs 13: Sales up 5%, med price up 15%, DOM 62, down 29%.
YTD vs 13: Sales down 18%, med price up 10%, DOM 71, up 15%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 14 vs 13: Sales down 14%, med price down 4%, DOM 20, down 41%
YTD vs 13: Sales down 16%, med price up 6% DOM 33, down 38%.
Northwest Dallas:
Jul 14 vs 13: Sales up 9%, med price up 5%, DOM 31, down 48%.
YTD vs 13: Sales up 6%, med price up 9%, DOM 40, down 22%.
Northeast Dallas (incl Lake Highlands):
Jul 14 vs 13: Sales up 4%, med price up 9%, DOM 30, down 27%.
YTD vs 13: Sales up 2%, med price up 11%, DOM 34, down 23%.
Plano:
Jul 14 vs 13: Sales down 11%, med price up 14%, DOM 27, down 10%.
YTD vs 13: Sales down 10%, med price up 10%, DOM 31, down 26%.
Frisco:
Jul 14 vs 13: Sales down 1%, med price up 7%, DOM 27, down 21%.
YTD vs 13: Sales down 6%, med price up 12%, DOM 38, down 12%.
Richardson:
Jul 14 vs 13: Sales up 3%, med price up 10%, DOM 24, down 11%.
YTD vs 13: Sales down 7%, med price up 11%, DOM 31, down 16%.
Southlake:
Jul 14 vs 13: Sales up 1%, med price up 10%, DOM 36, down 32%.
YTD vs 13: Sales down 13%, med price up 17%, DOM 44, down 25%.
Coppell:
Jul 14 vs 13: Sales up 6%, med price up 11%, DOM 31, up 41%.
YTD vs 13: Sales down 7%, med price up 9%, DOM 31, down 9%.
Allen:
Jul 14 vs 13: Sales up 7%, med price up 2%, DOM 26, down 19%.
YTD vs 13: Sales down 8%, med price up 3%, DOM 32, down 18%.
Rockwall (incl Heath):
Jul 14 vs 13: Sales up 7%, med price up 3%, DOM 44, down 17%.
YTD vs 13: Sales down 2%, med price up 7%, DOM 56, down 17%.
Cedar Hill:
Jul 14 vs 13: Sales down 4%, med price up 1%, DOM 68, up 62%.
YTD vs 13: Sales down 3%, med price up 16%, DOM 60, unchanged.
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Here is a look at Single Family home sales by price category for YTD 2014 vs 2013:
$200-299K (22.6% of sales): up 9%, 2.7 months inventory
$300-399K (10.7% of sales): up 9%, 3.5 months inventory
$400-499K (5.1% of sales): up 13%, 4.6 months inventory
$500-599K (2.4% of sales): up 9%, 5.8 months inventory
$600-699K (1.4% of sales): up 19%, 6.4 months inventory
$700-799K (0.8% of sales): up 3%, 7.7 months inventory
$800-899K (0.5% of sales): up 6%, 8.8 months inventory
$900-999K (0.4% of sales): up 28%, 9.5 months inventory
$1MM and up (1.3% of sales): up 18%, 11.0 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2014 vs 2013.
$200-299K (20.8% of sales): 746 units vs 641 units year ago, 2.3 months inventory
$300-399K (8.9% of sales): 318 units vs 256 units year ago, 3.6 months inventory
$400-499K (4.1% of sales): 148 units vs 125 units year ago, 4.6 months inventory
$500-599K (1.6% of sales): 57 units vs 66 units year ago, 5.4 months inventory
$600-699K (0.8% of sales): 28 units vs 20 units year ago, 5.8 months inventory
$700-799K (0.5% of sales): 18 units vs 23 units year ago, 7.4 months inventory
$800-899K (0.6% of sales): 20 units vs 11 units year ago, 4.9 months inventory
$900-999K (0.1% of sales): 5 units vs 7 units year ago, 5.6 months inventory
$1MM + (0.9% of sales): 34 units vs 28 units year ago, 7.6 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540