North Texas preowned home sales jumped 7% in June, the largest yearly gain in 2014. All told, 9481 homes sold in June, the largest single month ever. Median sales prices were 10% higher in June and are at the highest level ever recorded. New home starts in the second quarter are at a high point since 2007, but we still lag in new home inventory, at the lowest level in years.
Despite the record June sales totals, year-to-date pre-owned sales for Dallas overall were down 1% from 2013. Only the submarkets of Uptown and the Northeast Dallas area have first half gains in sales vs 2013. I have reported previously that this is an inventory problem–not enough homes (people want to buy) to go around–and not a demand problem.
Our higher sales prices are being pushed by increasing land values and higher construction costs. New home prices are up 24% since 2011. Submarkets boasting the largest first half gains in median sales price of new homes and pre-owned homes combined were Cedar Hill (+20%), Southlake (+19%), Park Cities (+16%) and Northeast Dallas (+13%).
The second half of the year will likely be slower than the first half. This is true of every year, looking back at Dallas’ sales patterns. The spring market is always the strongest, and June sales numbers reflect contracts written in May and perhaps late April. We’ll take a look at July’s numbers shortly. Stay tuned!
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):
Jun 14 vs 13: Sales up 7%, med price up 10%, DOM 44, down 12%.
YTD 14 vs 13: Sales down 1%, med price up 8%, DOM 54, down 12%
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jun 14 vs 13: Sales up 34%, med price down 17%, DOM 50, down 21%
YTD vs 13: Sales up 3%, med price down 3%, DOM 60, down 13%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jun 14 vs 13: Sales down 30%, med price up 19%, DOM 38, down 25%.
YTD vs 13: Sales down 14%, med price up 16%, DOM 54, down 8%.
East Dallas (incl M’s and Lakewood):
Jun 14 vs 13: Sales down 7%, med price up 2%, DOM 32, down 14%.
YTD vs 13: Sales down 10%, med price up 10%, DOM 37, down 26%.
North Dallas (South of LBJ):
Jun 14 vs 13: Sales down 20%, med price up 2%, DOM 65, up 33%.
YTD vs 13: Sales down 21%, med price up 10%, DOM 74, up 30%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jun 14 vs 13: Sales down 8%, med price up 17%, DOM 30, down 29%
YTD vs 13: Sales down 15%, med price up 9% DOM 35, down 38%.
Northwest Dallas:
Jun 14 vs 13: Sales up 22%, med price up 2%, DOM 29, down 55%.
YTD vs 13: Sales up 7%, med price up 9%, DOM 42, down 16%.
Northeast Dallas (incl Lake Highlands):
Jun 14 vs 13: Sales down 21%, med price up 10%, DOM 35, up 6%.
YTD vs 13: Sales up 3%, med price up 13%, DOM 35, down 22%.
Plano:
Jun 14 vs 13: Sales up 10%, med price up 6%, DOM 23, down 38%.
YTD vs 13: Sales down 9%, med price up 9%, DOM 32, down 27%.
Frisco:
Jun 14 vs 13: Sales up 4%, med price up 13%, DOM 28, down 13%.
YTD vs 13: Sales down 7%, med price up 13%, DOM 40, down 11%.
Richardson:
Jun 14 vs 13: Sales down 15%, med price up 16%, DOM 16, down 48%.
YTD vs 13: Sales down 10%, med price up 11%, DOM 32 down 18%.
Southlake:
Jun 14 vs 13: Sales down 17%, med price up 25%, DOM 40, down 2%.
YTD vs 13: Sales down 15%, med price up 19%, DOM 47, down 22%.
Coppell:
Jun 14 vs 13: Sales up 25%, med price down 2%, DOM 19, down 24%.
YTD vs 13: Sales down 10%, med price up 9%, DOM 31, down 14%.
Allen:
Jun 14 vs 13: Sales down 18%, med price up 14%, DOM 27, down 10%.
YTD vs 13: Sales down 10%, med price up 4%, DOM 33, down 20%.
Rockwall (incl Heath):
Jun 14 vs 13: Sales down 3%, med price down 2%, DOM 59, up 5%.
YTD vs 13: Sales down 1%, med price up 11%, DOM 59, down 17%.
Cedar Hill:
Jun 14 vs 13: Sales up 14%, med price up 8%, DOM 62, down 11%.
YTD vs 13: Sales down 4%, med price up 20%, DOM 60, down 6%.
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 (22.2% of sales): up 10%, 2.6 months inventory
$300-399K (10.5% 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 11%, 5.9 months inventory
$600-699K (1.4% of sales): up 20%, 7.0 months inventory
$700-799K (0.8% of sales): up 5%, 7.8 months inventory
$800-899K (0.5% of sales): up 2%, 7.9 months inventory
$900-999K (0.4% of sales): up 18%, 10.7 months inventory
$1MM and up (1.3% of sales): up 18%, 11.6 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2014 vs 2013.
$200-299K (20.7% of sales): 622 units vs 542 units year ago, 2.4 months inventory
$300-399K (8.7% of sales): 260 units vs 211 units year ago, 3.9 months inventory
$400-499K (4.1% of sales): 124 units vs 100 units year ago, 3.9 months inventory
$500-599K (1.5% of sales): 46 units vs 55 units year ago, 5.7 months inventory
$600-699K (0.8% of sales): 23 units vs 14 units year ago, 5.0 months inventory
$700-799K (0.5% of sales): 15 units vs 21 units year ago, 6.4 months inventory
$800-899K (0.6% of sales): 18 units vs 10 units year ago, 5.3 months inventory
$900-999K (0.1% of sales): 4 units vs 4 units year ago, 7.5 months inventory
$1MM + (1.0% of sales): 29 units vs 25 units year ago, 8.1 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540