Multiple offers, over asking price bidding, hip pocket listings…it’s back. Last year at this time, we in Dallas experienced this “West Coast” style real estate market for the first time. There was even a sense of panic buying last spring. This spring, we don’t have that sense, but buyers are equally frustrated with the speed at which homes hit the market and then leave the market. The difference this year was that we knew ahead of time we were going to face a low-inventory market. Home construction is trying hard to catch up with demand, but it is experiencing its own set of problems. In the years immediately following the financial system meltdown in ’08, money for new construction was nowhere to be found and labor was abundantly available, but for the most part idle. Now financing is widely available but labor is short. Much of the home building labor has left for the oil patch or other higher paying jobs. Builders now are paying more to keep workers around, and that means home buyers will be paying more for new homes soon.
And, we are. Last year, median prices in the Dallas area were up 10%. So far this year, median prices are up 7% overall. In the Park Cities (including Devonshire, Greenway Parks, Bluffview), median sales prices are up 23%, while sales are down 8%. This pattern is common to most of the submarkets I track (below). Reports in the media this week that Texas added more jobs in April than in any other state, that Texas is the best state and Dallas the best city in the U.S. to start a business, and that the DFW population will grow by one million people by 2020 (hmmm, only 6 years from now!), means we need more housing. The recent announcement of the relocation of Toyota’s US headquarters to Plano will serve as a catalyst for more corporate relocation considerations, as did the recent moves to Dallas of AT&T and Comerica Bank. All this is really great news in the big picture, as it sure beats going the other direction. We just have to manage it well. Dallas always has.
In the meantime, we will enjoy watching the cranes going up, building not only new apartment towers but also new condo high-rises (on McKinney in Uptown and in Plano off Spring Creek) and new office buildings (on Central at Blackburn, the Harwood district off Harry Hines, and the giant State Farm complex at the Bush Tollway, among others). Home ownership is going to pay off well for those now planted and those soon to be.
Here are the details for single family homes and condo/townhome 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):
Mar 14 vs 13: Sales down 4%, med price up 8%, DOM 60, down 9%.
Apr 14 vs 13: Sales down 5%, med price up 4%, DOM 53, down 10%
YTD vs 13: Sales down 3%, med price up 7%, DOM 60, down 17%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 14 vs 13: Sales down 24%, med price up 2%, DOM 50, down 28%
Apr 14 vs 13: Sales down 13%, med price up 2%, DOM 66, down 8%.
YTD vs 13: Sales down 2%, med price up 5%, DOM 67, down 6%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 14 vs 13: Sales down 16%, med price up 18%, DOM 60, down 13%.
Apr 14 vs 13: Sales down 25%, med price down 6%, DOM 55, down 10%.
YTD vs 13: Sales down 8%, med price up 23%, DOM 65, down 3%.
East Dallas (incl M’s and Lakewood):
Mar 14 vs 13: Sales down 10%, med price up 10%, DOM 36, down 27%.
Apr 14 vs 13: Sales down 9%, med price up 3%, DOM 36, down 23%.
YTD vs 13: Sales down 10%, med price up 12%, DOM 41, down 31%.
North Dallas (South of LBJ):
Mar 14 vs 13: Sales down 11%, med price up 12%, DOM 65, up 18%.
Apr 14 vs 13: Sales down 42%, med price up 43%, DOM 81, up 65%.
YTD vs 13: Sales down 17%, med price up 12%, DOM 77, up 24%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 14 vs 13: Sales down 12%, med price up 4%, DOM 44, down 27%
Apr 14 vs 13: Sales down 29%, med price up 11%, DOM 40, down 37%
YTD vs 13: Sales down 15%, med price up 8%, DOM 40, down 37%.
Northwest Dallas:
Mar 14 vs 13: Sales up 13%, med price up 7%, DOM 41, down 24%.
Apr 14 vs 13: Sales up 19%, med price down 2%, DOM 34, unchanged.
YTD vs 13: Sales up 17%, med price up 9%, DOM 45, down 12%.
Northeast Dallas (incl Lake Highlands):
Mar 14 vs 13: Sales up 45%, med price up 6%, DOM 36, down 22%.
Apr 14 vs 13: Sales up 9%, med price up 27%, DOM 20, down 55%.
YTD vs 13: Sales up 15%, med price up 16%, DOM 36, down 31%.
Plano:
Mar 14 vs 13: Sales down 18%, med price up 14%, DOM 38, down 19%.
Apr 14 vs 13: Sales down 25%, med price up 11%, DOM 30, down 27%.
YTD vs 13: Sales down 13%, med price up 11%, DOM 39, down 24%.
Frisco:
Mar 14 vs 13: Sales down 8%, med price up 17%, DOM 52, up 2%.
Apr 14 vs 13: Sales down 13%, med price up 8%, DOM 37, down 10%.
YTD vs 13: Sales down 6%, med price up 13%, DOM 45, down 12%.
Richardson:
Mar 14 vs 13: Sales down 17%, med price up 8%, DOM 37, down 10%.
Apr 14 vs 13: Sales down 9%, med price up 18%, DOM 34, up 3%.
YTD vs 13: Sales down 10%, med price up 14%, DOM 41 down 9%.
Southlake:
Mar 14 vs 13: Sales down 30%, med price up 5%, DOM 59, down 11%.
Apr 14 vs 13: Sales up 7%, med price up 11%, DOM 48, down 26%.
YTD vs 13: Sales down 12%, med price up 8%, DOM 59, down 19%.
Coppell
Mar 14 vs 13: Sales down 33%, med price down 5%, DOM 39, down 17%.
Apr 14 vs 13: Sales down 28%, med price up 24%, DOM 27, down 4%.
YTD vs 13: Sales down 19%, med price up 13%, DOM 38, down 16%.
Allen:
Mar 14 vs 13: Sales down 10%, med price up 6%, DOM 36, down 10%.
Apr 14 vs 13: Sales down 14%, med price down 1%, DOM 26, down 38%.
YTD vs 13: Sales down 11%, med price up 2%, DOM 39, down 25%.
Rockwall (incl Heath):
Mar 14 vs 13: Sales down 4%, med price up 12%, DOM 61, down 14%.
Apr 14 vs 13: Sales down 13%, med price up 4%, DOM 61, down 13%.
YTD vs 13: Sales down 10%, med price up 11%, DOM 62, down 16%.
Cedar Hill:
Mar 14 vs 13: Sales down 23%, med price up 13%, DOM 77, up 1%.
Apr 14 vs 13: Sales up 7%, med price up 19%, DOM 59, up 18%.
YTD vs 13: Sales down 9%, med price up 24%, DOM 65, down 8%.
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 (20.1% of sales): up 6%, 3.1 months inventory
$300-399K (9.8% of sales): up 6%, 4.1 months inventory
$400-499K (4.7% of sales): up 16%, 5.2 months inventory
$500-599K (2.2% of sales): up 14%, 6.3 months inventory
$600-699K (1.3% of sales): up 20%, 7.5 months inventory
$700-799K (0.7% of sales): up 3%, 9.4 months inventory
$800-899K (0.5% of sales): up 11%, 10.1 months inventory
$900-999K (0.3% of sales): up 24%, 9.7 months inventory
$1MM and up (1.3% of sales): up 20%, 12.8 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): 360 units vs 315 units year ago, 2.8 months inventory
$300-399K (8.3% of sales): 144 units vs 121 units year ago, 4.6 months inventory
$400-499K (4.6% of sales): 80 units vs 54 units year ago, 4.9 months inventory
$500-599K (1.6% of sales): 28 units vs 23 units year ago, 7.9 months inventory
$600-699K (0.5% of sales): 9 units vs 7 units year ago, 9.8 months inventory
$700-799K (0.6% of sales): 11 units vs 10 units year ago, 4.7 months inventory
$800-899K (0.4% of sales): 7 units vs 8 units year ago, 9.7 months inventory
$900-999K (0.2% of sales): 3 units vs 2 units year ago, 6.7 months inventory
$1MM + (0.7% of sales): 13 units vs 10 units year ago, 14.5 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540