In May, we continued to experience what’s becoming typical Dallas spring market hysteria. Buying interest is very strong, but choices are fewer than we would like to see. Nothing new with this reality. Last year as we moved out of the spring market, we morphed back into a more typical negotiated buy and sell, with fewer over-bid sales and fewer full price sales. I anticipate we will see this again this summer and especially into the fall. But for now, there is still a scramble for homes in most submarkets. Those with great schools, Park Cities, Southlake, Coppell, Plano, M’s, Lakewood and Lake Highlands are seeing fewer and fewer days on market. That trend has continued each month this year and will have to stop when we get to zero. But as the fever-pitch lessens this summer, we will get a little more breathing room.
The numbers below still point to a slower pace of homes sales versus a year ago in most submarkets. This is wholly due to the shortage of homes for sale. Prices, though, will continue to be strong. DFW home prices are at a record high, 8% above pre-recession levels of 2007 and up 20% from early 2009. Local home prices are growing at about twice the usual long term rate for Dallas.
All the macro indicators are still quite positive for our area, including job growth and population growth, corporate relocations (there are several “code-named” high profile company searches underway), and a predictable business and economic climate. Office and multi-family construction is everywhere–I lost count of the number of cranes–trying to get out in front of the demand for space. Residential construction, primarily production home subdivisions, are beginning to pop in the suburbs. We are still several years behind schedule with the home demand, as builders were shut out of the financing market after the meltdown in 2008. Worker shortages, lagging infrastructure and a lack of ready-to-build lots have hamstrung home builders. But there are signs we’re gaining ground.
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):
May 14 vs 13: Sales down 1%, med price up 6%, DOM 47, down 13%.
YTD 14 vs 13: Sales down 3%, med price up 7%, DOM 56, down 11%
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
May 14 vs 13: Sales down 4%, med price down 2%, DOM 54, down 22%
YTD vs 13: Sales down 4%, med price up 3%, DOM 64, down 10%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
May 14 vs 13: Sales up 2%, med price up 14%, DOM 43, down 9%.
YTD vs 13: Sales down 6%, med price up 18%, DOM 58, down 6%.
East Dallas (incl M’s and Lakewood):
May 14 vs 13: Sales down 8%, med price up 19%, DOM 32, down 18%.
YTD vs 13: Sales down 10%, med price up 13%, DOM 39, down 26%.
North Dallas (South of LBJ):
May 14 vs 13: Sales down 23%, med price up 27%, DOM 75, up 50%.
YTD vs 13: Sales down 20%, med price up 13%, DOM 76, up 29%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
May 14 vs 13: Sales down 16%, med price up 10%, DOM 30, down 44%
YTD vs 13: Sales down 16%, med price up 7% DOM 37, down 38%.
Northwest Dallas:
May 14 vs 13: Sales down 23%, med price up 13%, DOM 36, down 5%.
YTD vs 13: Sales up 5%, med price up 10%, DOM 45, down 4%.
Northeast Dallas (incl Lake Highlands):
May 14 vs 13: Sales up 6%, med price up 14%, DOM 29, down 24%.
YTD vs 13: Sales up 11%, med price up 15%, DOM 34, down 29%.
Plano:
May 14 vs 13: Sales down 10%, med price up 8%, DOM 24, down 29%.
YTD vs 13: Sales down 13%, med price up 10%, DOM 35, down 24%.
Frisco:
May 14 vs 13: Sales down 18%, med price up 11%, DOM 33, down 23%.
YTD vs 13: Sales down 9%, med price up 13%, DOM 43, down 12%.
Richardson:
May 14 vs 13: Sales down 9%, med price up 8%, DOM 22, down 24%.
YTD vs 13: Sales down 8%, med price up 11%, DOM 36 down 12%.
Southlake:
May 14 vs 13: Sales down 13%, med price up 25%, DOM 30, down 48%.
YTD vs 13: Sales down 14%, med price up 15%, DOM 48, down 28%.
Coppell
May 14 vs 13: Sales down 18%, med price up 17%, DOM 28, up 8%.
YTD vs 13: Sales down 18%, med price up 13%, DOM 35, down 10%.
Allen:
May 14 vs 13: Sales up 5%, med price down 2%, DOM 31, unchanged.
YTD vs 13: Sales down 8%, med price up 1%, DOM 35, down 20%.
Rockwall (incl Heath):
May 14 vs 13: Sales up 24%, med price up 14%, DOM 48, down 24%.
YTD vs 13: Sales down 1%, med price up 11%, DOM 59, down 17%.
Cedar Hill:
May 14 vs 13: Sales up 2%, med price up 14%, DOM 41, up 24%.
YTD vs 13: Sales down 7%, med price up 20%, DOM 58, 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 (21.6% of sales): up 6%, 2.8 months inventory
$300-399K (10.0% of sales): up 5%, 3.8 months inventory
$400-499K (4.9% of sales): up 16%, 5.0 months inventory
$500-599K (2.3% of sales): up 8%, 6.6 months inventory
$600-699K (1.4% of sales): up 19%, 7.2 months inventory
$700-799K (0.8% of sales): up 5%, 7.8 months inventory
$800-899K (0.5% of sales): up 12%, 9.6 months inventory
$900-999K (0.3% of sales): up 10%, 11.1 months inventory
$1MM and up (1.3% of sales): up 20%, 12.0 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2014 vs 2013.
$200-299K (20.5% of sales): 489 units vs 449 units year ago, 2.8 months inventory
$300-399K (8.4% of sales): 201 units vs 173 units year ago, 4.0 months inventory
$400-499K (4.4% of sales): 105 units vs 77 units year ago, 4.6 months inventory
$500-599K (1.7% of sales): 40 units vs 40 units year ago, 6.6 months inventory
$600-699K (0.8% of sales): 18 units vs 9 units year ago, 5.6 months inventory
$700-799K (0.5% of sales): 13 units vs 16 units year ago, 5.8 months inventory
$800-899K (0.7% of sales): 16 units vs 11 units year ago, 4.1 months inventory
$900-999K (0.2% of sales): 4 units vs 3 units year ago, 10.0 months inventory
$1MM + (0.9% of sales): 21 units vs 17 units year ago, 10.2 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540