Dallas home sales rose 4% in November vs year ago, the smallest percentage gain this year, recognizing that double digit percentage gains can’t continue indefinitely. Even with November’s smaller increase, sales for the first 11 months are up 18%, erasing what sales were lost in the recession and now at record levels. Several other cities are showing 25-30% gains, but they are still not back to their pre-recession sales levels. This November’s sales look more in line with a normal Dallas market. Year-end sales figures will be available in mid-January.
All the sub areas I track (below) are well ahead of their 11 month sales totals with the exception of the Park Cities/Bluffview/Greenway Parks area, due to a combination of fewer homes for sale and private sales (sales occurring before hitting the MLS).
Median sales prices continued moving up in double-digit fashion, however, as the market is still very tight. Median prices were up 10% in November and 11% year-to-date. The current 2.9 months inventory of homes for sale in greater Dallas is one of the lowest inventory levels ever recorded for our area. A typical level is 6 months of inventory.
The coming year is expected to be similar in many respects to 2013. One change would be welcome: more listings, more homes to sell. The spring market is 6 weeks away, and without more homes on the market, we will see a repeat of last spring’s buying frenzy, with multiple offers and over-bidding. As our area continues to create job openings and job-seekers continue relocating here, demand will remain high. Apartment developers are doing their part, and new home builders are trying to keep up, but existing home owners who have contemplated a move up or a move to downsize might find this spring an excellent time to sell. We’ll see!
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):
Nov 13 vs 12: Sales up 4%, med price up 10%, DOM 59, down 20%.
YTD vs 12: Sales up 18%, med price up 11%, DOM 57, down 23%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Nov 13 vs 12: Sales down 8%, med price up 8%, DOM 81, down 2%.
YTD vs 12: Sales up 40%, med price up 9%, DOM 65, down 32%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Nov 13 vs 12: Sales up 13%, med price up 5%, DOM 76, down 17%.
YTD vs 12: Sales down 3%, med price up 11%, DOM 60, down 24%.
East Dallas (incl M’s and Lakewood):
Nov 13 vs 12: Sales down 6%, med price unchanged, DOM 55, down 21%.
YTD vs 12: Sales up 17%, med price up 15%, DOM 46, down 39%.
North Dallas (South of LBJ):
Nov 13 vs 12: Sales up 8%, med price up 29%, DOM 70, up 1%.
YTD vs 12: Sales up 25%, med price up 20%, DOM 63, down 30%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Nov 13 vs 12: Sales down 18%, med price up 8%, DOM 52, down 13%.
YTD vs 12: Sales up 26%, med price up 13%, DOM 50, down 23%.
Northwest Dallas:
Nov 13 vs 12: Sales down 2%, med price up 18%, DOM 52, down 33%.
YTD vs 12: Sales up 17%, med price up 17%, DOM 49, down 33%.
Northeast Dallas (incl Lake Highlands):
Nov 13 vs 12: Sales down 15%, med up 27%, DOM 40, down 23%.
YTD vs 12: Sales up 14%, med price up 7%, DOM 42, down 24%.
Plano:
Nov 13 vs 12: Sales down 15%, med price up 9%, DOM 38, down 31%.
YTD vs 12: Sales up 21%, med price up 9%, DOM 39, down 30%.
Frisco:
Nov 13 vs 12: Sales up 11%, med price up 23%, DOM 46, down 13%.
YTD vs 12: Sales up 25%, med price up 11%, DOM 42, down 28%.
Richardson:
Nov 13 vs 12: Sales up 18%, med price up 3%, DOM 37, down 23%.
YTD vs 12: Sales up 25%, med price up 8%, DOM 35, down 38%.
Southlake:
Nov 13 vs 12: Sales up 18%, med price up 21%, DOM 78, down 11%.
YTD vs 12: Sales up 19%, med price up 4%, DOM 58, down 21%.
Coppell
Nov 13 vs 12: Sales down 24%, med price up 2%, DOM 56, down 21%.
YTD vs 12: Sales up 10%, med price up 10%, DOM 32, down 43%.
Allen:
Nov 13 vs 12: Sales up 2%, med price up 10%, DOM 42, down 21%.
YTD vs 12: Sales up 13%, med price up 20%, DOM 38, down 33%.
Rockwall (incl Heath):
Nov 13 vs 12: Sales up 30%, med price up 5%, DOM 71, down 7%.
YTD vs 12: Sales up 33%, med price up 9%, DOM 63, down 24%.
Cedar Hill:
Nov 13 vs 12: Sales up 40%, med price up 23%, DOM 53, down 23%.
YTD vs 12: Sales up 17%, med price up 15%, DOM 57, down 27%.
Las Colinas and Kessler Park: Call Me!
Here is a look at Single Family home sales by price category for YTD 2013 vs 2012:
$200-299K (20.8% of sales): up 32%, 2.4 months inventory
$300-399K (9.7% of sales): up 42%, 3.2 months inventory
$400-499K (4.5% of sales): up 53%, 4.1 months inventory
$500-599K (2.1% of sales): up 49%, 4.5 months inventory
$600-699K (1.2% of sales): up 32%, 5.6 months inventory
$700-799K (0.7% of sales): up 43%, 6.7 months inventory
$800-899K (0.5% of sales): up 35%, 7.1 months inventory
$900-999K (0.3% of sales): up 23%, 8.1 months inventory
$1MM and up (1.1% of sales): up 24%, 10.6 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2013 vs 2012.
$200-299K (18.9% of sales): 995 units vs 677 units year ago, 3.5 months inventory
$300-399K (7.6% of sales): 400 units vs 247 units year ago, 4.8 months inventory
$400-499K (3.8% of sales): 201 units vs 130 units year ago, 4.8 months inventory
$500-599K (1.9% of sales): 99 units vs 59 units year ago, 5.2 months inventory
$600-699K (0.7% of sales): 38 units vs 15 units year ago, 4.9 months inventory
$700-799K (0.6% of sales): 31 units vs 18 units year ago, 5.7 months inventory
$800-899K (0.3% of sales): 18 units vs 15 units year ago, 8.6 months inventory
$900-999K (0.2% of sales): 11 units vs 4 unit year ago, 17.0 months inventory
$1MM + (0.8% of sales): 43 units vs 23 units year ago, 13.3 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540
(See my interview on Channel 8 news regarding the “frustrated buyer” at
http://www.wfaa.com/home/Homebuyers-realtors-report-increasingly-crowded-housing-market-211504151.html )