Dallas Home Sales Stats for October, 2013

Our Dallas market continued in October on it’s path toward record sales and dollar volume, with home sales up 10% and median prices of homes sold up 13% over year ago figures. Year to date, sales are up 19% metro-wide, and median prices up 10%.  This is the 26th consecutive month for home sales higher than the previous year.  Average days on market range from a very tight 26 days in Richardson to 77 days in North Dallas, remarkable considering we were so accustomed to 180 days only a few years ago.  Dallas has the second most rapidly diminishing inventory after Denver, the result of 18% fewer listings and strong buyer demand. (Interestingly, inventory is rising in half of the nation’s major metro areas, including San Francisco, Phoenix, Las Vegas, and Atlanta).  We can credit strong state-wide job growth, and in particular, a strong energy sector and in-migration from poor job-creating states.

Mortgage interest rates are still a real bargain, and no one is predicting a spike next year, but then again, no one knows.  Janet Yellen, expected to be the new Fed chief, replacing Ben Bernanke, will be the most influential person, economically speaking, in the U.S. next year.  Assuming no “shocks” to the economy, much of what I read and hear indicates a continuation of our steadily improving pricing and buyer demand in 2014.   It will be difficult to continue building percentage gains on top of the record gains this year, but with demand for homes continuing to outstrip supply, expect next year to look a lot like this year.

Here are the details for single family homes and condo/townhome sales in selected areas.  New this month is the addition of Cedar Hill to the market list.  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):

Oct 13 vs 12:  Sales up 10%, med price up 13%, DOM 55, down 23%.

YTD vs 12:  Sales up 19%, med price up 10%,  DOM 57, down 24%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Oct 13 vs 12:  Sales up 17%, med price up 17%, DOM 42, down 52%.

YTD vs 12:  Sales up 46%, med price up 8%, DOM 64, down 34%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:

Oct 13 vs 12:  Sales up 10%, med price up 26%, DOM 61, down 32%.

YTD vs 12:  Sales down 4%, med price up 12%,  DOM 58, down 26%.

East Dallas (incl M’s and Lakewood):

Oct 13 vs 12:  Sales down 2%, med price up 21%,  DOM 39, down 39%.

YTD vs 12: Sales up 19%, med price up 15%, DOM 45, down 41%.

North Dallas (South of LBJ):

Oct 13 vs 12:  Sales up 42%, med price up 25%, DOM 77, unchanged.

YTD vs 12: Sales up 27%, med price up 19%, DOM 63, down 32%.

Far North Dallas (incl Addison and to Park Blvd in Plano):

Oct 13 vs 12:  Sales up 31%, med price up 19%, DOM 55, down 28%.

YTD vs 12: Sales up 30%, med price up 14%, DOM 50, down 24%.

Northwest Dallas:

Oct 13 vs 12:  Sales up 26%, med price up 53%, DOM 46, down 28%.

YTD vs 12: Sales up 18%, med price up 17%, DOM 49, down 33%.

Northeast Dallas (incl Lake Highlands):

Oct 13 vs 12: Sales up 24%, med price down 1%,  DOM 50, down 7%.

YTD vs 12: Sales up 17%, med price up 8%, DOM 43, down 22%.

Plano:

Oct 13 vs 12: Sales down 5%, med price up 9%, DOM 39, down 19%.

YTD vs 12: Sales up 22%, med price up 9%, DOM 39, down 30%.

Frisco:

Oct 13 vs 12: Sales up 16%, med price up 6%, DOM 39, down 35%.

YTD vs 12: Sales up 26%, med price up 10%, DOM 42, down 28%.

Richardson:

Oct 13 vs 12: Sales up 48%, med price up 15%, DOM 26, down 49%.

YTD vs 12: Sales up 26%, med price up 9%, DOM 35, down 39%.

Southlake:

Oct 13 vs 12:  Sales up 5%, med price unchanged, DOM 52, down 42%.

YTD vs 12:  Sales up 20%, med price up 4%, DOM 56, down 22%.

Coppell

Oct 13 vs 12:  Sales up 2%, med price up 5%, DOM 29, down 40%.

YTD vs 12: Sales up 13%, med price up 11%, DOM 31, down 43%.

Allen:

Oct 13 vs 12:  Sales up 10%, med price up 22%, DOM 38, down 28%.

YTD vs 12: Sales up 14%, med price up 21%, DOM 38, down 34%.

Rockwall (incl Heath):

Oct 13 vs 12:  Sales up 21%, med price up 10%, DOM 64, down 30%.

YTD vs 12: Sales up 33%, med price up 10%, DOM 62, down 26%.

Cedar Hill:

Oct 13 vs 12: Sales up 8%, med price up 17%, DOM 43, down 47%.

YTD vs 12: Sales up 15%, med price up 14%, 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 33%, 2.5 months inventory

$300-399K (9.7% of sales):  up 44%, 3.3 months inventory

$400-499K (4.6% of sales):  up 53%, 4.2 months inventory

$500-599K (2.1% of sales):  up 51%, 4.7 months inventory

$600-699K (1.2% of sales):  up 38%, 5.9 months inventory

$700-799K (0.7% of sales):  up 49%, 6.7 months inventory

$800-899K (0.5% of sales):  up 35%, 7.7 months inventory

$900-999K (0.3% of sales):  up 21%, 8.7 months inventory

$1MM and up (1.1% of sales): up 22%, 11.4 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): 929 units vs 605 units year ago, 3.6 months inventory

$300-399K (7.6% of sales): 376 units vs 218 units year ago, 4.4 months inventory

$400-499K (3.8% of sales): 185 units vs 124 units year ago, 5.4 months inventory

$500-599K (1.9% of sales): 92 units vs 55 units year ago, 4.6 months inventory

$600-699K (0.6% of sales): 29 units vs 15 units year ago, 7.2 months inventory

$700-799K (0.6% of sales): 31 units vs 18 units year ago, 5.2 months inventory

$800-899K (0.3% of sales): 17 units vs 13 units year ago, 8.8 months inventory

$900-999K (0.2% of sales): 10 units vs 3 unit year ago, 16.0 months inventory

$1MM + (0.8% of sales): 41 units vs 21 units year ago, 12.7 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 )

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