Overall Dallas sales were up 6% in September over last year, but year-to-date sales were still 1% below 2013 levels. All but two of the markets I track are in negative territory, and six of the markets are down double-digits from year ago sales levels. North Dallas and Far North Dallas are down 19% and 14%, respectively. On the other hand, median prices of homes sold are up double-digits in eight of the markets I track (see below).
There has also been a subtle change in month’s inventory in September in the condo and townhome property types. The months of inventory on the market are fractionally higher than last month in all price points above $200k, reflecting a tiny but real change in direction after declining inventory numbers over the past year. Single family homes, where most of the sales demand is centered, still show historic declines in months’ inventory, for all the reasons I have previously cited.
Despite what appears to be a leveling off in the growth rate of homes sales here, the Urban Land Institute still considers Dallas to be one of the top 5 real estate markets in 2015 (two of the other four are in Texas as well). This is due in part to the Texas being considered the best state for business in a new survey from Development Counselors International. Corporate relocations to the area should continue next year.
Here’s an interesting piece of trivia…So you think our prices are high here? Forbes Magazine listed the 500 most expensive zip codes in the U.S. Zip 75205, mostly in the Park Cities, Dallas’ most expensive zip, ranked 164th in the nation at $1.5M. The highest, you ask? That would be Atherton, CA with a median price of $9.0M. We’ve got lots of room to go!
Overall Market (North Texas):
Sep 14 vs 13: Sales up 6%, med price up 8%, DOM 57, up 12%.
YTD 14 vs 13: Sales down 1%, med price up 7%, DOM 52, down 9%
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Sep 14 vs 13: Sales down 10%, med price up 37%, DOM 50, down 26%
YTD vs 13: Sales down 2%, med price unchanged, DOM 56, down 16%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Sep 14 vs 13: Sales up 48%, med price up 6%, DOM 58, down 9%.
YTD vs 13: Sales down 10%, med price up 11%, DOM 55, down 5%.
East Dallas (incl M’s and Lakewood):
Sep 14 vs 13: Sales down 17%, med price up 23%, DOM 41, unchanged.
YTD vs 13: Sales down 12%, med price up 9%, DOM 38, down 16%.
North Dallas (South of LBJ):
Sep 14 vs 13: Sales down 2%, med price down 10%, DOM 65, down 23%.
YTD vs 13: Sales down 19%, med price up 11%, DOM 68, up 11%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Sep 14 vs 13: Sales up 23%, med price up 20%, DOM 41, up 5%
YTD vs 13: Sales down 14%, med price up 7% DOM 33, down 34%.
Northwest Dallas:
Sep 14 vs 13: Sales up 13%, med price up 22%, DOM 39, up 18%.
YTD vs 13: Sales up 5%, med price up 9%, DOM 41, down 16%.
Northeast Dallas (incl Lake Highlands):
Sep 14 vs 13: Sales down 19%, med price up 13%, DOM 39, up 3%.
YTD vs 13: Sales down 4%, med price up 11%, DOM 34, down 19%.
Plano:
Sep 14 vs 13: Sales down 4%, med price up 9%, DOM 34, up 13%.
YTD vs 13: Sales down 10%, med price up 9%, DOM 31, down 21%.
Frisco:
Sep 14 vs 13: Sales down 2%, med price up 9%, DOM 34, down 6%.
YTD vs 13: Sales down 6%, med price up 11%, DOM 36, down 14%.
Richardson:
Sep 14 vs 13: Sales down 8%, med price up 8%, DOM 36, up 3%.
YTD vs 13: Sales down 6%, med price up 10%, DOM 31, down 11%.
Southlake:
Sep 14 vs 13: Sales up 11%, med price down 5%, DOM 43, down 23%.
YTD vs 13: Sales down 10%, med price up 15%, DOM 47, down 18%.
Coppell:
Sep 14 vs 13: Sales up 10%, med price up 27%, DOM 30, up 36%.
YTD vs 13: Sales down 9%, med price up 10%, DOM 30, down 3%.
Allen:
Sep 14 vs 13: Sales up 16%, med price up 7%, DOM 38, up 3%.
YTD vs 13: Sales down 4%, med price up 2%, DOM 32, down 16%.
Rockwall (incl Heath):
Sep 14 vs 13: Sales up 48%, med price up 9%, DOM 61, up 20%.
YTD vs 13: Sales up 1%, med price up 8%, DOM 56, down 10%.
Cedar Hill:
Sep 14 vs 13: Sales down 20%, med price down 3%, DOM 75, up 44%.
YTD vs 13: Sales down 7%, med price up 13%, DOM 59, up 2%.
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 (22.9% of sales): up 10%, 2.2 months inventory
$300-399K (10.7% of sales): up 9%, 3.2 months inventory
$400-499K (5.2% of sales): up 12%, 4.3 months inventory
$500-599K (2.4% of sales): up 10%, 5.3 months inventory
$600-699K (1.4% of sales): up 16%, 5.6 months inventory
$700-799K (0.8% of sales): up 6%, 7.7 months inventory
$800-899K (0.5% of sales): up 10%, 7.5 months inventory
$900-999K (0.3% of sales): up 22%, 9.2 months inventory
$1MM and up (1.2% of sales): up 14%, 10.3 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2014 vs 2013.
$200-299K (20.4% of sales): 941 units vs 849 units year ago, 2.5 months inventory
$300-399K (9.1% of sales): 419 units vs 338 units year ago, 3.2 months inventory
$400-499K (3.7% of sales): 170 units vs 163 units year ago, 5.2 months inventory
$500-599K (1.7% of sales): 78 units vs 81 units year ago, 4.5 months inventory
$600-699K (0.8% of sales): 36 units vs 28 units year ago, 7.3 months inventory
$700-799K (0.5% of sales): 25 units vs 30 units year ago, 8.3 months inventory
$800-899K (0.5% of sales): 21 units vs 15 units year ago, 5.1 months inventory
$900-999K (0.2% of sales): 8 units vs 10 units year ago, 5.6 months inventory
$1MM + (1.0% of sales): 46 units vs 37 units year ago, 9.6 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540