Dallas Home Sales Stats for Year End 2013

By now you have heard that the Dallas residential real estate market had a banner year in 2013.   Our business climate is perhaps the most favorable in the country, and we are creating jobs–lots of them.   The booming housing market creates more jobs as well, for the makers of appliances, roofing material, furniture, draperies, painters and all the products and services associated with a home.   It’s the multiplier effect, and it builds on its own momentum.   In 2013, we sold 88,562 single family homes and 5708 condos and townhomes in the greater Dallas area.  For the year, Dallas home sales reported in the MLS were up 17% and the median sales price up 10% compared to 2012.  Home sales over $1 million rose 23% vs 2012.   And, the first six weeks of 2014 are signaling a repeat of 2013.   There is a good likelihood that sales were a bit higher than what we know through the MLS, as there were (and continue to be) a fair number of sales from “pocket listings”, meaning new listings are announced in the Realtor community and sold before being posted to the MLS.

Dallas home prices have increased for 21 straight months, and are now up 20% from the recession in 2009 and 5% from the peak in 2007.  A major element in the price increases we have in Dallas (and in other cities) is the low inventory of homes for sale.  And, this is driven in part by new home construction not able to keep up with demand.  In the fourth quarter, for example, 5218 new construction homes were sold vs 4515 starts.  Two home builders I am working with at the present time say that labor shortages have increased completion time by a third.  What used to take 6 months to build a production home in a typical subdivision now takes 9-10 months.   Some of the labor is being lured away to the oil patch, where wages may be double what can be earned building a house, say the home builders.  Texas led the nation in new residents in 2013, per the Census Bureau, and no one is leaving, adding to the demand for new and existing homes.

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):

Dec 13 vs 12:  Sales up 9%, med price up 9%, DOM 59, down 19%.

YTD vs 12:  Sales up 17%, med price up 10%,  DOM 57, down 23%.

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

Dec 13 vs 12:  Sales up 48%, med price down 6%, DOM 60, down 42%.

YTD vs 12:  Sales up 41%, med price up 8%, DOM 65, down 32%.

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

Dec 13 vs 12:  Sales up 9%, med price down 4%, DOM 65, down 23%.

YTD vs 12:  Sales down 2%, med price up 8%,  DOM 60, down 25%.

East Dallas (incl M’s and Lakewood):

Dec 13 vs 12:  Sales down 5%, med price up 12%,  DOM 44, down 35%.

YTD vs 12: Sales up 15%, med price up 14%, DOM 46, down 39%.

North Dallas (South of LBJ):

Dec 13 vs 12:  Sales up 10%, med price up 12%, DOM 70, down 30%.

YTD vs 12: Sales up 23%, med price up 19%, DOM 63, down 31%.

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

Dec 13 vs 12:  Sales up 30%, med price down 5%, DOM 57, down 20%.

YTD vs 12: Sales up 26%, med price up 12%, DOM 51, down 23%.

Northwest Dallas:

Dec 13 vs 12:  Sales down 7%, med price up 25%, DOM 50, down 24%.

YTD vs 12: Sales up 15%, med price up 17%, DOM 49, down 33%.

Northeast Dallas (incl Lake Highlands):

Dec 13 vs 12: Sales unchanged, med up 19%,  DOM 62, up 44%.

YTD vs 12: Sales up 13%, med price up 8%, DOM 44, down 19%.

Plano:

Dec 13 vs 12: Sales up 7%, med price up 24%, DOM 46, down 25%.

YTD vs 12: Sales up 20%, med price up 10%, DOM 39, down 30%.

Frisco:

Dec 13 vs 12: Sales up 10%, med price up 11%, DOM 56, down 14%.

YTD vs 12: Sales up 24%, med price up 11%, DOM 43, down 26%.

Richardson:

Dec 13 vs 12: Sales up 20%, med price up 8%, DOM 40, down 38%.

YTD vs 12: Sales up 24%, med price up 8%, DOM 35, down 38%.

Southlake:

Dec 13 vs 12:  Sales up 7%, med price up 22%, DOM 85, up 15%.

YTD vs 12:  Sales up 19%, med price up 4%, DOM 59, down 19%.

Coppell

Dec 13 vs 12:  Sales down 8%, med price up 14%, DOM 39, down 45%.

YTD vs 12: Sales up 8%, med price up 10%, DOM 33, down 42%.

Allen:

Dec 13 vs 12:  Sales up 9%, med price up 9%, DOM 38, down 25%.

YTD vs 12: Sales up 13%, med price up 19%, DOM 38, down 33%.

Rockwall (incl Heath):

Dec 13 vs 12:  Sales up 46%, med price up 6%, DOM 58, down 16%.

YTD vs 12: Sales up 33%, med price up 9%, DOM 62, down 24%.

Cedar Hill:

Dec 13 vs 12: Sales down 30%, med price down 3%, DOM 63, down 34%.

YTD vs 12: Sales up 13%, med price up 13%, DOM 57, down 28%.

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 (20.9% of sales): up 31%, 2.2 months inventory

$300-399K (9.7% of sales): up 39%, 2.9 months inventory

$400-499K (4.5% of sales):  up 52%, 3.7 months inventory

$500-599K (2.1% of sales):  up 45%, 4.2 months inventory

$600-699K (1.2% of sales):  up 30%, 4.7 months inventory

$700-799K (0.7% of sales):  up 39%, 5.9 months inventory

$800-899K (0.8% of sales):  up 38%, 6.1 months inventory

$900-999K (0.3% of sales):  up 22%, 6.4 months inventory

$1MM and up (1.1% of sales): up 23%, 9.2 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2013 vs 2012.

$200-299K (19.1% of sales): 1089 units vs 745 units year ago, 3.0 months inventory

$300-399K (7.7% of sales): 437 units vs 265 units year ago, 4.0 months inventory

$400-499K (3.9% of sales): 225 units vs 145 units year ago, 4.1 months inventory

$500-599K (1.8% of sales): 102 units vs 67 units year ago, 4.6 months inventory

$600-699K (0.9% of sales): 49 units vs 16 units year ago, 5.4 months inventory

$700-799K (0.6% of sales): 32 units vs 19 units year ago, 3.0 months inventory

$800-899K (0.3% of sales): 19 units vs 18 units year ago, 5.7 months inventory

$900-999K (0.2% of sales): 11 units vs 6 unit year ago, 12.0 months inventory

$1MM + (0.9% of sales): 49 units vs 28 units year ago, 12.5 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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