Dallas home sales in April did not surprise, unless you were anticipating a worse outcome. Single family home sales were down 17% overall vs year ago. Thanks to the strong first quarter, we were still 1% ahead of last year to date. And interestingly, the accompanying chart shows every single family home price point above $200,000, except the $1M plus homes, continued to reflect gains in sales vs the first four months of 2019. Every price point below $200,000 showed double-digit declines in sales. For condos and townhomes, the numbers were mixed.
On the bright side, median sales prices for homes sold in the overall North Texas market were higher, up 5% compared to April 2019. The median price of homes sold in April for the submarkets I track ranged from a +24% in Northwest Dallas to a -35% in Park Cities.
With the easing of home showing restrictions, May sales numbers are expected to improve. With almost record low interest rates for conforming (<$510K) mortgages, at 3.125% at this writing, combined with extremely low inventory, sales and prices will continue to be propped up in the higher price points. Once sellers become more comfortable allowing their homes to be shown, we’ll see more sales due to more availability and low interest rates.
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Apr 20 vs 19: Sales down 17%, median price up 5%, DOM 51, unchanged.
YTD 20 vs 19: Sales up 1%, median price up 5%, DOM 58 up 2%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Apr 20 vs 19: Sales down 42%, median price up 15%, DOM 71, up 20%.
YTD 20 vs 19: Sales down 11%, median price up 3%, DOM 71, up 13%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Apr 20 vs 19: Sales down 40%, median price down 35%, DOM 54, down10%.
YTD 20 vs 19: Sales up 13%, median price down 9%, DOM 77, up 10%.
East Dallas (incl M’s and Lakewood):
Apr 20 vs 19: Sales down 18%, median price up 5%, DOM 40, down 13%.
YTD 20 vs 19: Sales down 1%, median price up 9%, DOM 57, up 16%.
North Dallas (South of LBJ):
Apr 20 vs 19: Sales down 43%, median price up 7%, DOM 61, down 20%.
YTD 20 vs 19: Sales down 2%, median price up 3%, DOM 86, up 21%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Apr 20 vs 19: Sales down 23%, median price down 5%, DOM 41, down 5%.
YTD 20 vs 19: Sales up 1%, median price up 5%, DOM 53, up 10%.
Northwest Dallas (incl Midway Hollow):
Apr 20 vs 19: Sales down 52%, median price up 24%, DOM 35, down 33%.
YTD 20 vs 19: Sales down 11%, median price up 13%, DOM 60, up 18%.
Northeast Dallas (incl Lake Highlands):
Apr 20 vs 19: Sales down 7%, median price up 7%, DOM 42, up 14%.
YTD 20 vs 19: Sales up 12%, median price down 1%, DOM 51, up 9%.
Plano:
Apr 20 vs 19: Sales down 18%, median price down 1%, DOM 39, down 5%.
YTD 20 vs 19: Sales up 4%, median price up 3%, DOM 50, down 4%.
Frisco:
Apr 20 vs 19: Sales down 25%, median price down 2%, DOM 53, down 13%.
YTD 20 vs 19: Sales up 10%, median price up 1%, DOM 64, down 15%.
Richardson:
Apr 20 vs 19: Sales down 14%, median price up 9%, DOM 33, unchanged.
YTD 20 vs 19: Sales up 16%, median price down 1%, DOM 40, up 8%.
Southlake:
Apr 20 vs 19: Sales down 4%, median price up 7%, DOM 41, down 2%.
YTD 20 vs 19: Sales unchanged, median price up 5%, DOM 60, up 18%.
Coppell:
Apr 20 vs 19: Sales down 43%, median price 5%, DOM 25, down 31%.
YTD 20 vs 19: Sales down 18%, median price up 52%, DOM 54, 20%.
Allen:
Apr 20 vs 19: Sales down 44%, median price up 4%, DOM 39, down 9%.
YTD 20 vs 19: Sales down 2%, median price up 2%, DOM 46, down 21%.
Rockwall (incl Heath):
Apr 20 vs 19: Sales down 14%, median price up 2%, DOM 70, down 10%.
YTD 20 vs 19: Sales up 3%, median up 3%, DOM 71, down 3%.
Cedar Hill:
Apr 20 vs 19: Sales down 27%, median price up 9%, DOM 59, up 26%.
YTD 20 vs 19: Sales down 6%, median price up 9%, DOM 52, up 15%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Apr 20 vs 19: Sales down 11%, median price up 16%, DOM 51, down 2%.
YTD 20 vs 19: Sales up 4%, median price up 11%, DOM 53, up 2%.
Carrollton/Farmers Branch:
Apr 20 vs 19: Sales down 26%, median price down 6%, DOM 29, down 6%.
YTD 20 vs 19: Sales down 17%, median price up 4%, DOM 41, down 5%.
For Las Colinas: Call me at my Allie Beth Allman & Associates office, 214-563-8540.
Here is a look at Single Family home sales by price category for YTD 2020 vs 2019:
$200-299K (36.5% of sales): up 4%, 2.1 months inventory
$300-399K (20.7% of sales): up 14%, 2.8 months inventory
$400-499K (9.5% of sales): up 13%, 3.8 months inventory
$500-599K (4.2% of sales): up 10%, 4.6 months inventory
$600-699K (2.3% of sales): up 8%, 5.3 months inventory
$700-799K (1.2% of sales): up 5%, 5.7 months inventory
$800-899K (0.8% of sales): up 27%, 6.2 months inventory
$900-999K (0.5% of sales): up 15%, 7.2 months inventory
$1MM and up (1.5% of sales): down 5%, 11.1 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2020 vs 2019.
$200-299K (34.1% of sales): 494 units vs 509 units year ago, 3.8 months inventory
$300-399K (19.6 % of sales): 340 units vs 343 units year ago, 6.7 months inventory
$400-499K (8.1% of sales): 141 units vs 133 units year ago, 7.5 months inventory
$500-599K (3.1% of sales): 54 units vs 59 units year ago, 8.3 months inventory
$600-699K (1.2% of sales): 21 units vs 33 units year ago, 10.1 months inventory
$700-799K (0.6% of sales): 11 units vs 8 units year ago, 12.0 months inventory
$800-899K (0.3% of sales): 6 units vs 7 units year ago, 10.7 months inventory
$900-999K (0.2% of sales): 3 units vs 4 units year ago, 16.0 months inventory
$1MM + (0.8 of sales): 14 units vs 21 units year ago, 36.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540