August sales of single-family home posted a nice increase of 5%, preserving the year-to-date sales in positive territory, up 1%. Sales of townhomes and condos were down 2% in August, with the year-to-date total down 9%. Median sales prices of both single-family homes and townhomes/condos are both higher, up 2% for the first eight months.
As is usually the case, the largest increase in unit sales is occurring in the $200’s (+7%) and $300’s (+8%), where 55% of the Dallas area sales are. To illustrate how percentage sales in higher price points can be misinterpreted, sales in the $900’s in August were up a whopping 19%, representing a total of only 57 homes for the first eight months. Likewise, sales in the greater Park Cities area were down 32% in August, but that represented only 14 fewer homes sold than in July.
As we get deeper into the year, the cumulative sales figures (YTD) are the ones to focus on. Here, the best performing Dallas area markets thus far are Carrollton/Farmers Branch, Allen, and Oak Cliff. Those are moderately priced markets. The weakest markets so far this year (at least in the 16 markets I am tracking here) are Uptown/Oak Lawn, the greater Park Cities and Plano.
Another interesting influence on our moribund sales numbers is interest rates. Yes, the lowest rates in many months right now has been great for first time home buyers and the move up/move down market, but these rates have also encourage so many potential buyers to stay put and refinance. Lenders are very busy (and happy) right now, and this is how low mortgage rates can take a bite out of the overall sales activity.
I can’t wait to see how September comes in. We’re looking for a little snappier sales pace this fall.
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Aug 19 vs 18: Sales up 5%, med price up 4%, DOM 46 up 7%.
YTD 19 vs 18: Sales up 1%, med price up 2%, DOM 51 up 15%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Aug 19 vs 18: Sales up 17%, med price down 1%, DOM 66,
up 3%.
YTD 19 vs 18: Sales down 16%, med price down 5%, DOM 62, up 15%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Aug 19 vs 18: Sales down 32%, med price up 13%, DOM 93, up 45%.
YTD 19 vs 18: Sales down 7%, med price up 8%, DOM 74, up 19%.
East Dallas (incl M’s and Lakewood):
Aug 19 vs 18: Sales up 5%, med price up 1%, DOM 42, up 20%.
YTD 19 vs 18: Sales down 2%, med price down 3%, DOM 47, up 27%.
North Dallas (South of LBJ):
Aug 19 vs 18: Sales down 19%, med price down 28%, DOM 68, down 23%.
YTD 19 vs 18: Sales down 4%, med price down 11%, DOM 67, down 13%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Aug 19 vs 18: Sales up 34%, med price down 2%, DOM 54, up 26%.
YTD 19 vs 18: Sales down 5%, med price down 1%, DOM 47, up 27%.
Northwest Dallas:
Aug 19 vs 18: Sales down 6%, med price down 1%, DOM 57, up 68%.
YTD 19 vs 18: Sales down 5%, med price up 1%, DOM 51, up 34%.
Northeast Dallas (incl Lake Highlands):
Aug 19 vs 18: Sales down 10%, med price down 3%, DOM 61, up 22%.
YTD 19 vs 18: Sales up 2%, med price unchanged, DOM 47, up 21%.
Plano:
Aug 19 vs 18: Sales down 13%, med price up 4%, DOM 46, up 24%.
YTD 19 vs 18: Sales down 6%, med price unchanged, DOM 44, up 26%.
Frisco:
Aug 19 vs 18: Sales up 13%, med price down 3%, DOM 62, up 15%.
YTD 19 vs 18: Sales down 3%, med price up 3%, DOM 63, up 17%.
Richardson:
Aug 19 vs 18: Sales up 2%, med price up 3%, DOM 38, up 36%.
YTD 19 vs 18: Sales up 5%, med price up 3%, DOM 36, up 38%.
Southlake:
Aug 19 vs 18: Sales down 5%, med price up 3%, DOM 42, down 11%.
YTD 19 vs 18: Sales down 4%, med price up 1%, DOM 50, down %.
Coppell:
Aug 19 vs 18: Sales up 42%, med price down 11%, DOM 39, down 22%.
YTD 19 vs 18: Sales up 3%, med price down 4%, DOM 37, down 8%.
Allen:
Aug 19 vs 18: Sales up 15%, med price up 7%, DOM 40, up 18%.
YTD 19 vs 18: Sales up 12%, med price up 6%, DOM 51, up 46%.
Rockwall (incl Heath):
Aug 19 vs 18: Sales up 15%, med price down 3%, DOM 47, down 4%.
YTD 19 vs 18: Sales up 3%, med up 2%, DOM 61, up 22%.
Cedar Hill:
Aug 19 vs 17: Sales down 21%, med price up 12%, DOM 41, up 95%.
YTD 19 vs 18: Sales down 2%, med price up 6%, DOM 38, up 27%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Aug 19 vs 18: Sales up 15%, med price down 1%, DOM 40, down 9%.
YTD 19 vs 18: Sales up 11%, med price up 3%, DOM 48, up 9%.
Carrollton/Farmers Branch:
Aug 19 vs 18: Sales up 2%, med price unchanged, DOM 37, up 19%.
YTD 19 vs 18: Sales up 14%, med price up 4%, DOM 38, up 41%.
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 2019 vs 2018:
$200-299K (35.3% of sales): up 7%, 4.1 months inventory
$300-399K (19.8% of sales): up 8%, 3.2 months inventory
$400-499K (9.2% of sales): up 2%, 4.1 months inventory
$500-599K (4.3% of sales): up 2%, 4.5 months inventory
$600-699K (2.2% of sales): up 4%, 5.7 months inventory
$700-799K (1.2% of sales): down 1%, 6.1 months inventory
$800-899K (0.8% of sales): up 3%, 6.4 months inventory
$900-999K (0.5% of sales): up 19%, 8.0 months inventory
$1MM and up (1.7% of sales): unchanged, 9.7 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2019 vs 2018.
$200-299K (28.1% of sales): 1194 units vs 1206 units year ago, 6.6 months inventory
$300-399K (19.1% of sales): 813 units vs 798 units year ago, 5.7 months inventory
$400-499K (7.5% of sales): 319 units vs 277 units year ago, 7.6 months inventory
$500-599K (3.6% of sales): 152 units vs 165 units year ago, 7.4 months inventory
$600-699K (1.6% of sales): 66 units vs 66 units year ago, 7.9 months inventory
$700-799K (0.4% of sales): 19 units vs 28 units year ago, 12.3 months inventory
$800-899K (0.3% of sales): 13 units vs 22 units year ago, 12.3 months inventory
$900-999K (0.3% of sales): 14 units vs 14 units year ago, 10.3 months inventory
$1MM + (0.9% of sales): 37 units vs 50 units year ago, 21.8 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540