Dallas Home Sales Stats for December and 2019

It was a big December for Big D and the surrounding suburbs, recording a 15% increase in single family home sales over last December.  The result was another record setting year for home sales in the 22-county area with over 106,000 homes sold.  Median sales prices were up 5% in December, a very good showing.  For all of 2019, sales were up 3% and median prices were up 3% vs 2018.

The credit goes to…interest rates, and of course ever increasing demand from job seekers relocating here.  Dallas is almost always among the top three (and often #1) large cities in several economics-related categories (most recently announced was in warehouse distribution construction), and our growth is certain to continue in 2020.

Interest rates are the reason our December was 15% better than year ago.  Last year, we were struggling with rates in excess of 4%, some pushing 4.5%.  Conventional loan rates this December were steady at 3.75% and just this week dropped to 3.625%.  We almost numb to these good rates, maybe even spoiled by our good fortune.  This is such a good time leverage a real estate purchase, and folks are getting the message.

In the table below, what strikes me most is the continued and steadily inching down Months Inventory.  Every price range above $200K has seen lowered inventory each month for the last several months.  Could we be returning to a seller’s market in 2020?  We know home builders are building like crazy, but they still cannot keep up with demand.  We also know that pending sales are up nicely in January, setting the stage for a strong spring market.

Carrollton, Allen and Oak Cliff led with double digit increases in sales this year, an amazing feat.  There are lots of reasons to be optimistic in 2020.

Here are the details:  DOM stands for “days on market”.

Overall Market (North Texas):

Dec 19 vs 18: Sales up 15%, median price up 5%, DOM 60, up 3%.

YTD 19 vs 18: Sales up 3%, median price up 3%, DOM 52 up 13%.

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

Dec 19 vs 18: Sales up 31%, median price down 17%, DOM 76,
up 7%.

YTD 19 vs 18: Sales down 2%, median price down 3%, DOM 66, up 20%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:

Dec 19 vs 18: Sales up 27%, median price up 24%%, DOM 87, up 18%.

YTD 19 vs 18: Sales up 1%, median price up 5%, DOM 78, up 15%.
East Dallas (incl M’s and Lakewood):

Dec 19 vs 18: Sales up 47%, median price down 1%, DOM 56, unchanged.

YTD 19 vs 18: Sales up 3%, median price down 3%, DOM 49, up 23%.
North Dallas (South of LBJ):
Dec 19 vs 18: Sales up 45%, median price down 5%, DOM 96, up 5%.

YTD 19 vs 18: Sales up 2%, median price down 8%, DOM 73, down 8%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 19 vs 18: Sales up 2%, median price down 4%, DOM 46, down 77%.

YTD 19 vs 18: Sales down 1%, median price down 1%, DOM 50, up 22%.
Northwest Dallas (incl Midway Hollow):
Dec 19 vs 18: Sales up 7%, median price up 13%, DOM 68, up 6%.

YTD 19 vs 18: Sales up 5%, median price up 1%, DOM 50, up 25%.
Northeast Dallas (incl Lake Highlands):
Dec 19 vs 18: Sales up 20%, median price up 1%, DOM 66, up 65%.

YTD 19 vs 18: Sales up 5%, median price up 1%, DOM 50, up 25%.
Plano:
Dec 19 vs 18: Sales up 21%, median price up 2%, DOM 56, up 6%.

YTD 19 vs 18:  Sales down 2%, median price unchanged, DOM 47, up 18%.
Frisco:

Dec 19 vs 18: Sales up 35%, median price up 5%, DOM 76, down 6%.

YTD 19 vs 18: Sales up 2%, median price up 2%, DOM 64, up 7%.
Richardson:

Dec 19 vs 18: Sales down 6%, median price up 9%, DOM 50, down 4%.

YTD 19 vs 18: Sales up 4%, median price up 3%, DOM 39, up 30%.
Southlake:

Dec 19 vs 18: Sales up 53%, median price down 7%, DOM 83, up 1%.

YTD 19 vs 18: Sales down 1%, median price unchanged, DOM 56, unchanged.
Coppell:

Dec 19 vs 18: Sales up 55%, median price unchanged, DOM 66, up 16%.

YTD 19 vs 18: Sales up 8%, median price down 1%, DOM 43, down 7%.
Allen:
Dec 19 vs 18: Sales up 24%, median price down 12%, DOM 57, down 28%.

YTD 19 vs 18: Sales up 10%,  median price up 2%, DOM 52, up 21%.
Rockwall (incl Heath):

Dec 19 vs 18: Sales up 9%, median price up 8%, DOM 79, up 20%.

YTD 19 vs 18: Sales up 4%, median up 1%, DOM 63, up 17%.
Cedar Hill:
Dec 19 vs 18: Sales down 22%, median price up 4%, DOM 51, up 55%.

YTD 19 vs 18: Sales down 1%, median price up 7%, DOM 39, up 30%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Dec 19 vs 18: Sales up 9%, median price up 14%, DOM 58, up 4%

YTD 19 vs 18: Sales up 11%, median price up 5%, DOM 50, up 14%.

Carrollton/Farmers Branch:

Dec 19 vs 18: Sales up 6%, median price down 6%, DOM 52, up 24%.

YTD 19 vs 18: Sales up 11%, median price up 2%, DOM 40, up 29%.

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 (35.7% of sales): up 9%, 1.8 months inventory
$300-399K (19.8% of sales): up 11%, 2.5 months inventory
$400-499K (9.2% of sales): up 7%, 3.1 months inventory
$500-599K (4.2% of sales): up 8%, 3.1 months inventory
$600-699K (2.2% of sales): up 7%, 4.0 months inventory
$700-799K (1.2% of sales): up 4%, 4.3 months inventory
$800-899K (0.8% of sales): up 7%, 4.6 months inventory
$900-999K (0.5% of sales): up 24%, 4.8 months inventory
$1MM and up (1.7% of sales): up 4%, 6.8 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2019 vs 2018.
$200-299K (28.0% of sales): 1770 units vs 1685 units year ago, 2.4 months inventory
$300-399K (19.2% of sales): 1214 units vs 1156 units year ago, 4.4 months inventory
$400-499K (7.2% of sales): 458 units vs 520 units year ago, 6.2 months inventory
$500-599K (3.5% of sales): 220 units vs 229 units year ago, 5.6 months inventory
$600-699K (1.4% of sales): 91 units vs 79 units year ago, 5.9 months inventory
$700-799K (0.4% of sales): 28 units vs 43 units year ago, 11.6 months inventory
$800-899K (0.3% of sales): 18 units vs 29 units year ago, 8.0 months inventory
$900-999K (0.4% of sales): 23 units vs 22 units year ago, 6.8 months inventory
$1MM + (1.0% of sales): 69 units vs 72 units year ago, 17.4 months inventory

Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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