Dallas home sales in February continued on their record-breaking pace that began in December. Over 7500 homes changed hands, the most ever for a February here. Pending sales for March are up over 10,100 homes, or 15%. However listings are down 5%, as many sellers were waiting for the Bradford Pears to bloom (March 7th every year), marking the official start of the Spring Selling Season. Median sales prices are up 7% year-to-date, roughly double the pace of this time in 2019.
We have unprecedented mortgage interest rates, which are largely credited for this great start to the year. The national average rate touched 3.29% for a 30-year conventional loan, the all-time low. I have heard some buyers in our market obtained new conventional mortgages as low as 3.08%. Mortgage rates though, typically paired to the 10-year treasury bond, have been very volatile, as bonds react to the current volatility in the stock market. Bond prices typically rise and yields (rates) fall, when stock investors are looking for safer havens. When starting your home search, start with a dialogue with your favorite lender (I can help), as they are extremely busy right now,
I might be a little biased, but today’s safe haven might just be real estate. Buying a home in this market or refinancing an existing home is a huge opportunity, and it makes sense, if you are in the market for a new home or diversification with an investment portfolio, to take advantage of it. Concerns about the current virus’s severity or duration are real, but unlike the 08 financial debacle, this has a defined end point. Snuff it out, and it’s over. The pandemic will be gone and the economy restored, with interest rates settling back into a normal pattern. The robust economy did not create this virus; the virus is creating this economy. Once we put this to bed, Dallas, Texas and America will be back on a roll!
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Feb 20 vs 19: Sales up 10%, median price up 7%, DOM 63, up 3%.
YTD 20 vs 19: Sales up 14%, median price up 7%, DOM 63 up 4%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Feb 20 vs 19: Sales up 7%, median price down 16%, DOM 79, up 25%.
YTD 20 vs 19: Sales up 12%, median price down 7%, DOM 75, up 19%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Feb 20 vs 19: Sales up 62%, median price up 74%, DOM 107, up 32%.
YTD 20 vs 19: Sales up 96%, median price up 32%, DOM 98, up 5%.
East Dallas (incl M’s and Lakewood):
Feb 20 vs 19: Sales up 23%, median price up 3%, DOM 65 up 10%.
YTD 20 vs 19: Sales up 11%, median price up 15%, DOM 72, up 26%.
North Dallas (South of LBJ):
Feb 20 vs 19: Sales down 3%, median price down 28%, DOM 84, up 24%.
YTD 20 vs 19: Sales up 21%, median price down 11%, DOM 92, up 18%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Feb 20 vs 19: Sales up 32%, median price up 16%, DOM 27, up 22%.
YTD 20 vs 19: Sales up 28%, median price up 17%, DOM 64, up 21%.
Northwest Dallas (incl Midway Hollow):
Feb 20 vs 19: Sales up 13%, median price up 3%, DOM 65, up 5%.
YTD 2019 vs 18: Sales up 18%, median price up 13%, DOM 73, up 20%.
Northeast Dallas (incl Lake Highlands):
Feb 20 vs 19: Sales up 36%, median price down 1%, DOM 55, up 8%.
YTD 20 vs 19: Sales up 38%, median price unchanged, DOM 61, up 13%.
Plano:
Feb 20 vs 19: Sales up 20%, median price up 2%, DOM 53, down 4%.
YTD 20 vs 19: Sales up 16%, median price up 5%, DOM 58, down 5%.
Frisco:
Feb 20 vs 19: Sales up 32%, median price down 4%, DOM 72, down 23%.
YTD 20 vs 19: Sales up 35%, median price down 2%, DOM 76, down 16%.
Richardson:
Feb 20 vs 19: Sales up 15%, median price down 2%, DOM 47, up 12%.
YTD 20 vs 19: Sales up 28%, median price down 1%, DOM 53, up 20%.
Southlake:
Feb 20 vs 19: Sales down 15%, median price up 21%, DOM 62, up 2%.
YTD 20 vs 19: Sales down 15%, median price up 8%, DOM 74, up 32%.
Coppell:
Feb 20 vs 19: Sales up 42%, median price up 18%, DOM 74, up 6%.
YTD 20 vs 19: Sales up 30%, median price up 8%, DOM 71, up 16%.
Allen:
Feb 20 vs 19: Sales up 21%, median price up 12%, DOM 48, down 37%.
YTD 20 vs 19: Sales 23%, median price up 12%, DOM 52, down 28%.
Rockwall (incl Heath):
Feb 20 vs 19: Sales up 23%, median price down 1%, DOM 65, down 3%.
YTD 20 vs 19: Sales up 25%, median up 3%, DOM 70, up 6%.
Cedar Hill:
Feb 20 vs 19: Sales down 30%, median price up 6%, DOM 53, up 20%.
YTD 20 vs 19: Sales down 9%, median price up 12%, DOM 57, up 43%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Feb 20 vs 19: Sales up 45, median price down 2%, DOM 58, up 23%
YTD 20 vs 19: Sales up 22%, median price up 5%, DOM 58, up 16%.
Carrollton/Farmers Branch:
Feb 20 vs 19: Sales down 22%, median price up 1%, DOM 52, up 6%.
YTD 20 vs 19: Sales down 9%, median price up 6%, DOM 55, up 8%.
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 (36.7% of sales): up 17%, 2.2 months inventory
$300-399K (20.0% of sales): up 35%, 3.3 months inventory
$400-499K (9.1% of sales): up 33%, 4.4 months inventory
$500-599K (3.9% of sales): up 32%, 5.1 months inventory
$600-699K (2.2% of sales): up 39%, 5.7 months inventory
$700-799K (1.0% of sales): up 16%, 7.0 months inventory
$800-899K (0.8% of sales): up 76%, 7.4 months inventory
$900-999K (0.5% of sales): up 64%, 7.5 months inventory
$1MM and up (1.6% of sales): up 34%, 11.1 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2019 vs 2018.
$200-299K (25.6% of sales): 208 units vs 104 units year ago, 4.0 months inventory
$300-399K (18.9% of sales): 153 units vs 119 units year ago, 6.6 months inventory
$400-499K (7.9% of sales): 64 units vs 52 units year ago, 7.7 months inventory
$500-599K (2.8% of sales): 23 units vs 23 units year ago, 10.5 months inventory
$600-699K (0.7% of sales): 6 units vs 9 units year ago, 19.0 months inventory
$700-799K (1.0% of sales): 8 units vs 4 units year ago, 9.0 months inventory
$800-899K (0.2% of sales): 2 units vs 3 units year ago, 17.0 months inventory
$900-999K (0.1% of sales): 1 units vs 2 units year ago, 22.0 months inventory
$1MM + 2.0% of sales): 10 units vs 8 units year ago, 22.6 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540