Another interesting start to another interesting year. What happened to typical and predictable? Last year in early March we thought home buyers would not find a house to buy due to the lockdown. This year we wonder if home buyers can find a house to buy given the slim number of homes available. Of course we ended up with a record sales year last year and wonder if it will repeat. Well, we were on our way until the ice storm took a big bite out of it. Overall February sales were down 8%, following another double digit increase in January. While the ice and frozen pipes are thawed, the market inventory in many parts of town is tighter than it’s ever been.
Take a look at the city of Allen. Homes average 19 days on the market, but there aren’t enough of them–sales were down 40% vs year ago. Frisco, Rockwall, Cedar Hill and northern Oak Cliff were also down double digits in February. Some markets with better home availability posted increased February sales. North Dallas sales doubled, but they were coming off the aftermath of the fall 2019 tornado which depressed sales for several months.
Prices? Very strong, with high demand and scarce supply. Overall, median prices were higher by 14% in Feb and 10% in Jan. Several submarkets posted gains of 20+% and 30+% for homes sold vs homes sold a year ago.
What’s ahead? Pending sales for March are down 19%, again not a demand issue but a supply problem. We need more listings, but home sellers also need something to buy, our chicken and egg problem! Stay tuned; the Spring Market will be most interesting!
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Feb 21 vs 20: Sales down 8%, median price up 14%, DOM 40, down 37%
Jan 21 vs 20: Sales up 10%, median price up 10%, DOM 42, down 33%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Feb 21 vs 20: Sales up 16%, median price up 31%, DOM 68, down 14%.
Jan 21 vs 20: Sales up 30%, median price up 12%, DOM 142, up 37%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Feb 21 vs 20: Sales down 5%, median price up 4%, DOM 72, down 31%.
Jan 21 vs 20: Sales down 15%, median price down 2%, DOM 77, up 48%.
East Dallas (incl M’s and Lakewood):
Feb 21 vs 20: Sales up 14%, median price up 21%, DOM 45, down 36%.
Jan 21 vs 20: Sales up 32%, median price up 35%, DOM 42, down 49%.
North Dallas (South of LBJ):
Feb 21 vs 20: Sales up 100%, median price up 34%, DOM 77, up 7%.
Jan 21 vs 20: Sales up 10%, median price down 1%, DOM 104, up 5%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Feb 21 vs 20: Sales up 18%, median price up 10%, DOM 39, down 38%.
Jan 21 vs 20: Sales up 47%, median price up 2%, DOM 44, down 33%.
Northwest Dallas (incl Midway Hollow):
Feb 21 vs 20: Sales up 30%, median price up 21%, DOM 41, down 37%.
Jan 21 vs 20: Sales up 18%, median price down 8%, DOM 49, down 42%.
Northeast Dallas (incl Lake Highlands):
Feb 21 vs 20: Sales up 5%, median price up 23%, DOM 53, up 4%.
Jan 21 vs 20: Sales up 26%, median price up 15%, DOM 50, down 31%.
Plano:
Feb 21 vs 20: Sales up 4%, median price up 15%, DOM 33, down 39%.
Jan 21 vs 20: Sales up 9%, median price up 10%, DOM 37, down 44%.
Frisco:
Feb 21 vs 20: Sales down 10%, median price up 21%, DOM 29, down 59%.
Jan 21 vs 20: Sales down 22%, median price up 21%, DOM 43, down 46%.
Richardson:
Feb 21 vs 20: Sales down 6%, median price up 15%, DOM 37, down 21%.
Jan 21 vs 20: Sales down 4%, median price up 7%, DOM 38, down 37%.
Southlake:
Feb 21 vs 20: Sales down 3%, median price up 5%, DOM 42, down 37%.
Jan 21 vs 20: Sales up 47%, median price up 1%, DOM 45, down 53%.
Coppell:
Feb 21 vs 20: Sales down8%, median down 9%, DOM 51, down 29%.
Jan 21 vs 20: Sales up 9%, median price up 13%, DOM 41, down 39%.
Allen:
Feb 21 vs 20: Sales down 40%, median price up 9%, DOM 19, down 60%.
Jan 21 vs 20: Sales up 13%, median price up 10%, DOM 42, down 28%.
Rockwall (incl Heath):
Feb 21 vs 20: Sales down 20%, median price up 27%, DOM 38, down 41%.
Jan 21 vs 20: Sales up 32%, median up 5%, DOM 36, down 54%.
Cedar Hill:
Feb 21 vs 20: Sales down 29%, median price up 2%, DOM 33, down 31%.
Jan 21 vs 20: Sales down 7%, median price up 5%, DOM 38, down 39%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Feb 21 vs 20: Sales down15%, median price up 25%, DOM 36, down 34%.
Jan 21 vs 20: Sales unchanged, median price up 17%, DOM 55, down 8%.
Carrollton/Farmers Branch:
Feb 21 vs 20: Sales up 8%, median price up 10%, DOM 29, down 42%.
Jan 21 vs 20: Sales up 1%, median price up unchanged, DOM 34, down 43%.
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 2021 vs 2020:
$200-299K (34.7% of sales): down 12%, 0.6 months inventory
$300-399K (22.2% of sales): up 11%, 0.9 months inventory
$400-499K (11.8% of sales): up 30%, 1.1 months inventory
$500-599K (5.0% of sales): up 30%, 1.4 months inventory
$600-699K (3.3% of sales): up 50%, 1.1 months inventory
$700-799K (1.9% of sales): up 81%, 1.5 months inventory
$800-899K (1.2% of sales): up 54%, 1.6 months inventory
$900-999K (0.7% of sales): up 42%, 1.9 months inventory
$1MM and up (2.7% of sales): up 75%, 3.5 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2021 vs 2020.
$200-299K (27.0% of sales): 285 units vs 206 units year ago, 1.7 months inventory
$300-399K (23.0% of sales): 243 units vs 148 units year ago, 2.3 months inventory
$400-499K (10.1% of sales): 107 units vs 63 units year ago, 3.4 months inventory
$500-599K (4.1% of sales): 43 units vs 22 units year ago, 3.4 months inventory
$600-699K (1.7% of sales): 18 units vs 6 units year ago, 4.2 months inventory
$700-799K (1.0% of sales): 11 units vs 8 units year ago, 7.6 months inventory
$800-899K (0.7% of sales): 7 units vs 2 units year ago, 4.9 months inventory
$900-999K (0.3% of sales): 3 units vs 1 unit year ago, 11.3 months inventory
$1MM + (1.9% of sales): 20 units vs 10 units year ago, 10.1 months inventory
% of sales): up 18%, 0.7 months inventory
$300-399K (21.3% of sales): up 22%, 1.1 months inventory
$400-499K (11.3% of sales): up 43%, 1.2 months inventory
$500-599K (5.0% of sales): up 48%, 1.4 months inventory
$600-699K (2.9% of sales): up 48%, 1.5 months inventory
$700-799K (1.5% of sales): up 38%, 1.8 months inventory
$800-899K (1.0% of sales): up 36%, 1.9 months inventory
$900-999K (0.6% of sales): up 35%, 2.2 months inventory
$1MM and up (2.0% of sales): up 31%, 4.1 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2020 vs 2019.
$200-299K (29.0% of sales): 1944 units vs 1776 units year ago, 2.0 months inventory
$300-399K (21.0% of sales): 1445 units vs 1214 units year ago, 3.3 months inventory
$400-499K (8.5% of sales): 583 units vs 459 units year ago, 4.9 months inventory
$500-599K (3.3% of sales): 230 units vs 219 units year ago, 4.3 months inventory
$600-699K (1.3% of sales): 83 units vs 91 units year ago, 6.3 months inventory
$700-799K (0.6% of sales): 43 units vs 28 units year ago, 10.9 months inventory
$800-899K (0.4% of sales): 27 units vs 16 units year ago, 9.3 months inventory
$900-999K (0.2% of sales): 16 units vs 23 units year ago, 16.5 months inventory
$1MM + (1.0% of sales): 72 units vs 69 units year ago, 16.3 months inventory