HOME SALES UP 25% IN DALLAS IN JULY! This is not fake news. Following an amazing 16% rise in home sales in June vs year ago, we even topped that achievement in July. Nationally, sales of previously owned homes were also up 25%, representing the strongest monthly gain ever recorded, going back to 1968. We’re now AHEAD of last year for these first seven months, given all that we have had to put up with. The market shift I predicted in April did indeed occur, as we took our traditional Spring Market months of March to May and moved them 60 days later to May to July. It may be the Summer Surprise to some, but many in our industry first hoped this would be the case as we were locked down in March, and then saw hints of this recovery beginning with buyer searches resuming in earnest in April.
Here is what you need to know. Mortgage rates have touched record lows over the last few weeks–2.875% at one point for a conventional mortgage with good credit. Homes-for-sale inventory is becoming more scarce by the week. Pending sales for August are up 20% over last year. And prices are moving up in response. If you are contemplating a purchase and must first sell your existing home, you are in luck. If you are a renter and are contemplating a purchase, you are in luck. If you have toyed with refinancing your existing mortgage, you are in luck. Luck and rates sometimes declare enough all ready. No one can accurately predict how long the stars and planets will be in this alignment, so take time to think about this opportunity. The results for July for North Texas show 13,832 single-family buyers took advantage in July, and another 13,501 are ready to close in August. Please enjoy reviewing the results for the submarkets I track below.
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Jul 20 vs 19: Sales up 25%, median price up 9%, DOM 47, up 2%
YTD 20 vs 19: Sales up 3%, median price up 4%, DOM 53 up 4%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 20 vs 19: Sales up 38%, median price unchanged, DOM 72, up 4%.
YTD 20 vs 19: Sales down 12%, median price up 1%, DOM 74, up 10%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 20 vs 19: Sales up 54%, median price up 8%, DOM 63, down 28%.
YTD 20 vs 19: Sales unchanged, median price down 8%, DOM 52, down 5%
East Dallas (incl M’s and Lakewood):
Jul 20 vs 19: Sales up 56%, median price up 11%, DOM 42, down 13%.
YTD 20 vs 19: Sales up 5%, median price up 5%, DOM 50, up 9%.
North Dallas (South of LBJ):
Jul 20 vs 19: Sales up 79%, median price up 26%, DOM 60, up 1%.
YTD 20 vs 19: Sales up 1%, median price up 4%, DOM 50, up 2%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 20 vs 19: Sales up 26%, median price up 15%, DOM 32, down 30%.
YTD 20 vs 19: Sales down 3%, median price up 4%, DOM 43 down 10%.
Northwest Dallas (incl Midway Hollow):
Jul 20 vs 19: Sales up 45%, median down 4%, DOM 43, down 22%.
YTD 20 vs 19: Sales down 4%, median price up 6%, DOM 38, up 3%.
Northeast Dallas (incl Lake Highlands):
Jul 20 vs 19: Sales up 37%, median price up 17%, DOM 6, down 20%.
YTD 20 vs 19: Sales up 18%, median price up 1%, DOM 56, up 22%.
Plano:
Jul 20 vs 19: Sales up 19%, median price up 6%, DOM 34, down 13%.
YTD 20 vs 19: Sales down 2%, median price up 4%, DOM 36, down 5%.
Frisco:
Jul 20 vs 19: Sales up 27%, median price up 5%, DOM 36, down 33%.
YTD 20 vs 19: Sales up 5%, median price up 2%, DOM 35, down 3%.
Richardson:
Jul 20 vs 19: Sales up 20%, median price up 8%, DOM 25, down 22%.
YTD 20 vs 19: Sales up 7%, median price up 1%, DOM 41, up 5%.
Southlake:
Jul 20 vs 19: Sales up 28%, median price up 11%, DOM 42, up 5%.
YTD 20 vs 19: Sales down 6%, median price up 3%, DOM 42, down 22%.
Coppell:
Jul 20 vs 19: Sales up 42%, median price up 6%, DOM 31, down 6%.
YTD 20 vs 19: Sales down 16%, median price up 3%, DOM 43, up 5%.
Allen:
Jul 20 vs 19: Sales up 34%, median price up 6%, DOM 38, down 17%.
YTD 20 vs 19: Sales up 5%, median price unchanged, DOM 34, down 6%.
Rockwall (incl Heath):
Jul 20 vs 19: Sales up 42%, median price 10%, DOM 64, up 25%.
YTD 20 vs 19: Sales up 12%, median up 5%, DOM 45, up 13%.
Cedar Hill:
Jul 20 vs 19: Sales up 3%, median price up 7%, DOM 50, up 19%.
YTD 20 vs 19: Sales down 13%, median price up 9%, DOM 40, up 18%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Jul 20 vs 19: Sales up 9%, median price down 1%, DOM 52, up 13%.
YTD 20 vs 19: Sales up 5% median price up 8%, DOM 45, down 2%.
Carrollton/Farmers Branch:
Jul 20 vs 19: Sales up 2%, median price up 6%, DOM 26, down 13%.
YTD 20 vs 19: Sales down 14%, median price up 2%, DOM 33, up 3%.
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 (36.1% of sales): up 5%, 1.1 months inventory
$300-399K (21.4% of sales): up 11%, 1.8 months inventory
$400-499K (10.2% of sales): up 14%, 2.3 months inventory
$500-599K (4.3% of sales): up 13%, 2.7 months inventory
$600-699K (2.4% of sales): up 9%, 3.3 months inventory
$700-799K (1.4% of sales): up 16%, 3.9 months inventory
$800-899K (0.9% of sales): up 17%, 4.1 months inventory
$900-999K (0.5% of sales): up 8%, 4.8 months inventory
$1MM and up (1.7% of sales): up 2%, 8.5 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2020 vs 2019.
$200-299K (28.4% of sales): 997 units vs 1025 units year ago, 3.4 months inventory
$300-399K (20.5 % of sales): 721 units vs 707 units year ago, 5.6 months inventory
$400-499K (7.7% of sales): 269 units vs 274 units year ago, 7.8 months inventory
$500-599K (3.6% of sales): 128 units vs 132 units year ago, 7.9 months inventory
$600-699K (1.1% of sales): 39 units vs 58 units year ago, 12.2 months inventory
$700-799K (0.6% of sales): 20 units vs 16 units year ago, 14.7 months inventory
$800-899K (0.4% of sales): 14 units vs 12 units year ago, 13.0 months inventory
$900-999K (0.2% of sales): 6 units vs 13 units year ago, 26.8 months inventory
$1MM + (1.1 of sales): 28 units vs 33 units year ago, 35.5 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540