Demand for homes remained exceptionally strong in the Dallas area in July, with that demand encompassing all forms of housing–single family homes, townhomes, condos, and rental homes. The important metic here was not the sales numbers, which showed a year-over-year decline in closed sales volume of 17%, but the continued and strong support of prices. Median sales prices were up 20% versus year ago and up 28% for the year to date. If we were seeing a reversal in housing sentiment, it would be reflected in pricing.
July 2021 numbers are “lower” due to the record sales month we had in July 2020 from the release of 3 months pent-up demand, the burst in vacation travel (including Realtors), and of course the scarcity of homes on the market. Only single family homes priced in the $200’s and below appear to be untouchable. Average days-on-market began edging up ever so slightly but are still at ridiculously low levels. The summer sales season appears to be falling back into its historical seasonality pattern, which would reflect a less busy August market and the resumption of school. We’ll see!
Below are the results for a sample of submarkets I follow. Enjoy!
Overall Market (North Texas):
Jul 21 vs 20: Sales down 17%, median price up 20%, DOM 19, down 60%
Jun 21 vs 20: Sales down 3%, median price up 23%, DOM 20, down 60%.
YTD 21 vs 20: Sales up 2%, median price up 18%, DOM 28, down 47%
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 21 vs 20: Sales up 47%, median price up 16%, DOM 45, down 36%.
Jun 21 vs 20: Sales up 85%, median price up 22%, DOM 52, down 24%.
YTD 21 vs 20: Sales up 83%, median price up 16%, DOM 64, down 10%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 21 vs 20: Sales down 16%, median price up 10%, DOM 23, down 64%.
Jun 21 vs 20: Sales up 12%, median price up 25%, DOM 35, down 35%.
YTD 21 vs 20:Sales up 25%, median price up 25%, DOM 53, down 21%.
East Dallas (incl M’s and Lakewood):
Jul 21 vs 20: Sales down 11%, median price up 9%, DOM 21, down 52%.
Jun 21 vs 20: Sales down 10%, median price up 18%, DOM 18, down 59%.
YTD 21 vs 20: Sales up 14%, median price up 13%, DOM 28, down 44%
North Dallas (South of LBJ):
Jul 21 vs 20: Sales down 40%, median price up 13%, DOM 20, down 17%.
Jun 21 vs 20: Sales up 12%, median price up 20%, DOM 43, down 63%.
YTD 21 vs 20: Sales up 37%, median price up 16%, DOM 60, down 30%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 21 vs 20: Sales down 16%, median price up 8%, DOM 20, down 38%.
Jun 21 vs 20: Sales up 28%, median price up 25%, DOM 13, down 75%.
YTD 21 vs 20: Sales up 27%, median price up 15%, DOM 22, down 43%.
Northwest Dallas (incl Midway Hollow):
Jul 21 vs 20: Sales down 9%, median price up 22%, DOM 21, down 50%.
Jun 21 vs 20: Sales up 24%, median price up 21%,DOM 21, down 53%.
YTD 21 vs 20: Sales up 30%, median price up 55%, DOM 32, down 37%.
Northeast Dallas (incl Lake Highlands):
Jul 21 vs 20: Sales down 25%, median price up 14%, DOM 17, down 51%.
Jun 21 vs 20: Sales down 13%, median price up 24%, DOM 22, down 53%.
YTD 21 vs 20: Sales up 2%, median price up19%, DOM 31, down 35%.
Plano:
Jul 21 vs 20: Sales down 5%, median price up 20%, DOM 15, down 56%.
Jun 21 vs 20: Sales up 18%, median price up 23%, DOM 12, down 69%.
YTD 21 vs 20: Sales up 8%, median price up 19%, DOM 20, down 53%.
Frisco:
Jul 21 vs 20: Sales down 19%, median price up 25%, DOM 16, down 73%.
Jun 21 vs 20: Sales up 10%, median price up 29%, DOM 14, down 71%.
YTD 21 vs 20: Sales unchanged, median price up 24%, DOM 19, down 65%.
Richardson:
Jul 21 vs 20: Sales down 26%, median price up 20%, DOM 16, down 38%
Jun 21 vs 20: Sales up 1%, median price up 19%, DOM 18, down 47%.
YTD 21 vs 20: Sales down 4%, median price up 16%, DOM 23, down 36%
Southlake:
Jul 21 vs 20: Sales down 22%, median price up 40%, DOM 14, down 63%.
Jun 21 vs 20: Sales down 5%, median price up 62%, DOM 10, down 73%.
YTD 21 vs 20: Sales up 5%, median price up 33%, DOM 25, down 51%.
Coppell:
Jul 21 vs 20: Sales down 23%, median up 17%, DOM 12, down 61%.
Jun 21 vs 20: Sales up 58%, median price up 30%, DOM 16, down 27%.
YTD 21 vs 20: Sales up 11%, median price up 14%, DOM 22, down 45%.
Allen:
Jul 21 vs 20: Sales down 21%, median price up 21%, DOM 11, down 71%.
Jun 21 vs 20: Sales up 6%, median price up 28%, DOM 12, down 76%.
YTD 21 vs 20: Sales down 1%, median price up 21%, DOM 17, down 62%.
Rockwall (incl Heath):
Jul 21 vs 20: Sales down 29%, median price up 19%, DOM 22, down 65%.
Jun 21 vs 20: Sales down 2%, median price up 18%, DOM 22, down 68%.
YTD 21 vs 20: Sales down 3%, median price up 17%, DOM 28, down 59%.
Cedar Hill:
Jul 21 vs 20: Sales down 7%, median price up 17%, DOM 17, down 65%.
Jun 21 vs 20: Sales up 24%, median price up 19%, DOM 15, down 64%.
YTD 21 vs 20: Sales up 4%, median price up 14%, DOM 26, down 48%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Jul 21 vs 20: Sales down 12%, median price up 19%, DOM 25, down 52%.
Jun 21 vs 20: Sales down 1%, median price up 48%, DOM 27, down 47%.
YTD 21 vs 20: Sales up 10%, median price up 25%, DOM 36, down 31%.
Carrollton/Farmers Branch:
Jul 21 vs 20: Sales down 9%, median price up 14%, DOM 18, down 31%.
Jun 21 vs 20: Sales down 4%, median price up 22%, DOM 10, down 69%.
YTD 21 vs 20: Sales up 5%, median price up 14%, DOM 19, down 47%.
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 (29.2% of sales): down 22%, 0.8 months inventory
$300-399K (23.8% of sales): up 13%, 1.1 months inventory
$400-499K (13.7% of sales): up 38%, 1.3 months inventory
$500-599K (7.1% of sales): up 55%, 1.6 months inventory
$600-699K (4.3% of sales): up 83%, 1.5 months inventory
$700-799K (2.5% of sales): up 86%, 1.7 months inventory
$800-899K (1.6% of sales): up 90%, 2.2 months inventory
$900-999K (1.0% of sales): up 99%, 2.1 months inventory
$1MM and up (3.6% of sales): up 118%, 2.7 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2021 vs 2020.
$200-299K (26.1% of sales): 1381 units vs 995 units year ago, 1.2 months inventory
$300-399K (23.2% of sales): 1226 units vs 725 units year ago, 1.6 months inventory
$400-499K (11.9% of sales): 628 units vs 272 units year ago, 2.2 months inventory
$500-599K (5.5% of sales): 289 units vs 127 units year ago, 1.9 months inventory
$600-699K (2.0% of sales): 108 units vs 39 units year ago, 2.7 months inventory
$700-799K (1.1% of sales): 58 units vs 21 units year ago, 2.4 months inventory
$800-899K (0.6% of sales): 33 units vs 14 units year ago, 4.2 months inventory
$900-999K (0.5% of sales): 24 units vs 6 unit year ago, 5.8 months inventory
$1MM + (1.7% of sales): 91 units vs 29 units year ago, 6.1 months inventory