March sales of single family homes in the 22 county North Texas area I refer to as Dallas in these blog posts were 4% higher than a year ago. For the first quarter, sales year-to-date were 9% higher than in the first quarter of 2019. The impact of Covid-19 was just beginning to be felt. The momentum from a very strong January and February, marked by double-digit gains in sales, was continuing to flow into March. Of course, March sales are primarily generated by contracts created in February and a little bit of January.
Sales of condos and townhomes were down 7% overall despite a +4% showing in Uptown/Downtown, where the heaviest concentration of these properties is located. However, pending sales of condos and townhomes at the end of March were down 32% across the North Texas market.
Median sales prices for single family homes were steady, up 4% in March and up 6% year-to-date. There is a lot of conversation about pricing going forward and the likelihood of continued steady or improving prices. Supporting the theory of continued price stability are 1) very low mortgage interest rates and 2) very low inventories across all property types and price points. We came off the double digit price increase pattern last year about this time, and we have been tracking steadily at an annual 3-4% increase in median sales prices the last several months.
We know there is pent up demand from both buyers and sellers to get homes moving again, so could we see this season just postpone the spring market to the third quarter? That’s a strong possibility. But we cannot forget the many people whose incomes have been adversely impacted and the toll that may take on sales. We might see some flexibility with credit scoring, and we might even see some seller financing. As I write this, the economy is beginning to slowly reopen, sorely needed within our guidelines on precaution. We will see how it goes and remain positive and optimistic, knowing that the state of our economy prior to this outbreak was strong and healthy, and is poised and ready to rebound.
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Mar 20 vs 19: Sales up 4%, median price up 4%, DOM 53, down 3%.
YTD 20 vs 19: Sales up 9%, median price up 6%, DOM 60 up 1%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 20 vs 19: Sales up 4%, median price up 5%, DOM 65, down 3%.
YTD 20 vs 19: Sales up 7%, median price up 1%, DOM 71, up 9%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 20 vs 19: Sales up 5%, median price down 6%, DOM 61, up 2%.
YTD 20 vs 19: Sales up 47%, median price up 7%, DOM 84, up 11%.
East Dallas (incl M’s and Lakewood):
Mar 20 vs 19: Sales up 1%, median price up 16%, DOM 45 up 7%.
YTD 20 vs 19: Sales up 6%, median price up 15%, DOM 63, up 24%.
North Dallas (South of LBJ):
Mar 20 vs 19: Sales up 21%, median price up 6%, DOM 87, up 47%.
YTD 20 vs 19: Sales up 19%, median price up 3%, DOM 90, up 30%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 20 vs 19: Sales up 9%, median price up 11%, DOM 49, unchanged.
YTD 20 vs 19: Sales up 19%, median price up 13%, DOM 59, up 16%.
Northwest Dallas (incl Midway Hollow):
Mar 20 vs 19: Sales up 5%, median price up 12%, DOM 57, up 54%.
YTD 20 vs 19: Sales up 12%, median price up 13%, DOM 66, up 32%.
Northeast Dallas (incl Lake Highlands):
Mar 20 vs 19: Sales up 12%, median price down 6%, DOM 48, down 6%.
YTD 20 vs 19: Sales up 23%, median price down 3%, DOM 55, up 6%.
Plano:
Mar 20 vs 19: Sales up 15%, median price up 1%, DOM 47, down 11%.
YTD 20 vs 19: Sales up 15%, median price up 5%, DOM 54, down 5%.
Frisco:
Mar 20 vs 19: Sales up 23%, median price up 5%, DOM 55, down 26%.
YTD 20 vs 19: Sales up 29%, median price up 2%, DOM 67, down 19%.
Richardson:
Mar 20 vs 19: Sales up 45%, median price down 6%, DOM 30, down 6%.
YTD 20 vs 19: Sales up 35%, median price down 3%, DOM 42, up 8%.
Southlake:
Mar 20 vs 19: Sales up 34%, median price down 6%, DOM 59, up 16%.
YTD 20 vs 19: Sales up 4%, median price up 4%, DOM 68, up 26%.
Coppell:
Mar 20 vs 19: Sales down 26%, median price up 27%, DOM 58, up 41%.
YTD 20 vs 19: Sales up 2%, median price up 14%, DOM 66, up 29%.
Allen:
Mar 20 vs 19: Sales up 27%, median price down 1%, DOM 42, down 30%.
YTD 20 vs 19: Sales 23%, median price up 6%, DOM 48, down 28%.
Rockwall (incl Heath):
Mar 20 vs 19: Sales down 3%, median price up 4%, DOM 73, down 4%.
YTD 20 vs 19: Sales up 12%, median up 3%, DOM 66, up 20%.
Cedar Hill:
Mar 20 vs 19: Sales up 15%, median price down 2%, DOM 37, down 26%.
YTD 20 vs 19: Sales up 1%, median price up 7%, DOM 48, up 9%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Mar 20 vs 19: Sales down 2%, median price up 16%, DOM 42, down 19%
YTD 20 vs 19: Sales up 11%, median price up 11%, DOM 53, up 2%.
Carrollton/Farmers Branch:
Mar 20 vs 19: Sales down 14%, median price up 9%, DOM 35, down 22%.
YTD 20 vs 19: Sales down 12%, median price up 7%, DOM 47, down 2%.
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 (36.9% of sales): up 14%, 1.8 months inventory
$300-399K (20.2% of sales): up 23%, 2.9 months inventory
$400-499K (9.3% of sales): up 23%, 3.8 months inventory
$500-599K (4.1% of sales): up 26%, 4.4 months inventory
$600-699K (2.2% of sales): up 22%, 5.0 months inventory
$700-799K (1.2% of sales): up 33%, 5.2 months inventory
$800-899K (0.8% of sales): up 40%, 5.8 months inventory
$900-999K (0.5% of sales): up 34%, 6.8 months inventory
$1MM and up (1.6% of sales): up 15%, 9.4 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2020 vs 2019.
$200-299K (27.2% of sales): 363 units vs 337 units year ago, 3.6 months inventory
$300-399K (18.8% of sales): 250 units vs 219 units year ago, 6.5 months inventory
$400-499K (8.0% of sales): 107 units vs 89 units year ago, 6.6 months inventory
$500-599K (3.5% of sales): 47 units vs 37 units year ago, 7.0 months inventory
$600-699K (1.6% of sales): 15 units vs 23 units year ago, 10.6 months inventory
$700-799K (0.8% of sales): 10 units vs 8 units year ago, 9.3 months inventory
$800-899K (0.2% of sales): 2 units vs 5 units year ago, 15.0 months inventory
$900-999K (0.2% of sales): 3 units vs 3 units year ago, 11.0 months inventory
$1MM + 1.0% of sales): 13 units vs 13 units year ago, 25.8 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540