Have you been to a silent auction lately? If you are in the market to buy a home, you are participating in one now. There is one big difference though. At your traditional holiday fund-raiser, you get to see the latest, highest posted price before the gavel falls. In the real estate practice, the home-buying process is more mysterious, with guesswork on pricing and terms and careful consideration of appraised value and cash and loan amounts. But buyers and seller are making this auction-like process work–at an amazingly quick pace.
The April data, which just became available, shows area sales up 28% year over year and the median price of homes sold up a whopping 18%. Of course, we were all at home in April of a year ago, masked and learning the intricacies of Zoom. So the 28% result comes with an asterisk.The median prices, days on market and months inventory numbers are more real in that sense and may warrant more of your attention. For example, we see as little as two weeks average days on market in Carrollton-Farmers Branch, Coppell, and close to that in Frisco, Allen, and Richardson. Sales-by-price-point, on your chart below, show just a fraction of a month in inventory. Two months inventory used to be nuts, and six months inventory was common not that long ago.
So, what’s next? With life getting rapidly back to normal, and people longing for the summer travel and family trips they missed last year, I think we’ll see a gradual relaxation in the home shopping hysteria as buyers, sellers, and agents take some time off. We will see. We are still firmly entrenched in the Spring Market. But…wouldn’t it be nice to pay just full price, or for heaven’s sake, negotiate off the asking price? A healthy, balanced market would be a thing of beauty!
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Mar 21 vs 20: Sales up 5%, median price up 16%, DOM 35, down 36%
Apr 21 vs 20: Sales up 28%, median price up 18%, DOM 28, down 45%.
YTD 21 vs 20: Sales up 7%, median price up 15%, DOM 36, down 38%
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 21 vs 20: Sales up 82%, median price down 1%, DOM 64, up 10%.
Apr 21 vs 20: Sales up 187%, median price up 12%, DOM 67, down 4%.
YTD 21 vs 20: Sales up 73%, median price up 53%, DOM 71, up 1%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 21 vs 20: Sales up 41%, median price up 31%, DOM 58, down 2%.
Apr 21 vs 20: Sales up 77%, median price up 63%, DOM 50, down 4%.
YTD 21 vs 20:Sales up 22%, median price up 26%, DOM 67, down 12%.
East Dallas (incl M’s and Lakewood):
Mar 21 vs 20: Sales up 29%, median price up 12%, DOM 31, down 34%.
Apr 21 vs 20: Sales up 37%, median price up 9%, DOM 25, down 39%.
YTD 21 vs 20: Sales up 25%, median price up 13%, DOM 34, down 41%
North Dallas (South of LBJ):
Mar 21 vs 20: Sales up 17%, median price up 24%, DOM 77, up 17%.
Apr 21 vs 20: Sales up 165%, median price up 18%, DOM 65, up 5%.
YTD 21 vs 20: Sales up 55%, median price up 19%, DOM 76, up 12%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 21 vs 20: Sales up 51%, median price up 2%, DOM 45, down 8%.
Apr 21 vs 20: Sales up 38%, median price up 15%, DOM 23, down 54%.
YTD 21 vs 20:Sales up 35%, median price up 10%, DOM 37, down 30%.
Northwest Dallas (incl Midway Hollow):
Mar 21 vs 20: Sales up 35%, median price up 16%, DOM 41, down 27%.
Apr 21 vs 20:Sales up 222%, median price down 3%,DOM 34, down 8%.
YTD 21 vs 20:Sales up 58%, median price up 11%, DOM 41, up 33%.
Northeast Dallas (incl Lake Highlands):
Mar 21 vs 20: Sales up 1%, median price up 18%, DOM 43, down 9%.
Apr 21 vs 20: Sales up 38%, median price up 12%, DOM 24, down 43%.
YTD 21 vs 20:Sales up 16%, median price up 19%, DOM 42, down 18%.
Plano:
Mar 21 vs 20: Sales down 4%, median price up 12%, DOM 27, down 41%.
Apr 21 vs 20: Sales up 28%, median price up 27%, DOM 16, down 59%.
YTD 21 vs 20: Sales up 7%, median price up 17%, DOM 27, down 46%.
Frisco:
Mar 21 vs 20: Sales down 17%, median price up 23%, DOM 29, down 48%.
Apr 21 vs 20: Sales up 40%, median price up 26%, DOM 17, down 68%.
YTD 21 vs 20: Sales down 5%, median price up 22%, DOM 28, down 56%.
Richardson:
Mar 21 vs 20: Sales down 8%, median price up 15%, DOM 29, unchanged.
Apr 21 vs 20: Sales up 22%, median price up 15%, DOM 21, down 36%.
YTD 21 vs 20: Sales down 1%, median price up 15%, DOM 29, down 28%
Southlake:
Mar 21 vs 20: Sales down 16%, median price up 30%, DOM 36, down 38%.
Apr 21 vs 20: Sales up 62%, median price up 23%, DOM 33, down 27%.
YTD 21 vs 20:Sales up 12%, median price up 15%, DOM 37, down 39%.
Coppell:
Mar 21 vs 20: Sales up 28%, median down 15%, DOM 33, down 43%.
Apr 21 vs 20: Sales up 14%, median price up 8%, DOM 15, down 40%.
YTD 21 vs 20: Sales up 6%, median price unchanged, DOM 33, down 40%.
Allen:
Mar 21 vs 20: Sales down 7%, median price up 16%, DOM 18, down 57%.
Apr 21 vs 20: Sales up 62%, median price up 34%, DOM 18, down 55%.
YTD 21 vs 20: Sales unchanged, median price up 18%, DOM 23, down 50%.
Rockwall (incl Heath):
Mar 21 vs 20: Sales up 12%, median price up 23%, DOM 31, down 57%.
Apr 21 vs 20: Sales up 20%, median price up 13%, DOM 30, down 55%.
YTD 21 vs 20: Sales up 8%, median price up 13%, DOM 33, down 53%.
Cedar Hill:
Mar 21 vs 20: Sales down 2%, median price up 25%, DOM 35, down 15%.
Apr 21 vs 20: Sales up 39%, median price up 20%, DOM 36, down 38%.
YTD 21 vs 20: Sales down 1%, median price up 13%, DOM 35, down 33%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Mar 21 vs 20: Sales up 39%, median price up 21%, DOM 39, down 9%.
Apr 21 vs 20: Sales up 53%, median price up 16%, DOM 39, down 20%.
YTD 21 vs 20:Sales up 19%, median price up 23%, DOM 41, down 23%.
Carrollton/Farmers Branch:
Mar 21 vs 20: Sales up 14%, median price up 6%, DOM 23, down 34%.
Apr 21 vs 20: Sales up 19%, median price up 23%, DOM 13, down 55%.
YTD 21 vs 20: Sales up 10%, median price up 11%, DOM 23, down 45%
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 (32.1% of sales): up 6%, 0.6 months inventory
$300-399K (22.6% of sales): up 18%, 0.7 months inventory
$400-499K (12.5% of sales): up 42%, 0.9 months inventory
$500-599K (6.0% of sales): up 56%, 1.4 months inventory
$600-699K (3.8% of sales): up 83%, 1.0 months inventory
$700-799K (2.2% of sales): up 102%, 1.2 months inventory
$800-899K (1.3% of sales): up 76%, 1.5 months inventory
$900-999K (0.9% of sales): up 96%, 1.8 months inventory
$1MM and up (3.2% of sales): up 135%, 3.5 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2021 vs 2020.
$200-299K (26.6% of sales): 735 units vs 490 units year ago, 1.1 months inventory
$300-399K (22.6% of sales): 626 units vs 351 units year ago, 1.5 months inventory
$400-499K (11.2% of sales): 309 units vs 139 units year ago, 2.1 months inventory
$500-599K (5.0% of sales): 137 units vs 54 units year ago, 2.2 months inventory
$600-699K (1.9% of sales): 53 units vs 21 units year ago, 3.0 months inventory
$700-799K (1.1% of sales): 31 units vs 12 units year ago, 4.0 months inventory
$800-899K (0.5% of sales): 13 units vs 6 units year ago, 4.3 months inventory
$900-999K (0.4% of sales): 12 units vs 3 unit year ago, 7.3 months inventory
$1MM + (1.7% of sales): 48 units vs 15 units year ago, 7.5 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