November home sales for the greater Dallas area just clocked in with yet another amazing month of results–sales of single family homes up 23% and median sales prices up 13% vs year ago November. Sales of condos and townhomes were also 27% higher with median sales prices up 12%. I could copy and paste my October letter and go to lunch! The same cause and effect remains–record low interest rates, a desire for a more preferred location given the ability to work from home, and the need by some for more work and play spaces, for school-age kids and adults alike. In fact, there is a growing tendency for larger homes, after years of downsizing.
Jerome Powell, chairman of the Federal Reserve, is on record for stating he sees no current reason to raise interest rates until the end of 2023. Lawrence Yun, chief economist for the National Association of Realtors, sees no foreseeable reduction in demand for new home purchases next year. Indeed, our pending sales are up 18% going into December. Nationwide, fully a third of home purchases is from millennials and first-time home buyers, and vacancies are beginning to build in apartment rental buildings. Home buyers will need to be on their toes, as new listings were down 6% in November, and active listings down a staggering 55%. Lower inventory and higher demand translates easily to reduced days on market, multiple offers and higher prices, hence this month’s 13% increase in the median price of homes sold. It’s a strong and healthy market and comes with its own set of challenges.
And just for “fun”, since most of us will be paying our property taxes this month, I included a table with the tax rates for all the cities in Dallas, Collin, Tarrant and Denton counties. The link is at the end of this letter. See how your city compares!
Enjoy your holidays, rest up and be ready for more surprises (non yet predicted!) in the new year.
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Nov 20 vs 19: Sales up 23%, median price up 13%, DOM 38, down 31%
YTD 20 vs 19: Sales up 9%, median price up 7%, DOM 48, down 6%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Nov 20 vs 19: Sales up 20%, median price down 5%, DOM 72, up 14%.
YTD 20 vs 19: Sales down 5%, median price up 2%, DOM 68, up 5%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Nov 20 vs 19: Sales up 37%, median price up 22%, DOM 85, up 10%.
YTD 20 vs 19: Sales up 16%, median price down 4%, DOM 68, down 12%.
East Dallas (incl M’s and Lakewood):
Nov 20 vs 19: Sales up 51%, median price up 15%, DOM 31, down 45%.
YTD 20 vs 19: Sales up 14%, median price up 7%, DOM 44, down 10%.
North Dallas (South of LBJ):
Nov 20 vs 19: Sales up 58%, median price down 9%, DOM 60, down 15%.
YTD 20 vs 19: Sales up 12%, median price up 7%, DOM 78, up 11%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Nov 20 vs 19: Sales up 8%, median price up 12%, DOM 40, down 31%.
YTD 20 vs 19: Sales up 6%, median price up 3%, DOM 43, down 14%.
Northwest Dallas (incl Midway Hollow):
Nov 20 vs 19: Sales up 71, median up 35%, DOM 39, down 38%.
YTD 20 vs 19: Sales up 9%, median price up 8%, DOM 46, down 8%.
Northeast Dallas (incl Lake Highlands):
Nov 20 vs 19: Sales up 16%, median price up 5%, DOM 31, down 38%.
YTD 20 vs 19: Sales up 20%, median price up 2%, DOM 43, down 12%.
Plano:
Nov 20 vs 19: Sales up 23%, median price up 10%, DOM 31, down 48%.
YTD 20 vs 19: Sales up 9%, median price up 6%, DOM 40, down 13%.
Frisco:
Nov 20 vs 19: Sales up 39%, median price up 8%, DOM 36, down 50%.
YTD 20 vs 19: Sales up 13%, median price up 3%, DOM 47, down 24%.
Richardson:
Nov 20 vs 19: Sales up 31%, median price up 12%, DOM 31, down 34%.
YTD 20 vs 19: Sales up 12%, median price up 4%, DOM 34, down 11%.
Southlake:
Nov 20 vs 19: Sales up 40%, median price up 5%, DOM 55, down 11%.
YTD 20 vs 19: Sales up 6%, median price up 6%, DOM 50, down 7%.
Coppell:
Nov 20 vs 19: Sales up 19%, median price up 6%, DOM 44, down 40%.
YTD 20 vs 19: Sales down 11%, median price up 4%, DOM 38, down 7%.
Allen:
Nov 20 vs 19: Sales up 66%, median price up 3%, DOM 25, down 55%.
YTD 20 vs 19: Sales up 13%, median price up 6%, DOM 41, down 21%.
Rockwall (incl Heath):
Nov 20 vs 19: Sales up 18%, median price up 17%, DOM 39, down 40%.
YTD 20 vs 19: Sales up 18%, median up 8%, DOM 59, down 5%.
Cedar Hill:
Nov 20 vs 19: Sales up 75%, median price up 12%, DOM 31, down 49%.
YTD 20 vs 19: Sales down 3%, median price up 8%, DOM 43, down 14%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Nov 20 vs 19: Sales up 15%, median price up 3%, DOM 50, down 14%.
YTD 20 vs 19: Sales up 12%, median price up 4%, DOM 53, up 8%.
Carrollton/Farmers Branch:
Nov 20 vs 19: Sales up 17%, median price up 9%, DOM 28, down 39%.
YTD 20 vs 19: Sales down 6%, median price up 4%, DOM 33, down 15%.
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 (35.8% of sales): up 9%, 0.6 months inventory
$300-399K (21.8% of sales): up 20%, 1.0 months inventory
$400-499K (10.6% of sales): up 26%, 1.4 months inventory
$500-599K (5.0% of sales): up 30%, 1.5 months inventory
$600-699K (2.6% of sales): up 29%, 1.8 months inventory
$700-799K (1.5% of sales): up 34%, 2.1 months inventory
$800-899K (1.0% of sales): up 38%, 2.4 months inventory
$900-999K (0.6% of sales): up 33%, 2.7 months inventory
$1MM and up (1.9% of sales): up 26%, 5.4 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2020 vs 2019.
$200-299K (28.3% of sales): 1738 units vs 1632 units year ago, 2.5 months inventory
$300-399K (20.9% of sales): 1284 units vs 1116 units year ago, 4.0 months inventory
$400-499K (8.2% of sales): 505 units vs 411 units year ago, 5.8 months inventory
$500-599K (3.2% of sales): 197 units vs 193 units year ago, 5.9 months inventory
$600-699K (1.4% of sales): 84 units vs 86 units year ago, 8.1 months inventory
$700-799K (0.6% of sales): 39 units vs 25 units year ago, 13.8 months inventory
$800-899K (0.4% of sales): 25 units vs 16 units year ago, 9.2 months inventory
$900-999K (0.2% of sales): 14 units vs 20 units year ago, 15.7 months inventory
$1MM + (1.1% of sales): 65 units vs 60 units year ago, 19.8 months inventory
Click here to view a detailed list of Property Tax Rates.
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540