Historically low interest rates, still at or near 2 5/8% for a conventional loan and with good credit, is driving the bus towards a record year in Dallas area home sales. These remarkable rates produced another double-digit increase in single-family home sales, this time up 27% in October. November and December are expected to follow suit, as pending sales through the remainder of the year look great, with those buyers locked in with today’s rates. Our company of 350 Realtors has already realized over $2 billion in revenues this year.
Median prices of homes sold soared 10% in October and are up 6% year-to-date, due to two factors: 1) an acute shortage in homes available for sale in the face of huge demand, and 2) the ability buyers have to trade up to a larger, more expensive home, with a reduced monthly payment. Buyers with cash earning less than 1% interest may be tempted to buy a vacation home, with more enjoyable benefits than certificates in a shoebox. The economic policies of the Federal Reserve Bank, designed to prop up the economy this year, deserve all the credit.
Take a moment to scan the data below and note the crazy sales increases in the 17 submarkets I am tracking. Looking at the price points, note that the days on market range from just 3 weeks for single-family homes in the $200s to just a little over 3 months for all the other price points up to the $900s. Million dollar homes are only 6 months on the market, which in days past was considered “normal” for the housing industry at all price points. Condos and townhomes are taking a bit longer to sell than single-family homes, but they are moving within their usual time frames.
I hope you are able to gather with your family this Thanksgiving. Do make the most of the coming holidays.
Here are the details: DOM stands for “days on market”.
Overall Market (North Texas):
Oct 20 vs 19: Sales up 25%, median price up 12%, DOM 40, down 23%
YTD 20 vs 19: Sales up 8%, median price up 6%, DOM 49, down 3%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Oct 20 vs 19: Sales unchanged, median price up 4%, DOM 77, down 10%.
YTD 20 vs 19: Sales down 8%, median price up 2%, DOM 66, up 6%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Oct 20 vs 19: Sales up 39%, median price up 28%, DOM 64, down 27%.
YTD 20 vs 19: Sales up 15%, median price down 4%, DOM 67, down 13%.
East Dallas (incl M’s and Lakewood):
Oct 20 vs 19: Sales up 17%, median price up 16%, DOM 38, down 22%.
YTD 20 vs 19: Sales up 12%, median price up 6%, DOM 45, down 6%.
North Dallas (South of LBJ):
Oct 20 vs 19: Sales up 31%, median price up 8%, DOM 60, down 24%.
YTD 20 vs 19: Sales up 9%, median price up 7%, DOM 80, up 14%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Oct 20 vs 19: Sales up 32%, median price unchanged, DOM 29, down 56%.
YTD 20 vs 19: Sales up 6%, median price up 3%, DOM 43, down 12%.
Northwest Dallas (incl Midway Hollow):
Oct 20 vs 19: Sales up 30, median up 18%, DOM 42, down 9%.
YTD 20 vs 19: Sales up 4%, median price up 7%, DOM 47, down 4%.
Northeast Dallas (incl Lake Highlands):
Oct 20 vs 19: Sales up 38%, median price up 8%, DOM 32, down 42%.
YTD 20 vs 19: Sales up 21%, median price up 2%, DOM 44, down 8%.
Plano:
Oct 20 vs 19: Sales up 28%, median price up 13%, DOM 33, down 28%.
YTD 20 vs 19: Sales up 8%, median price up 5%, DOM 40, down 11%.
Frisco:
Oct 20 vs 19: Sales up 40%, median price up 4%, DOM 38, down 30%.
YTD 20 vs 19: Sales up 11%, median price up 3%, DOM 48, down 23%.
Richardson:
Oct 20 vs 19: Sales up 27%, median price up 8%, DOM 30, down 9%.
YTD 20 vs 19: Sales up 10%, median price up 4%, DOM 34, down 8%.
Southlake:
Oct 20 vs 19: Sales up 14%, median price up 7%, DOM 53, down 9%.
YTD 20 vs 19: Sales unchanged, median price up 6%, DOM 49, down 8%.
Coppell:
Oct 20 vs 19: Sales up 20%, median price unchanged, DOM 37, down 23%.
YTD 20 vs 19: Sales down 13%, median price up 4%, DOM 38, unchanged.
Allen:
Oct 20 vs 19: Sales up 36%, median price up 18%, DOM 33, down 39%.
YTD 20 vs 19: Sales up 10%, median price up 6%, DOM 49, down 19%.
Rockwall (incl Heath):
Oct 20 vs 19: Sales up 40%, median price up 22%, DOM 43, down 33%.
YTD 20 vs 19: Sales up 18%, median up 8%, DOM 61, down 2%.
Cedar Hill:
Oct 20 vs 19: Sales up 12%, median price up 8%, DOM 44, down 22%.
YTD 20 vs 19: Sales down 6%, median price up 8%, DOM 44, up 16%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Oct 20 vs 19: Sales up 27%, median price up 23%, DOM 49, down 11%.
YTD 20 vs 19: Sales up 11%, median price up 11%, DOM 53, up 10%.
Carrollton/Farmers Branch:
Oct 20 vs 19: Sales up 17%, median price up 8%, DOM 29, down 29%.
YTD 20 vs 19: Sales down 8%, median price up 4%, DOM 33, down 13%.
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 (35.9% of sales): up 9%, 0.8 months inventory
$300-399K (21.7% of sales): up 19%, 1.2 months inventory
$400-499K (10.5% of sales): up 23%, 1.7 months inventory
$500-599K (5.0% of sales): up 26%, 1.8 months inventory
$600-699K (2.6% of sales): up 25%, 2.1 months inventory
$700-799K (1.5% of sales): up 30%, 2.4 months inventory
$800-899K (0.9% of sales): up 33%, 3.0 months inventory
$900-999K (0.6% of sales): up 26%, 3.3 months inventory
$1MM and up (1.9% of sales): up 22%, 6.2 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): 1568 units vs 1468 units year ago, 2.8 months inventory
$300-399K (21.0% of sales): 1164 units vs 1030 units year ago, 4.6 months inventory
$400-499K (8.1% of sales): 450 units vs 378 units year ago, 6.4 months inventory
$500-599K (3.2% of sales): 180 units vs 188 units year ago, 6.6 months inventory
$600-699K (1.4% of sales): 77 units vs 83 units year ago, 9.2 months inventory
$700-799K (0.6% of sales): 35 units vs 23 units year ago, 14.6 months inventory
$800-899K (0.4% of sales): 21 units vs 14 units year ago, 12.4 months inventory
$900-999K (0.2% of sales): 12 units vs 20 units year ago, 21.7 months inventory
$1MM + (1.0% of sales): 56 units vs 52 units year ago, 23.2 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540