Dallas area home sales in September and October were lower than year ago levels, marked by a severe shortage of inventory in lower price points. November data will be available next week, and we’ll likely see lower sales due to the same issue. With the median home price in the Metroplex around $350,000, and with an even distribution of sales, we would expect half our total sales would be equal to $350,000 or more. Instead, 60% of sales were above this midpoint, which will continue to nudge the median higher. On the chart below, home sales in the $200’s have fallen 23% through October, consistent with results in all the lower price points. Home sales are up double digits in all price points $300K and above (see the chart below), but not enough to put us in the black. Historically, the fall months see less sales activity, punctuated by our shift in attention to the holidays, new school year, and a host of distractions.
But the encouraging news is that median sales prices for the overall market are still showing robust gains year over year, up 26% in September and 18% in October. The two exceptions in the submarkets I track are East Dallas in September and Park Cities/Bluffview in October. And inventory levels are still dropping, to 3-6 weeks in most submarkets.
Below are the results for a sample of submarkets I follow:
Overall Market (North Texas):
Oct 21 vs 20: Sales down 9%, median price up 18%, DOM 26, down 35%
Sep 21 vs 20: Sales down 3%, median price up 19%, DOM 22, down 46%.
YTD 21 vs 20: Sales down 1%, median price up 18%, DOM 26, down 46%
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Oct 21 vs 20: Sales up 24%, median price up 22%, DOM 41, down 34%.
Sep 21 vs 20: Sales up 24%, median price down 13%, DOM 32, down 37%.
YTD 21 vs 20: Sales up 62%, median price up 13%, DOM 58, down 15%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Oct 21 vs 20: Sales down 53%, median price down 4%, DOM 37, down 42%.
Sep 21 vs 20: Sales down 31%, median price up 11%, DOM 27, down 53%.
YTD 21 vs 20:Sales up 1%, median price up 21%, DOM 48, down 28%.
East Dallas (incl M’s and Lakewood
Oct 21 vs 20: Sales down 10%, median price up 4%, DOM 27, down 27%.
Sep 21 vs 20: Sales down 25%, median price up 3%, DOM 22, down 42%.
YTD 21 vs 20: Sales up 5%, median price up 10%, DOM 27, down 40%
North Dallas (South of LBJ):
Oct 21 vs 20: Sales down 27%, median price up 2%, DOM 38, down 39%.
Sep 21 vs 20: Sales down 4%, median price up 31%, DOM 31, down 56%.
YTD 21 vs 20: Sales up 18%, median price up 11%, DOM 53, down 34%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Oct 21 vs 20: Sales up 16%, median price up 28%, DOM 22, down 24%.
Sep 21 vs 20: Sales unchanged, median price up 20%, DOM 29, up 26%.
YTD 21 vs 20: Sales up 18%, median price up 18%, DOM 26, down 40%.
Northwest Dallas (incl Midway Hollow):
Oct 21 vs 20: Sales down 8%, median price up 22%, DOM 28, down 33%.
Sep 21 vs 20: Sales up 14%, median price up 26%, DOM 25, down 26%.
YTD 21 vs 20: Sales up 20%, median price up 16%, DOM 29, down 38%.
Northeast Dallas (incl Lake Highlands):
Oct 21 vs 20: Sales unchanged, median price up 11%, DOM 27, down 16%.
Sep 21 vs 20: Sales down 20%, median price up 13%, DOM 32, unchanged.
YTD 21 vs 20: Sales down 2%, median price up 18%, DOM 30, down 32%.
Plano:
Oct 21 vs 20: Sales down 11%, median price up 19%, DOM 23, down 30%.
Sep 21 vs 20: Sales down 11%, median price up 22%, DOM 20, down 41%.
YTD 21 vs 20: Sales up 1%, median price up 19%, DOM 20, down 50%.
Frisco:
Oct 21 vs 20: Sales down 18%, median price up 30%, DOM 20, down 47%.
Sep 21 vs 20: Sales down 15%, median price up 30%, DOM 19, down 54%.
YTD 21 vs 20: Sales down 5%, median price up 26%, DOM 19, down 60%.
Richardson:
Oct 21 vs 20: Sales up 7%, median price up 15%, DOM 29, unchanged.
Sep 21 vs 20: Sales up 4%, median price up 16%, DOM 17, down 37%.
YTD 21 vs 20: Sales down 2%, median price up 16%, DOM 22, down 35%
Southlake:
Oct 21 vs 20: Sales down 5%, median price up 29%, DOM 22, down 58%.
Sep 21 vs 20: Sales up 27%, median price up 21%, DOM 27, down 48%.
YTD 21 vs 20: Sales up 4%, median price up 31%, DOM 25, down 49%.
Coppell:
Oct 21 vs 20: Sales down 6%, median up 16%, DOM 24, down 33%.
Sep 21 vs 20: Sales down 25%, median price up 31%, DOM 18, down 53%.
YTD 21 vs 20: Sales up 4%, median price up 13%, DOM 22, down 42%.
Allen:
Oct 21 vs 20: Sales down 23%, median price up 17%, DOM 12, down 65%.
Sep 21 vs 20: Sales up 3%, median price up 23%, DOM 16, down 61%.
YTD 21 vs 20: Sales down 3%, median price up 20%, DOM 16, down 62%.
Rockwall (incl Heath):
Oct 21 vs 20: Sales down 11%, median price up 17%, DOM 26, down 41%.
Sep 21 vs 20: Sales up 3%, median price up 20%, DOM 28, down 40%.
YTD 21 vs 20: Sales down 7%, median price up 18%, DOM 27, down 56%.
Cedar Hill:
Oct 21 vs 20: Sales down 33%, median price up 19%, DOM 25, down 40%.
Sep 21 vs 20: Sales unchanged, median price up 26%, DOM 22, up 5%.
YTD 21 vs 20: Sales down 2%, median price up 18%, DOM 24, down 45%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Oct 21 vs 20: Sales down 9%, median price up 12%, DOM 31, down 34%.
Sep 21 vs 20: Sales down 7%, median price up 11%, DOM 31, down 37%.
YTD 21 vs 20: Sales up 2%, median price up 22%, DOM 37, down 38%.
Carrollton/Farmers Branch:
Oct 21 vs 20: Sales down 9%, median price up 20%, DOM 26, down 16%.
Sep 21 vs 20: Sales down 2%, median price up 11%, DOM 19, down 32%.
YTD 21 vs 20: Sales up 2%, median price up 14%, DOM 19, down 42%.
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 (26.1% of sales): down 23%, 0.7 months inventory
$300-399K (24.6% of sales): up 11%, 0.9 months inventory
$400-499K (14.3% of sales): up 35%, 1.1 months inventory
$500-599K (7.5% of sales): up 48%, 1.3 months inventory
$600-699K (4.4% of sales): up 70%, 1.2 months inventory
$700-799K (2.6% of sales): up 75%, 1.3 months inventory
$800-899K (1.6% of sales): up 72%, 1.6 months inventory
$900-999K (1.0% of sales): up 71%, 1.4 months inventory
$1MM and up (3.5% of sales): up 83%, 2.3 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2021 vs 2020.
$200-299K (26.0% of sales): 1985 units vs 1569 units year ago, 0.9 months inventory
$300-399K (23.4% of sales): 1784 units vs 1174 units year ago, 1.3 months inventory
$400-499K (12.6% of sales): 962 units vs 452 units year ago, 1.7 months inventory
$500-599K (5.2% of sales): 395 units vs 181 units year ago, 1.6 months inventory
$600-699K (2.0% of sales): 153 units vs 78 units year ago, 2.2 months inventory
$700-799K (1.1% of sales): 84 units vs 36 units year ago, 1.7 months inventory
$800-899K (0.7% of sales): 129 units vs 56 units year ago, 7.4 months inventory
$900-999K (0.4% of sales): 29 units vs 8 unit year ago, 5.0 months inventory
$1MM + (1.7% of sales): 106 units vs 37 units year ago, 6.7 months inventory