Dallas Home Sales Stats for January, 2018

North Texas home sales continued their 2017 upward trend, up 12% in January, with median sales prices up 5%.  A total of 6,246 single family homes were sold in January, the most ever for this month.  Condo sales totaled 414 units, up 10%, with the largest increase in demand  in the $500K to $599K range.  The number of homes for sale in the North Texas region rose to 17,000 at the end of January, still only a two-month supply.

It’s always difficult to project spring market sales based on January’s performance, and this year is no exception.  While January is historically the slowest month for sales, this year’s January volume may have benefitted from contracts written in December by those encouraged by the passage of the new tax law.  Or, maybe simply due to our continued market growth! The boost to the economy from reduced corporate taxes and higher wages is no doubt a housing stimulus.  Usually, January sales are hurt by backloading closings in December, to take advantage of claiming the homestead exemption.

Accompanying the economic boost, both locally and nationally, will be an upward bias in mortgage interest rates.  Rates have been so flat for so long (a decade now), we now have a real reason to expect upward pressure.  But even if they touch 5% by year’s end, rates will still be below the historical average.  Is anyone old enough, besides me, to remember the 12% rates of the early ’80’s?

Here is a glimpse of the activity in the submarkets I regularly track.  DOM stands for “Days on Market”…

Overall Market (North Texas):
Jan 18 vs 17: Sales up 12%, med price up 5%, DOM 53, up 8%.
All 17 vs 16: Sales up 5%, med price up 9%, DOM 43, up 1%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Jan 18 vs 17: Sales up 10%, med price up 25%, DOM 80, up 43%
All 17 vs 16: Sales down 5%, med price up 11%, DOM 49, up 26%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jan 18 vs 17: Sales down 33%, med price down 12%, DOM 73, down  22%.
All 17 vs 16: Sales up12%, med price down 4%, DOM 73, up 6%.
East Dallas (incl M’s and Lakewood):
Jan 18 vs 17: Sales up 8%, med price up 11%, DOM 47, down 8%.
All 17 vs 16: Sales down 4%, med price up 6%, DOM 36, unchanged.
North Dallas (South of LBJ):
Jan 18 vs 17: Sales up 3%, med price up 13%, DOM 102, up 42%.
All 17 vs 16: Sales up 14%, med price up 9%, DOM 65, up 8%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jan 18 vs 17: Sales down 27%, med price up 10%, DOM 41, down 20%.
All 17 vs 16: Sales down 2%, med price up 8%, DOM 38, up 6%.
Northwest Dallas:
Jan 18 vs 17: Sales down 35%, med price down 5%, DOM 106, up 94%.
All 17 vs 16: Sales up 4%, med price up 14%, DOM 38, up 6%.
Northeast Dallas (incl Lake Highlands):
Jan 18 vs 17: Sales up 14%, med price up 22%, DOM 59, up 111%.
All 17 vs 16: Sales up 5%, med price up 5%, DOM 37, down 5%.
Plano:
Jan 18 vs 17: Sales down 1%, med price down 2%, DOM 45, down 8%.
All 17 vs 16: Sales up 2%, med price up 9%, DOM 33, up 10%.
Frisco:
Jan 18 vs 17: Sales up 22%, med price up 4%, DOM 79, up 68%.
All 17 vs 16: Sales up 4%, med price up 4%, DOM 48, up 20%.
Richardson:

Jan 18 vs 17: Sales up 9%, med price up 3%, DOM 38, down 27%.
All 17 vs 16: Sales down 3%, med price up 10%, DOM 22, down 8%.
Southlake:

Jan 17 vs 16: Sales up 12%, med price down 7%, DOM 64, down 35%.
All 17 vs 16: Sales up 6%, med price up 4%, DOM 54, down 14%.
Coppell:

Jan 18 vs 17: Sales down 1%, med price down 2%, DOM 68, up 27%.
All 17 vs 16: Sales down 3%, med price up 4%, DOM 47, up 12%
Allen:
Jan 18 vs 17: Sales up 1%, med price down 5%, DOM 39, up 11%.
All 17 vs 16: Sales down 6%, med price up 6%, DOM 38, up 15%.
Rockwall (incl Heath):

Jan 18 vs 17: Sales up 5%, med price down 6%, DOM 57, up 6%.
All 17 vs 16: Sales up 6%, med price up 9%, DOM 49, up 11%.
Cedar Hill:
Jan 18 vs 17: Sales down 18%, med price up 28%, DOM 46, down 23%.
All 17 vs 16: Sales down 13%, med price up 15%, DOM 32, down 18%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Jan 18 vs 17: Sales up 62%, med price up 38%, DOM 42, up 19%.
All 17 vs 16: Sales up 14%, med price up 8%, DOM 41, up 5%.
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 2018 vs 2017:
$200-299K (33.9% of sales): up 29%, 1.6 months inventory
$300-399K (15.7% of sales): up 19%, 3.5 months inventory
$400-499K (7.2% of sales): up 29%, 5.1 months inventory
$500-599K (2.9% of sales): up 5%, 7.5 months inventory
$600-699K (1.8% of sales): up 32%, 6.4 months inventory
$700-799K (0.9% of sales): up 16%, 8.1 months inventory
$800-899K (0.6% of sales): up 6%, 8.6 months inventory
$900-999K (0.4% of sales): up 22%, 9.2 months inventory
$1MM and up (1.6% of sales): down 9%, 17.5 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2018 vs 2017.
$200-299K (22.7% of sales): 94 units vs 93 units year ago, 2.2 months inventory
$300-399K (13.8% of sales): 57 units vs 50 units year ago, 5.1 months inventory
$400-499K (5.1% of sales): 21 units vs 21 units year ago, 8.3 months inventory
$500-599K (4.6% of sales): 19 units vs 3 units year ago, 4.2 months inventory
$600-699K (1.7% of sales): 7 units vs 5 units year ago, 9.1 months inventory
$700-799K (1.7% of sales): 7 units vs 7 units year ago, 4.1 months inventory
$800-899K (0.2% of sales): 1 unit vs 2 units year ago, 20.0 months inventory
$900-999K (0.0% of sales): 0 units vs 0 units year ago, n/a months inventory
$1MM + (1.4% of sales): 6 units vs 6 units year ago, 12.2 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540