September home sales continued their upward trajectory, but at a slower pace when compared to the same month last year. For the first three quarters, overall Dallas sales were up 3% vs year ago, and up 4% year to date. Median sales prices were up 8% in September, 9% year to date. Year-to-date, 11 of the 16 submarkets I track are still outperforming last year’s sales figures, with Park Cities, Southlake, North Dallas/Preston Hollow and North Oak Cliff running ahead by double digits. Markets underperforming last year are Cedar Hill, Uptown, M Streets/Lakewood, Allen and Richardson. In these cases, the problem is lack of inventory, not lack of demand. When looking at the price points of all homes sold, those priced at $200K or higher all experienced double-digit sales increases. In 15 of 16 markets, median sales prices are higher; only Park Cities is seeing no change.
Happily, listings are up 11% in the Metroplex, and some asking prices, particularly at the luxury level, are moderating. In many cases, the days on market are growing, not unusual in the Fall season.
Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Sep 17 vs 16: Sales up 3%, med price up 8%, DOM 42, up 5%.
YTD 17 vs 16: Sales up 4%, med price up 9%, DOM 41, down 2%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Sep 17 vs 16: Sales down 3%, med price down 9%, DOM 46, up 21%
YTD 17 vs 16: Sales down 8%, med price up 13%, DOM 48, up 30%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Sep 17 vs 16: Sales down 22%, med price up 7%, DOM 78, down 5%.
YTD 17 vs 16: Sales up 15%, med price unchanged, DOM 70, up 8%.
East Dallas (incl M’s and Lakewood):
Sep 17 vs 16: Sales up 2%, med price up 6%, DOM 34, up 26%.
YTD 17 vs 16: Sales down 4%, med price up 7%, DOM 34, unchanged.
North Dallas (South of LBJ):
Sep 17 vs 16: Sales up 5%, med price down 18%, DOM 66, down 6%.
YTD 17 vs 16: Sales up 12%, med price up 8%, DOM 60, up 5%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Sep 17 vs 16: Sales down 14%, med price up 9%, DOM 36, up 16%.
YTD 17 vs 16: Sales up 1%, med price up 8%, DOM 37, up 9%.
Northwest Dallas:
Sep 17 vs 16: Sales down 10%, med price up 1%, DOM 36, up 44%.
YTD 17 vs 16: Sales up 2%, med price up 15%, DOM 37, up 12%.
Northeast Dallas (incl Lake Highlands):
Sep 17 vs 16: Sales up 53%, med price up 2%, DOM 36, down 23%.
YTD 17 vs 16: Sales up 3%, med price up 5%, DOM 33, down 11%.
Plano:
Sep 17 vs 16: Sales down 7%, med price up 11%, DOM 34, up 13%.
YTD 17 vs 16: Sales up 2%, med price up 10%, DOM 31, up 11%.
Frisco:
Sep 17 vs 16: Sales down 6%, med price down 2%, DOM 47, up 12%.
YTD 17 vs 16: Sales up 4%, med price up 4%, DOM 44, up 16%.
Richardson:
Sep 17 vs 16: Sales down 12%, med price up 11%, DOM 24, unchanged.
YTD 17 vs 16: Sales down 4%, med price up 10%, DOM 21, down 9%.
Southlake:
Sep 17 vs 16: Sales up 19%, med price up 15%, DOM 45, down 20%.
YTD 17 vs 16: Sales up 11%, med price up 8%, DOM 50, down 15%.
Coppell:
Sep 17 vs 16: Sales up 24%, med price up 7%, DOM 45, up 7%.
YTD 17 vs 16: Sales up 2%, med price up 3%, DOM 42, up 2%
Allen:
Sep 17 vs 16: Sales down 1%, med price up 8%, DOM 41, up 11%.
YTD 17 vs 16: Sales down 8%, med price up 7%, DOM 33, up 3%.
Rockwall (incl Heath):
Sep 17 vs 16: Sales up 12%, med price up 15%, DOM 49, up 20%.
YTD 17 vs 16: Sales up 8%, med price up 8%, DOM 45, up 5%.
Cedar Hill:
Sep 17 vs 16: Sales down 22%, med price up 9%, DOM 24, down 29%.
YTD 17 vs 16: Sales down 15%, med price up 17%, DOM 32, down 18%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Sep 17 vs 16: Sales up 9%, med price up 23%, DOM 40, up 14%.
YTD 17 vs 16: Sales up 14%, med price up 6%, DOM 41, up 8%.
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 2017 vs 2016:
$200-299K (30.8% of sales): up 15%, 1.8 months inventory
$300-399K (17.2% of sales): up 23%, 2.9 months inventory
$400-499K (8.2% of sales): up 19%, 3.9 months inventory
$500-599K (3.9% of sales): up 25%, 4.7 months inventory
$600-699K (2.1% of sales): up 24%, 5.3 months inventory
$700-799K (1.2% of sales): up 22%, 5.6 months inventory
$800-899K (0.8% of sales): up 27%, 5.5 months inventory
$900-999K (0.4% of sales): up 16%, 8.4 months inventory
$1MM and up (1.6% of sales): up 25%, 10.1 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (25.5% of sales): 1313 units vs 1175 units year ago, 2.0 months inventory
$300-399K (16.1% of sales):829 units vs 633 units year ago, 3.8 months inventory
$400-499K (7.4% of sales): 383 units vs 295 units year ago, 4.9 months inventory
$500-599K (2.3% of sales): 119 units vs 132 units year ago, 7.8 months inventory
$600-699K (1.5% of sales): 77 units vs 66 units year ago, 5.6 months inventory
$700-799K (0.7% of sales): 35 units vs 29 units year ago, 9.5 months inventory
$800-899K (0.4% of sales): 21 units vs 21 units year ago, 10.7 months inventory
$900-999K (0.4% of sales): 19 units vs 6 units year ago, 6.2 months inventory
$1MM + (1.2% of sales): 60 units vs 42 units year ago, 14.6 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540