This April report is a little late–sorry for the delay…May numbers are almost out! Buy you probably guessed right–April didn’t disappoint. In the heart of the Spring Market, greater Dallas home sales climbed 15% from year ago levels, with the median sales price up 7%. For the first four months, sales are up 14% compared to year ago, and the median price is up 8%. Inventory is still shrinking, averaging a two month supply.
The greatest year-to-date sales gains (of the markets I track) are in Southlake, Rockwall, Lake Highlands, M Streets/Lakewood and in Cedar Hill. All report in with double-digit sales gain. Markets with year-to-date sales below year ago levels include Richardson, Uptown, and North Dallas, with the greater Park Cities area flat and Frisco up 1%. Lower sales are a function of fewer homes available to buy and/or prices higher than the market feels justified.
Single family homes priced in the $200’s to $600’s, representing slightly more than half of all home sales, seem to be flying off the shelf, with sales gains as high as 30% over year ago. The luxury end of this market, $1M plus, is running 4% ahead of last year.
The condo and townhome sector is also experiencing nice sales gains in the $200’s to $600’s, but is showing some resistance at the higher price points. The $1M plus price point has just 16 sales through April as reported in the MLS, compared to 25 over the same period a year ago.
We look to have continued strong demand for housing in the Dallas area, as 288 people move here every day. Last year 170,103 more residents moved to Texas than left, averaging 466 new Texans daily. According to the Bureau of Labor Statistics, Dallas led the nation’s 12 largest metros in job growth in 2015, adding 129,000 jobs. For the 12th year in a row, Texas is the best state for business, so stated in Chief Executive Magazine. There are a lot of reasons to be confident in the continued demand for housing here in Dallas!
Here is a look at home sales by submarket that I track. DOM is “Days on Market”. For details on Las Colinas and Kessler Park, call me at my Allie Beth Allman & Associates office, 214-563-8540.
Overall Market (North Texas):
Apr 16 vs 15: Sales up 15%, med price up 7%, DOM 41, down 13%.
YTD 16 vs 15: Sales up 14%, med price up 8%, DOM 48, down 10%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Apr 16 vs 15: Sales down 17%, med price down 1%, DOM 30, down 32%.
YTD 16 vs 15: Sales down 2%, med price down 2%, DOM 41, down 23%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Apr 16 vs 15: Sales down 5%, med price up 13%, DOM 45, down 29%.
YTD 16 vs 15: Sales unchanged, med price down 4%, DOM 61, up 5%.
East Dallas (incl M’s and Lakewood):
Apr 16 vs 15: Sales up 27%, med price up 12%, DOM 31, down 6%.
YTD 16 vs 15: Sales up 15%, med price up 3%, DOM 38, down 3%.
North Dallas (South of LBJ):
Apr 16 vs 15: Sales unchanged, med price down 3%, DOM 33, down 46%.
YTD 16 vs 15: Sales down 1%, med price down 4%, DOM 52, down 10%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Apr 16 vs 15: Sales down 9%, med price up 21%, DOM 31, unchanged.
YTD 16 vs 15: Sales down 11%, med price up 16%, DOM 34, down 9%.
Northwest Dallas:
Apr 16 vs 15: Sales up 11%, med price up 16%, DOM 34, up 3%.
YTD 16 vs 15: Sales up 3%, med price up 14%, DOM 39, down 11%.
Northeast Dallas (incl Lake Highlands):
Apr 16 vs 15: Sales up 23%, med price up 16%, DOM 45, up 7%.
YTD 16 vs 15: Sales up 16%, med price up 6%, DOM 41, down 2%.
Plano:
Apr 16 vs 15: Sales unchanged, med price up 10%, DOM 27, down up 13%.
YTD 16 vs 15: Sales up 6%, med price up 6%, DOM 34, unchanged.
Frisco:
Apr 16 vs 15: Sales down 10%, med price up 10%, DOM 37, up 16%.
YTD 16 vs 15: Sales up 1%, med price up 6%, DOM 45, up 22%.
Richardson:
Apr 16 vs 15: Sales up 19%, med price up 16%, DOM 22, down 21%.
YTD 16 vs 15: Sales down 5%, med price up 8%, DOM 27, down 13%.
Southlake:
Apr 16 vs 15: Sales 52%, med price up 10%, DOM 33, down 47%.
YTD 16 vs 15: Sales up 15%, med price up 5%, DOM 58, down 25%.
Coppell:
Apr 16 vs 15: Sales up 9%, med price down 2%, DOM 30, down 39%.
YTD 16 vs 15: Sales up 4%, med price up 4%, DOM 48, down 14%.
Allen:
Apr 16 vs 15: Sales up 12%, med price up 16%, DOM 28, down 24%.
YTD 16 vs 15: Sales up 7%, med price up 9%, DOM 38, down 16%.
Rockwall (incl Heath):
Apr 16 vs 15: Sales up 24%, med price up 11%, DOM 41, down 27%.
YTD 16 vs 15: Sales up 20%, med price up 7%, DOM 51, down 12%.
Cedar Hill:
Apr 16 vs 15: Sales up 4%, med price up 21%, DOM 37, down 33%.
YTD 16 vs 15: Sales up 21%, med price up 15%, DOM 41, down 31%.
For Las Colinas and Kessler Park: 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 2016 vs 2015:
$200-299K (26.3% of sales): up 25%, 1.6 months inventory
$300-399K (13.6% of sales): up 33%, 2.8 months inventory
$400-499K (6.6% of sales): up 27%, 4.3 months inventory
$500-599K (3.0% of sales): up 30%, 5.7 months inventory
$600-699K (1.6% of sales): up 30%, 6.9 months inventory
$700-799K (0.9% of sales): up 16%, 9.8 months inventory
$800-899K (0.6% of sales): up 9%, 10.9 months inventory
$900-999K (0.4% of sales): up 13%, 11.5 months inventory
$1MM and up (1.2% of sales): up 4%, 16.1 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2016 vs 2015.
$200-299K (23.1% of sales): 456 units vs 385 units year ago, 1.8 months inventory
$300-399K (12.5% of sales): 246 units vs 198 units year ago, 3.8 months inventory
$400-499K (5.6% of sales): 111 units vs 97 units year ago, 5.6 months inventory
$500-599K (2.5% of sales): 50 units vs 37 units year ago, 4.6 months inventory
$600-699K (1.4% of sales): 27 units vs 19 units year ago, 5.3 months inventory
$700-799K (0.6% of sales): 11 units vs 11 units year ago, 9.5 months inventory
$800-899K (0.4% of sales): 7 unit vs 9 units year ago, 11.4 months inventory
$900-999K (0.0% of sales): 0 units vs 0 units year ago, n/a months inventory
$1MM + (0.8% of sales): 16 units vs 25 units year ago, 22.5 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540