It was a record year in North Texas in 2017, with 106,000+ single family homes sold, up 5% over the previous high in 2016. Median sales prices were up 9%. December alone produced a 12% increase in sales over the same month last year, with median prices up 8%. The biggest increase was in sales of million-dollar homes, up 21%. Not all submarkets saw higher sales in 2017. Of those that I track, half had lower sales volume (see below).
Several “think tanks” are predicting continued good news for our housing market in 2018. The US Bureau of Labor showed DFW had both the highest growth rate and most jobs added in 2017, 100,400 jobs. The Milliken Institute, in its new “Best Performing Cities” report, rated Dallas #3 in the country, based on a broad growth base and well-educated work force. And the Urban Land Institute, in its “Emerging Trends in Real Estate” report, ranked Dallas #5 on the “US Markets to Watch” list. Livability was noted as a factor of increasing interest.
The new tax law also stands to benefit our area in a big way, as the corporate tax rate reduction from the 35% bracket to the 21% bracket will boost the earnings of our many major employers, likely leading to higher levels of investment, construction, job growth and housing requirements. It’s going to be great to see!
Overall Market (North Texas):
Dec 17 vs 16: Sales up 12%, med price up 8%, DOM 53, up 10%.
YTD 17 vs 16: Sales up 5%, med price up 9%, DOM 43, up 1%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Dec 17 vs 16: Sales up 5%, med price up 9%, DOM 61, up 9%
YTD 17 vs 16: Sales down 5%, med price up 11%, DOM 49, up 26%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Dec 17 vs 16: Sales down 3%, med price down 19%, DOM 111, up 42%.
YTD 17 vs 16: Sales up12%, med price down 4%, DOM 73, up 6%.
East Dallas (incl M’s and Lakewood):
Dec 17 vs 16: Sales up 14%, med price up 16%, DOM 42, down 9%.
YTD 17 vs 16: Sales down 4%, med price up 6%, DOM 36, unchanged.
North Dallas (South of LBJ):
Dec 17 vs 16: Sales up 62%, med price up 32%, DOM 94, up 16%.
YTD 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):
Dec 17 vs 16: Sales down 7%, med price up 22%, DOM 56, up 14%.
YTD 17 vs 16: Sales down 2%, med price up 8%, DOM 38, up 6%.
Northwest Dallas:
Dec 17 vs 16: Sales up 34%, med price up 17%, DOM 49, up 11%.
YTD 17 vs 16: Sales up 4%, med price up 14%, DOM 38, up 6%.
Northeast Dallas (incl Lake Highlands):
Dec 17 vs 16: Sales up 23%, med price up 9%, DOM 40, down 13%.
YTD 17 vs 16: Sales up 5%, med price up 5%, DOM 37, down 5%.
Plano:
Dec 17 vs 16: Sales down 5%, med price up 1%, DOM 43, up 8%.
YTD 17 vs 16: Sales up 2%, med price up 9%, DOM 33, up 10%.
Frisco:
Dec 17 vs 16: Sales up 22%, med price up 8%, DOM 75, up 29%.
YTD 17 vs 16: Sales up 4%, med price up 4%, DOM 48, up 20%.
Richardson:
Dec 17 vs 16: Sales up 8%, med price up 7%, DOM 28, down 13%.
YTD 17 vs 16: Sales down 3%, med price up 10%, DOM 22, down 8%.
Southlake:
Dec 17 vs 16: Sales up 22%, med price down 16%, DOM 72, down 5%.
YTD 17 vs 16: Sales up 6%, med price up 4%, DOM 54, down 14%.
Coppell:
Dec 17 vs 16: Sales down 31%, med price up 21%, DOM 77, up 79%.
YTD 17 vs 16: Sales down 3%, med price up 4%, DOM 47, up 12%
Allen:
Dec 17 vs 16: Sales up 1%, med price up 6%, DOM 68, up 51%.
YTD 17 vs 16: Sales down 6%, med price up 6%, DOM 38, up 15%.
Rockwall (incl Heath):
Dec 17 vs 16: Sales up 4%, med price up 7%, DOM 69, up 33%.
YTD 17 vs 16: Sales up 6%, med price up 9%, DOM 49, up 11%.
Cedar Hill:
Dec 17 vs 16: Sales down 9%, med price up 6%, DOM 33, down 13%.
YTD 17 vs 16: Sales down 13%, med price up 15%, DOM 32, down 18%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Dec 17 vs 16: Sales up 30%, med price up 29%, DOM 47, up 7%.
YTD 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 2017 vs 2016:
$200-299K (31.2% of sales): up 15%, 1.3 months inventory
$300-399K (17.3% of sales): up 23%, 2.3 months inventory
$400-499K (8.1% of sales): up 19%, 3.1 months inventory
$500-599K (3.8% of sales): up 22%, 3.9 months inventory
$600-699K (2.0% of sales): up 22%, 4.0 months inventory
$700-799K (1.2% of sales): up 17%, 4.2 months inventory
$800-899K (0.7% of sales): up 19%, 4.8 months inventory
$900-999K (0.4% of sales): up 20%, 5.5 months inventory
$1MM and up (1.6% of sales): up 21%, 7.2 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (25.2% of sales): 1681 units vs 1569 units year ago, 1.8 months inventory
$300-399K (16.0% of sales): 1068 units vs 829 units year ago, 3.6 months inventory
$400-499K (7.8% of sales): 518 units vs 395 units year ago, 3.7 months inventory
$500-599K (2.6% of sales): 173 units vs 170 units year ago, 5.2 months inventory
$600-699K (1.3% of sales): 90 units vs 87 units year ago, 5.9 months inventory
$700-799K (0.6% of sales): 39 units vs 41 units year ago, 7.4 months inventory
$800-899K (0.4% of sales): 29 units vs 26 units year ago, 9.9 months inventory
$900-999K (0.4% of sales): 24 units vs 10 units year ago, 5.0 months inventory
$1MM + (1.3% of sales): 87 units vs 54 units year ago, 9.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540