So, interest rates have inched up and prices have continued their upward march. For many, property tax won’t now be fully deductible. Home sales could be expected to decline in this scenario…but that’s not the case. February sales were up 10% over year ago, following a 12% year-over-year gain in January. Median sales prices in February were 6% higher than this month a year ago.
A total of 7,188 homes were sold in February, the highest total ever in North Texas. The largest increase in sales so far this year is in the $200K to $250K range, just at the median price for all of Dallas homes. Still, we have just a 2-month supply of homes (6 months is considered “normal”), with 17,500 houses currently listed for sale.
Of the submarkets I track, North Oak Cliff and Cedar Hill are off to the fastest starts this year, up 28% and 21% respectively. Several markets are lagging last year’s numbers, including Coppell (-24%), Northwest Dallas (-20%), and Park Cities (-11%). But now that the Bradford Pears are in full bloom, we can expect the Spring Market to kick into high gear, as it does every year at this time!
Here is a glimpse of the activity in the submarkets I regularly track. DOM stands for “Days on Market”…
Overall Market (North Texas):
Feb 18 vs 17: Sales up 10%, med price up 6%, DOM 52, up 6%.
YTD 18 vs 17: Sales up 7%, med price up 5%, DOM 52, up 7%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Feb 18 vs 17: Sales up 18%, med price down 3%, DOM 49, down 14%.
YTD 18 vs 17: Sales up 9%, med price up 5%, DOM 63, up 11%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Feb 18 vs 17: Sales down 20%, med price unchanged, DOM 83, up 24%.
YTD 18 vs 17: Sales down 11%, med price down 9%, DOM 79, up 1%.
East Dallas (incl M’s and Lakewood):
Feb 18 vs 17: Sales up 12%, med price up 2%, DOM 45, up 13%.
YTD 18 vs 17: Sales up 5%, med price up 3%, DOM 46, up 2%
North Dallas (South of LBJ):
Feb 18 vs 17: Sales down 5%, med price up 12%, DOM 91, up 26%.
YTD 18 vs 17: Sales down 5%, med price up 13%, DOM 47, up 35%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Feb 18 vs 17: Sales up 33%, med price up 11%, DOM 52, up 11%.
YTD 18 vs 17: Sales down 2%, med price up 13%, DOM 49, unchanged.
Northwest Dallas:
Feb 18 vs 17: Sales unchanged, med price 17%, DOM 50, up 39%.
YTD 18 vs 17: Sales down 20%, med price up 7%, DOM 57, up 63%.
Northeast Dallas (incl Lake Highlands):
Feb 18 vs 17: Sales down 25%, med price up 1%, DOM 53, up 39%.
YTD 18 vs 17: Sales down 13%, med price up 5%, DOM 56, up 65%.
Plano:
Feb 18 vs 17: Sales down 9%, med price unchanged, DOM 42, down 2%.
YTD 18 vs 17: Sales down 8%, med price unchanged, DOM 44, down 2%.
Frisco:
Feb 18 vs 17: Sales up 6%, med price down 1%, DOM 60, up 18%.
YTD 18 vs 17: Sales up 9%, med price up 3%, DOM 69, up 41%.
Richardson:
Feb 18 vs 17: Sales up 9%, med price up 3%, DOM 33, up 27%.
YTD 18 vs 17: Sales up 4%, med price up 4%, DOM 35, up 25%.
Southlake:
Feb 18 vs 17: Sales down 13%, med price up 28%, DOM 94, up 62%.
YTD 18 vs 17: Sales down 5%, med price up 8%, DOM 78, up 3%.
Coppell:
Feb 18 vs 17: Sales down 6%, med price up 3%, DOM 58, down 5%.
YTD 18 vs 17: Sales down 24%, med price down 2%, DOM 62, up 9%
Allen:
Feb 18 vs 17: Sales down 8%, med price up 19%, DOM 52, up 41%.
YTD 18 vs 17: Sales down 7%, med price up 4%, DOM 46, up 28%.
Rockwall (incl Heath):
Feb 18 vs 17: Sales down 3%, med price up 14%, DOM 60, up 18%.
YTD 18 vs 17: Sales down 3%, med price up 4%, DOM 58, up 12%.
Cedar Hill:
Feb 18 vs 17: Sales up 75%, med price up 8%, DOM 35, up 3%.
YTD 18 vs 17: Sales up 21%, med price up 16%, DOM 38, down 21%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Feb 18 vs 17: Sales up 11%, med price up 39%, DOM 38, down 12%.
YTD 18 vs 17: Sales up 28%, med price up 38%, DOM 42, down 11%.
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 (33.4% of sales): up 21%, 1.7 months inventory
$300-399K (17.0% of sales): up 18%, 3.2 months inventory
$400-499K (7.7% of sales): up 19%, 4.9 months inventory
$500-599K (3.3% of sales): up 7%, 6.7 months inventory
$600-699K (1.8% of sales): up 23%, 6.6 months inventory
$700-799K (1.0% of sales): up 15%, 7.9 months inventory
$800-899K (0.6% of sales): up 6%, 9.1 months inventory
$900-999K (0.3% of sales): up 22%, 12.6 months inventory
$1MM and up (1.2% of sales): down 7%, 15.9 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2018 vs 2017.
$200-299K (25.3% of sales): 220 units vs 189 units year ago, 2.2 months inventory
$300-399K (16.1% of sales): 140 units vs 123 units year ago, 4.8 months inventory
$400-499K (7.4% of sales): 64 units vs 51 units year ago, 5.8 months inventory
$500-599K (3.5% of sales): 30 units vs 17 units year ago, 6.1 months inventory
$600-699K (1.4% of sales): 12 units vs 10 units year ago, 11.2 months inventory
$700-799K (0.9% of sales): 8 units vs 4 units year ago, 6.0 months inventory
$800-899K (0.3% of sales): 3 units vs 2 units year ago, 15.3 months inventory
$900-999K (0.2% of sales): 2 units vs 0 units year ago, n/a months inventory
$1MM + (1.4% of sales): 12 units vs 10 units year ago, 13.5 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540