August marked the third month in a row that North Texas home sales topped 10,000 units, a new record. Sales by submarket varied significantly though, with the Park Cities, Preston Hollow, North Dallas, Richardson and Allen markets coming in below year ago totals. This is due more to a lower inventory situation (too few homes to choose from) than from higher prices. Across the Metroplex, homes in all price points above $200K saw hefty double-digit gains in the median price of homes sold vs last year, particularly those in the $300’s to $800’s. Homes priced in the $900’s and above sold a bit slower, perhaps tempered in part to the “wealth effect” psychology of the declining stock market. This might have a larger impact on September numbers, due out in a week or so. See the chart below…
Year-to-date, sales are up 6% and median sale prices up 11%. Rates have certainly cooperated this year. Mortgage rates are still wonderful and improved slightly with the flight of cash from the stock market to the bond market in August.. Mortgage rates tend to rise and fall with the 10 year Treasury bond.
And, as we know, the bottom line factor influencing a growing housing market is job and wage growth. Demand from new arrivals in our area continues to push home sales (and apartment rentals). Home builders in the suburbs are trying to keep up, and this new construction is badly needed to absorb some of this demand as well as keeping prices somewhat in check.
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):
Aug 15 vs 14: Sales up 13%, med price up 9%, DOM 38, down 16%.
YTD 15 vs 14: Sales up 6%, med price up 11%, DOM 45, down 12%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Aug 15 vs 14: Sales up 22%, med price up 8%, DOM 29, down 19%.
YTD 15 vs 14: Sales up 6%, med price up 11%, DOM 41, down 28%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Aug 15 vs 14: Sales down 2%, med price down 8%, DOM 69, unchanged.
YTD 15 vs 14: Sales down 2%, med price up 4%, DOM 53, down 4%.
East Dallas (incl M’s and Lakewood):
Aug 15 vs 14: Sales up 12%, med price up 8%, DOM 29, down 19%.
YTD 15 vs 14: Sales up 7%, med price up 16%, DOM 33, down 11%.
North Dallas (South of LBJ):
Aug 15 vs 14: Sales down 18%, med price up 51%, DOM 48, down 4%.
YTD 15 vs 14: Sales down 5%, med price up 16%, DOM 55, down 20%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Aug 15 vs 14: Sales down 15%, med price up 40%, DOM 27, up 8%
YTD 15 vs 14: Sales up 3%, med price up 9% DOM 32, unchanged.
Northwest Dallas:
Aug 15 vs 14: Sales up 7%, med price up 22%, DOM 20, down 51%.
YTD 15 vs 14: Sales down 2%, med price up 13%, DOM 33, down 18%.
Northeast Dallas (incl Lake Highlands):
Aug 15 vs 14: Sales up 20%, med price up 11%, DOM 29, down 24%.
YTD 15 vs 14: Sales up 2%, med price up 11%, DOM 34, unchanged.
Plano:
Aug 15 vs 14: Sales up 3%, med price up 9%, DOM 23, down 12%.
YTD 15 vs 14: Sales down 2%, med price up 9%, DOM 26, down 16%.
Frisco:
Aug 15 vs 14: Sales up 1%, med price up 10%, DOM 27, down 7%.
YTD 15 vs 14: Sales down 2%, med price up 11%, DOM 33, down 11%.
Richardson:
Aug 15 vs 14: Sales down 3%, med price up 18%, DOM 18, down 36%.
YTD 15 vs 14: Sales down 1%, med price up 16%, DOM 25, down 17%.
Southlake:
Aug 15 vs 14: Sales up 1%, med price up 24%, DOM 74, up 48%.
YTD 15 vs 14: Sales unchanged, med price up 3%, DOM 59, up 26%.
Coppell:
Aug 15 vs 14: Sales up 11%, med price unchanged, DOM 33, up 18%.
YTD 15 vs 14: Sales down 4%, med price up 6%, DOM 41, up 37%.
Allen:
Aug 15 vs 14: Sales down 10%, med price up 16%, DOM 33, up 18%.
YTD 15 vs 14: Sales down 2%, med price up 16%, DOM 39, up 26%.
Rockwall (incl Heath):
Aug 15 vs 14: Sales up 9%, med price up 12%, DOM 39, down 19%.
YTD 15 vs 14: Sales up 6%, med price up 11%, DOM 48, down 13%.
Cedar Hill:
Aug 15 vs 14: Sales up 19%, med price up 9%, DOM 39, down 9%.
YTD 15 vs 14: Sales up 15%, med price up 2%, DOM 49, down 13%.
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 2015 vs 2014:
$200-299K (25.4% of sales): up 17%, 2.0 months inventory
$300-399K (12.7% of sales): up 25%, 2.9 months inventory
$400-499K (6.2% of sales): up 26%, 4.1 months inventory
$500-599K (2.9% of sales): up 27%, 5.0 months inventory
$600-699K (1.6% of sales): up 23%, 5.4 months inventory
$700-799K (1.0% of sales): up 32%, 6.9 months inventory
$800-899K (0.7% of sales): up 35%, 7.6 months inventory
$900-999K (0.4% of sales): up 18%, 9.3 months inventory
$1MM and up (1.3% of sales): up 14%, 10.9 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2015 vs 2014.
$200-299K (22.5% of sales): 987 units vs 856 units year ago, 1.9 months inventory
$300-399K (10.8% of sales): 474 units vs 367 units year ago, 2.6 months inventory
$400-499K (4.9% of sales): 214 units vs 162 units year ago, 4.1 months inventory
$500-599K (2.0% of sales): 88 units vs 64 units year ago, 4.4 months inventory
$600-699K (1.0% of sales): 44 units vs 29 units year ago, 6.9 months inventory
$700-799K (0.7% of sales): 29 units vs 23 units year ago, 6.9 months inventory
$800-899K (0.5% of sales): 22 units vs 21 units year ago, 7.3 months inventory
$900-999K (0.2% of sales): 10 units vs 6 units year ago, 8.0 months inventory
$1MM + (1.1% of sales): 49 units vs 40 units year ago, 10.9 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540