February home sales in Dallas were up 22% over year ago, the third month out of the last four with sales gains of 20% or more. The median price of homes sold was up 9% over year ago, certainly reflecting appreciation but also the lower number of “starter” homes available to buy. Lot prices have increased to an extent that builders have to put a higher priced or larger home on the lots for their numbers to work.
Low inventory is still a problem, but not in all submarkets. Homes appear to be selling the fastest in Cedar Hill, Northeast and Northwest Dallas, Uptown and Coppell. Months’ inventory seems to be building in the greater Park Cities area and in Frisco.
Oh, on prices, most of us continue to be in awe of the continued monthly gains, almost uninterrupted over the last three years. But Dallas still ranks only 20th in the nation among big cities for priciest real estate. You can guess the leaders: San Francisco, New York, San Jose, LA, Vancouver WA, Seattle, DC, San Diego and Boston. So as a buyer, prices may sting a little, but there are still many cities far less affordable.
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):
Feb 16 vs 15: Sales up 22%, med price up 9%, DOM 52, down 9%.
YTD 16 vs 15: Sales up 17%, med price up 8%, DOM 52, down 10%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Feb 16 vs 15: Sales up 32%, med price up 3%, DOM 41, down 28%.
YTD 16 vs 15: Sales up 16%, med price up 16%, DOM 43, down 28%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Feb 16 vs 15: Sales up 11%, med price down 7%, DOM 71, up 15%.
YTD 16 vs 15: Sales up 31%, med price down 6%, DOM 76, up 19%.
East Dallas (incl M’s and Lakewood):
Feb 16 vs 15: Sales up 8%, med price 14%, DOM 41, up 2%.
YTD 16 vs 15: Sales up 6%, med price up 2%, DOM 42, down 2%.
North Dallas (South of LBJ):
Feb 16 vs 15: Sales down 14%, med price down 14%, DOM 68, down 1%.
YTD 16 vs 15: Sales up 3%, med price down 7%, DOM 58, down 8%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Feb 16 vs 15: Sales up 10%, med price up 14%, DOM 38, down 5%.
YTD 16 vs 15: Sales down 3%, med price up 11% DOM 42, down 5%.
Northwest Dallas:
Feb 16 vs 15: Sales up 31%, med price up 7%, DOM 37, down 33%.
YTD 16 vs 15: Sales up 2%, med price up 5%, DOM 38, down 28%.
Northeast Dallas (incl Lake Highlands):
Feb 16 vs 15: Sales up 15%, med price up 13%, DOM 28, down 39%.
YTD 16 vs 15: Sales up 3%, med price up 6%, DOM 39, down 15%.
Plano:
Feb 16 vs 15: Sales up 8%, med price up 7%, DOM 38, unchanged.
YTD 16 vs 15: Sales up 11%, med price up 7%, DOM 41, unchanged.
Frisco:
Feb 16 vs 15: Sales up 8%, med price up 5%, DOM 47, up 12%.
YTD 16 vs 15: Sales up 14%, med price up 4%, DOM 48, up 14%.
Richardson:
Feb 16 vs 15: Sales down 6%, med price up 10%, DOM 38, up 6%.
YTD 16 vs 15: Sales down 13%, med price up 8%, DOM 34, down 6%.
Southlake:
Feb 16 vs 15: Sales up 44%, med price down 1%, DOM 74, up 3%.
YTD 16 vs 15: Sales up 27%, med price up 7%, DOM 85, up 8%.
Coppell:
Feb 16 vs 15: Sales down 20%, med price down 22%, DOM 41, down 43%.
YTD 16 vs 15: Sales up 2%, med price up 3%, DOM 58, down 21%.
Allen:
Feb 16 vs 15: Sales up 18%, med price down 10%, DOM 47, down 20%.
YTD 16 vs 15: Sales up 15%, med price down 6%, DOM 44, down 2l%.
Rockwall (incl Heath):
Feb 16 vs 15: Sales up 23%, med price up 2%, DOM 52, down 13%.
YTD 16 vs 15: Sales up 28%, med price up 3%, DOM 56, down 7%.
Cedar Hill:
Feb 16 vs 15: Sales up 20%, med price up 24%, DOM 41, down 42%.
YTD 16 vs 15: Sales up 29%, med price up 16%, DOM 46, down 23%.
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 (25.5% of sales): up 30%, 2.0 months inventory
$300-399K (12.8% of sales): up 42%, 3.3 months inventory
$400-499K (5.9% of sales): up 28%, 5.2 months inventory
$500-599K (2.7% of sales): up 45%, 6.7 months inventory
$600-699K (1.5% of sales): up 23%, 7.6 months inventory
$700-799K (0.8% of sales): up 12%, 11.6 months inventory
$800-899K (0.5% of sales): up 18%, 10.1 months inventory
$900-999K (0.4% of sales): up 7%, 12.3 months inventory
$1MM and up (0.9% of sales): up 6%, 21.0 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2016 vs 2015.
$200-299K (22.7% of sales): 195 units vs 143 units year ago, 1.6 months inventory
$300-399K (12.3% of sales): 106 units vs 77 units year ago, 3.4 months inventory
$400-499K (5.1% of sales): 44 units vs 33 units year ago, 5.4 months inventory
$500-599K (2.7% of sales): 23 units vs 13 units year ago, 4.4 months inventory
$600-699K (1.6% of sales): 14 units vs 7 units year ago, 4.9 months inventory
$700-799K (0.6% of sales): 5 units vs 4 units year ago, 10.0 months inventory
$800-899K (0.3% of sales): 1 unit vs 3 units year ago, 20.0 months inventory
$900-999K (0.0% of sales): 0 units vs 0 units year ago, n/a months inventory
$1MM + (0.8% of sales): 7 units vs 11 units year ago, 25.1 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540