The Spring Market in Dallas is like none other in recent history. For years a “buyer’s market”, the market today definitely favors sellers. Buyers’ appetite for home purchases has drawn down the inventory of available homes, creating a scarcity of homes in certain areas of the city. Homes that have been on the market a long time are finally selling, and homes just hitting the market are selling quickly. The “shadow inventory”, or collection of foreclosed homes, is also greatly reduced.
So, what has happened? For renters, it’s the desire to snag a great interest rate now, knowing that this artificial interest rate environment will not last forever. It helps that the job market is growing (Texas posted an all-time one-month record 80,000 new jobs in March) and that folks are feeling more secure about their current job situation. Americans are on the move again as well, shaking off the effects of the recession and housing bust, which had made it more difficult to relocate. The Sunbelt states have been the beneficiaries, where jobs are plentiful and the cost of living low. Stronger hiring growth, rising home prices and growing availability of credit are spurring young people to pick up and go. The US Census reported this month that the population of the Dallas-Ft. Worth region grew more than any other metropolitan area in the country between July 2011 and 2012.
While the buyers are out in force, what is needed now is a surge in new listings. Potential sellers have been waiting to see if they can get a price which will allow them to realize a gain on their sale, something not guaranteed over the last four years. That reality will set in soon, as the low inventory condition will result in upward pressure on prices–and already has in many markets. (Actually, Dallas owners have one of the nation’s best home equity positions, according to Core Logic. Fully 90% of local owners owe less than their homes are worth now). In some submarkets, Park Cities in particular, sales this year are below year-ago levels, as there just aren’t enough homes to sell to meet demand. Our market will eventually reach equilibrium, with a nice balance of buyers and sellers, and owners who have been contemplating putting their homes on the market might want to take advantage of all the positive market vibes now before rates perk up in September.
Here are the details for single family homes and condo/townhome sales in selected areas. For a more comprehensive look at any one market, give me a call at my Allie Beth Allman office or on my cell, 214-563-8540. Scroll down for the “Sales by Price Category” info. DOM is short for Days on Market.
Overall Market (North Texas):
Jan 13 vs 12: Sales up 23%, med price up 9%, DOM 75, down 18%.
Feb 13 vs 12: Sales up 14%, med price up 8%, DOM 74, down 20%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jan 13 vs 12: Sales up 16%, med price up 45%, DOM 76, down 42%.
Feb 13 vs 12: Sales up 7%, med price up 45%, DOM 70, down 39%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jan 13 vs 12: Sales down 33%, med price down 4%, DOM 101, up 6%.
Feb 13 vs 12: Sales down 32%, med price up 9%, DOM 61, down 36%.
East Dallas (incl M’s and Lakewood):
Jan 13 vs 12: Sales up 58%, med price down 14%, DOM 84, down 9%.
Feb 13 vs 12: Sales up 8%, med price up 2%, DOM 73, down 32%.
North Dallas (South of LBJ):
Jan 13 vs 12: Sales up 68%, med price up 52%, DOM 78, down 28%.
Feb 13 vs 12: Sales up 19%, med price up 25%, DOM 87, down 40%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jan 13 vs 12: Sales up 4%, med price up 15%, DOM 71, down 26%.
Feb 13 vs 12: Sales up 5%, med price up 15%, DOM 86, down 4%.
Northwest Dallas:
Jan 13 vs 12: Sales down 6%, med price up 28%, DOM 72, down 24%.
Feb 13 vs 12: Sales up 39%, med price up 7%, DOM 50, down 46%.
Northeast Dallas (incl Lake Highlands):
Jan 13 vs 12: Sales up 4%, med price up 8%, DOM 79, up 18%.
Feb 13 vs 12: Sales up 25%, med price up 3%, DOM 56, down 44%.
Plano:
Jan 13 vs 12: Sales up 39%, med price up 8%, DOM 63, down 24%.
Feb 13 vs 12: Sales up 12%, med price up 2%, DOM 68, down 21%.
Frisco:
Jan 13 vs 12: Sales up 12%, med price up 5%, DOM 62, down 27%.
Feb 13 vs 12: Sales up 20%, med price up 7%, DOM 53, down 42%.
Richardson:
Jan 13 vs 12: Sales up 47%, med price down 9%, DOM 61, down 38%.
Feb 13 vs 12: Sales up 52%, med price up 6%, DOM 54, down 36%.
Southlake:
Jan 13 vs 12: Sales up 26%, med price up 11%, DOM 96, up 2%.
Feb 13 vs 12: Sales up 35%, med price up 21%, DOM 72, down 23%.
Coppell
Jan 13 vs 12: Sales up 15%, med price up 41%, DOM 63, unchanged.
Feb 13 vs 12: Sales up 34%, med price up 6%, DOM 56, down 46%.
Allen:
Jan 13 vs 12: Sales up 3%, med price up 22%, DOM 66, down 35%.
Feb 13 vs 12: Sales up 14%, med price up 12%, DOM 58, down 27%.
Rockwall (incl Heath):
Jan 13 vs 12: Sales up 24%, med price up 5%, DOM 93, down 6%.
Feb 13 vs 12: Sales up 32%, med price up 18%, DOM 72, down 26%.
Las Colinas and Kessler Park: Call Me!
Here is a look at Single Family home sales by price category for YTD 2012 vs 2011:
$200-299K (17.5% of sales): up 23%
$300-399K (7.8% of sales): up 35%
$400-499K (3.2% of sales): up 43%
$500-599K (1.6% of sales): up 36%
$600-699K (1.0% of sales): up 40%
$700-799K (0.5% of sales): up 57%
$800-899K (0.4% of sales): up 33%
$900-999K (0.2% of sales): up 44%
$1MM and up (0.7% of sales): up 1%
Here is a look at Condos and Townhomes sales by price category for YTD 2012 vs 2011.
$200-299K (20.5% of sales): 124 units vs 88 units year ago
$300-399K (7.6% of sales): 46 units vs 13 units year ago
$400-499K (3.0% of sales): 18 units vs 17 units year ago
$500-599K (0.7% of sales): 4 units vs 10 units year ago
$600-699K (0.2% of sales): 1 unit vs 1 unit year ago
$700-799K (0.3% of sales): 2 units vs 1 unit year ago
$800-899K (0.5% of sales): 3 units vs 1 unit year ago
$900-999K (0.1% of sales): 0 units vs 0 units year ago
$1MM + (0.3% of sales): 2 units vs 1 unit year ago
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540