Dallas Home Sales Stats for January, 2019

Dallas area home sales are off to a lackluster start, picking up where they left off last year.  January sales were down 10% vs year ago, following a 9% year-over-year drop in December.  While it is historically the slowest time of the year, we can’t blame it all on seasonality. Interest rates have settled down, leveling off at 4.25% to 4.5%, so it’s not the fear of runaway mortgages. Employment is excellent, company earnings are doing very well, so it’s not lack of jobs. It is the market catching its breath, continuing to adjust the speedometer, after 5 years of unusually fast growth and price appreciation. What it tells me is that the ingredients are there for a pretty nice spring market, with buyers able to negotiate for a change.  For home buyers, this spring will offer more choices than we have had for several years. Inventory shortages, a long-time complaint of too few homes for sale, have rebounded nicely, with inventory up 24% so far this year. Affordability is still the key, so we’ll see if there is more give and take with pricing decisions.

Not all our submarkets experienced much lower sales activity in January. Coppell and Plano are looking good, and the M Streets and Far North Dallas are holding their own.  The $1M+ price point with single family homes saw sales increase 17% in January.  The $700’s were also higher (13%).  The other price points were down, some by 20+%.  All the condo and townhome price categories over $200K, including the $1M+ price point, were also in negative territory.  My hunch February data will not be much improved, but I think we can look forward to spring coming back to life.

As Will Rogers once said, “Don’t wait to buy a house; buy a house and wait”.

Here is a glimpse of the activity in the submarkets I regularly track.  DOM stands for “Days on Market”…

Overall Market (North Texas):
Dec 18 vs 17: Sales down 9%, med price up 4%, DOM  57 up 8%.

Jan 19 vs 18: Sales down 10%, med price up 2%, DOM 59 up 11%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Dec 18 vs 17: Sales down 21%, med price down 6%, DOM 71
up 18%.

Jan 19 vs 18: Sales down 27%, med price down 22%, DOM 61, down 24%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Dec 18 vs 17: Sales up 4%, med price up 13%, DOM 74, down 33%.

Jan 19 vs 18: Sales down 44%, med price up 20%, DOM 134, up 100%.
East Dallas (incl M’s and Lakewood):

Dec 18 vs 17: Sales down 24%, med price up 6%, DOM 55, up 34%.

Jan 19 vs 18:: Sales up 1%, med price down 12%, DOM 55, up 17%
North Dallas (South of LBJ):
Dec 18 vs 17: Sales down 30%, med price up 3%, DOM 91, down 8%.

Jan 19 vs 18: Sales down 7%, med price up 14%, DOM 92, up 12%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 18 vs 17: Sales up 33%, med price down 4%, DOM 57, down 2%.

Jan 19 vs 18: Sales unchanged, med price down 12%, DOM 55, up 28%.
Northwest Dallas:
Dec 18 vs 17: Sales down 29%, med price up 3%, DOM 60, up 22%.

Jan 19 vs 18: Sales down 26%, med price up 2%, DOM 61, down 8%.
Northeast Dallas (incl Lake Highlands):
Dec 18 vs 17: Sales down 15%, med price up 4%, DOM 39, down 3%.

Jan 19 vs 18: Sales down 35%, med price unchanged, DOM 60, up 2%.
Plano:
Dec 18 vs 17: Sales down 7%, med price up 1%, DOM 53, up 26%.

Jan 19 vs 18:  Sales up 6%, med price up 1%, DOM 68, up 48%.
Frisco:
Dec 18 vs 17: Sales down 27%, med price down 5%, DOM 80, up 8%.

Jan 19 vs 18: Sales down 25%, med price unchanged, DOM 85, up 8%.
Richardson:

Dec 18 vs 17: Sales up 8%, med price down 2%, DOM 53, up 89%.

Jan 19 vs 18: Sales down 6%, med price up 6%, DOM 45, down 32%.
Southlake:

Dec 18 vs 17: Sales down 15%, med price up 12%, DOM 82, up 14%.

Jan 19 vs 18: Sales down 15%, med price up 27%, DOM 48, down 23%.
Coppell:

Dec 18 vs 17: Sales up 13%, med price down 9%, DOM 59, down 23%.

Jan 19 vs 18: Sales up 6%, med price up 20%, DOM 46, down 34%.
Allen:
Dec 18 vs 17: Sales down 19%, med price up 11%, DOM 77, up 15%.

Jan 19 vs 18: Sales down 21%, med price up 4%, DOM 61, up 74%.
Rockwall (incl Heath):

Dec 18 vs 17: Sales unchanged, med price down 4%, DOM 64, down 9%.

Jan 19 vs 18: Sales down 13%, med price up 2%, DOM 61, up 9%.
Cedar Hill:
Dec 18 vs 17: Sales down 16%, med price up 15%, DOM 35, unchanged.

Jan 19 vs 18: Sales up 23%, med price down 7%, DOM 34, down 23%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Dec 18 vs 17: Sales up 11%, med price unchanged, DOM 54, up 15%.

Jan 19 vs 18: Sales down 3%, med price up 6%, DOM 55, up 28%.
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 2019 vs 2018:
$200-299K (35.2% of sales): down 8%, 3.0 months inventory
$300-399K (16.2% of sales): down 6%, 5.3 months inventory
$400-499K (7.8% of sales): down 1%, 6.9 months inventory
$500-599K (2.9% of sales): down 14%, 9.6 months inventory
$600-699K (1.7% of sales): down 18%, 10.4 months inventory
$700-799K (1.1% of sales): up 13%, 9.1 months inventory
$800-899K (0.5% of sales): down 21%, 13.9 months inventory
$900-999K (0.3% of sales): down 2%, 6.4 months inventory
$1MM and up (1.3% of sales): up 17%, 17.9 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2019 vs 2018.
$200-299K (26.5% of sales): 90 units vs 88 units year ago, 3.8 months inventory
$300-399K (15.0%nof sales): 51 units vs 54 units year ago, 10.3 months inventory
$400-499K (4.4% of sales): 15 units vs 23 units year ago, 12.5 months inventory
$500-599K (3.5% of sales): 12 units vs 17 units year ago, 9.3 months inventory
$600-699K (1.2% of sales): 4 units vs 6 units year ago, 19.0 months inventory
$700-799K (0.6% of sales): 2 units vs 6 units year ago, 15.5 months inventory
$800-899K (0.3% of sales): 1 unit vs 0 units year ago, 11.0 months inventory
$900-999K (0.3% of sales): 1 unit vs 0 units year ago, 11.0 months inventory
$1MM + (0.9% of sales): 3 units vs 10 units year ago, 28.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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