Home sales in July continued their blistering pace, up 27% from year ago July and now up 21% for the year. The median sales price was 12% higher in July than a year ago, and, year-to-date, the median sales price is up 10%. These are big numbers for our Dallas market, as we typically see just a 4-5% annual increase in median sales price. July sales represent June contracts, and these contracts came together before the conforming mortgage interest rate moved from 3.5% to 4.5%. Still, 4.5% interest is still remarkably low, and we should still see nice gains in sales in August and into the fall, even as affordability slips a bit. For buyers, time is of the essence, as prices continue to rise even as the interest rate seems to have leveled out.
Looking at the individual price points I track in and around the Dallas area (below), some numbers really stand out. Median sales prices in the single family home market for homes priced $200,000 and above were up from 20% to a whopping 59%, with median prices of homes in the $400’s, $500’s and $700’s up in the 50%+ range. There is only a 2.8 month’s inventory of homes in the $200’s, amazingly low, and increasing steadily as the price points increase. Condo and townhome sales are up significantly in each price range from $200,000 on up, with the exception of the $800’s. The $800,000 condo/townhome category has recorded just one more unit sale this year than at the same time last year.
Looking at the sub-markets, the Uptown-Downtown-Oak Lawn area saw sales double (+99%) in July vs year ago. Sales there are up 50% year-to-date, the best percentage performance of the 14 markets I track. In Park Cities, which includes Highland Park, University Park, Greenway Parks, Devonshire and Bluffview (the MLS definition), sales were down 1% in July and are down 2% year-to-date. This is an inventory problem with demand resulting in the 25% gain in median sales price in July alone.
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):
Jul 13 vs 12: Sales up 27%, med price up 12%, DOM 49, down 27%.
YTD vs 12: Sales up 21%, med price up 10%, DOM 59, down 23%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 13 vs 12: Sales up 99%, med price up 11%, DOM 62, down 43%.
YTD vs 12: Sales up 50%, med price up 14%, DOM 68, down 35%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 13 vs 12: Sales down 1%, med price up 25%, DOM 46, down 55%.
YTD vs 12: Sales down 2%, med price up 8%, DOM 57, down 28%.
East Dallas (incl M’s and Lakewood):
Jul 13 vs 12: Sales up 49%, med price up 12%, DOM 35, down 43%.
YTD vs 12: Sales up 25%, med price up 15%, DOM 48, down 38%.
North Dallas (South of LBJ):
Jul 13 vs 12: Sales up 13%, med price up 9%, DOM 85, down 3%.
YTD vs 12: Sales up 31%, med price up 15%, DOM 61, down 36%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 13 vs 12: Sales up 33%, med price up 15%, DOM 35, down 34%.
YTD vs 12: Sales up 30%, med price up 15%, DOM 53, down 20%.
Northwest Dallas:
Jul 13 vs 12: Sales down 5%, med price up 17%, DOM 57, down 37%.
YTD vs 12: Sales up 15%, med price up 15%, DOM 51, down 35%.
Northeast Dallas (incl Lake Highlands):
Jul 13 vs 12: Sales up 31%, med price up 13%, DOM 39, down 15%.
YTD vs 12: Sales up 13%, med price up 8%, DOM 43, down 26%.
Plano:
Jul 13 vs 12: Sales up 13%, med price up 13%, DOM 30, down 43%.
YTD vs 12: Sales up 23%, med price up 9%, DOM 42, down 29%.
Frisco:
Jul 13 vs 12: Sales up 50%, med price up 8%, DOM 34, down 36%.
YTD vs 12: Sales up 30%, med price up 9%, DOM 43, down 30%.
Richardson:
Jul 13 vs 12: Sales up 30%, med price up 9%, DOM 28, down 33%.
YTD vs 12: Sales up 25%, med price up 6%, DOM 37, down 38%.
Southlake:
Jul 13 vs 12: Sales up 17%, med price up 6%, DOM 49, down 20%.
YTD vs 12: Sales up 29%, med price up 5%, DOM 58, down 17%.
Coppell
Jul 13 vs 12: Sales up 10%, med price up 9%, DOM 23, down 57%.
YTD vs 12: Sales up 22%, med price up 13%, DOM 34, down 42%.
Allen:
Jul 13 vs 12: Sales up 17%, med price up 13%, DOM 33, down 34%.
YTD vs 12: Sales up 15%, med price up 21%, DOM 39, down 35%.
Rockwall (incl Heath):
Jul 13 vs 12: Sales up 28%, med price up 8%, DOM 52, down 34%.
YTD vs 12: Sales up 32%, med price up 9%, DOM 65, down 24%.
Las Colinas and Kessler Park: Call Me!
Here is a look at Single Family home sales by price category for YTD 2013 vs 2012:
$200-299K (20.6% of sales): up 34%, 2.8 months inventory
$300-399K (9.8% of sales): up 48%, 3.7 months inventory
$400-499K (4.6% of sales): up 56%, 4.5 months inventory
$500-599K (2.2% of sales): up 50%, 5.4 months inventory
$600-699K (1.2% of sales): up 38%, 6.7 months inventory
$700-799K (0.8% of sales): up 59%, 7.4 months inventory
$800-899K (0.5% of sales): up 40%, 7.9 months inventory
$900-999K (0.3% of sales): up 21%, 11.0 months inventory
$1MM and up (1.1% of sales): up 20%, 12.1 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2013 vs 2012.
$200-299K (19.0% of sales): 637 units vs 405 units year ago, 3.4 months inventory
$300-399K (7.7% of sales): 257 units vs 139 units year ago, 4.2 months inventory
$400-499K (3.8% of sales): 126 units vs 86 units year ago, 7.1 months inventory
$500-599K (2.0% of sales): 66 units vs 39 units year ago, 4.3 months inventory
$600-699K (0.6% of sales): 21 units vs 8 units year ago, 8.3 months inventory
$700-799K (0.7% of sales): 23 units vs 12 units year ago, 3.7 months inventory
$800-899K (0.3% of sales): 11 units vs 10 units year ago, 7.0 months inventory
$900-999K (0.2% of sales): 7 units vs 2 unit year ago, 12.0 months inventory
$1MM + (0.8% of sales): 28 units vs 12 units year ago, 12.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540
(See my interview on Channel 8 news regarding the “frustrated buyer” at
http://www.wfaa.com/home/Homebuyers-realtors-report-increasingly-crowded-housing-market-211504151.html )