Home sales in Dallas in July were 14% ahead of year-ago levels, and the median price of homes sold up 9% over July 2014. Listings were down 6%, producing an ever-lower pool of homes for buyers to choose from. The average days on market was 38 days, down 14%, which makes sense in this age of higher home demand and fewer listings. Plano has the shortest average marketing period year-to-date, a measly 19 days on market, an amazingly low figure. Plano is the destination for the Toyota, FedEx and Liberty Mutual relocations, as we know, and the thousands of relocated employees are snapping up those homes even months before moving here. What these workers are not buying, investors are buying for remodel and flipping or for renting to these newcomers.
We continue to see nice gains, 20%-30%, in the jumbo mortgage price points, as lenders are finding more flexibility to make jumbo loans (>$417K) than conventional loans. The conventional loans are typically sold to Fannie Mae and are highly regulated, allowing lenders little leeway to customize them for their customers. At the jumbo level, lenders can lower credit qualifying limits, down payment levels and other requirements, to suit their investors who buy the loans.
Our market continues to have great momentum, and as long as we continue to create jobs, via relocation or organically, and keep interest rates low, which seems to be the direction now, we should continue seeing a robust housing industry here.
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):
Jul 15 vs 14: Sales up 14%, med price up 9%, DOM 38, down 14%.
YTD 15 vs 14: Sales up 5%, med price up 11%, DOM 46, down 11%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jul 15 vs 14: Sales up 7%, med price up 32%, DOM 40, down 20%.
YTD 15 vs 14: Sales up 4%, med price up 12%, DOM 44, down 25%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jul 15 vs 14: Sales up 10%, med price down 24%, DOM 49, down 4%.
YTD 15 vs 14: Sales down 1%, med price up 7%, DOM 51, down 4%.
East Dallas (incl M’s and Lakewood):
Jul 15 vs 14: Sales up 27%, med price up 17%, DOM 32, down 16%.
YTD 15 vs 14: Sales up 8%, med price up 17%, DOM 33, down 13%.
North Dallas (South of LBJ):
Jul 15 vs 14: Sales down 8%, med price up 4%, DOM 60, down 2%.
YTD 15 vs 14: Sales down 2%, med price up 19%, DOM 56, down 21%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jul 15 vs 14: Sales up 29%, med price up 13%, DOM 26, up 13%
YTD 15 vs 14: Sales up 7%, med price up 9% DOM 33, down 3%.
Northwest Dallas:
Jul 15 vs 14: Sales up 13%, med price up 20%, DOM 22, down 27%.
YTD 15 vs 14: Sales down 3%, med price up 11%, DOM 35, down 13%.
Northeast Dallas (incl Lake Highlands):
Jul 15 vs 14: Sales up 3%, med price up 10%, DOM 31, up 7%.
YTD 15 vs 14: Sales unchanged, med price up 11%, DOM 35, up 3%.
Plano:
Jul 15 vs 14: Sales up 9%, med price up 3%, DOM 19, down 30%.
YTD 15 vs 14: Sales down 2%, med price up 9%, DOM 27, down 13%.
Frisco:
Jul 15 vs 14: Sales up 2%, med price up 12%, DOM 26, down 4%.
YTD 15 vs 14: Sales down 2%, med price up 10%, DOM 33, down 13%.
Richardson:
Jul 15 vs 14: Sales down 14%, med price up 16%, DOM 21, down 13%.
YTD 15 vs 14: Sales unchanged, med price up 15%, DOM 26, down 16%.
Southlake:
Jul 15 vs 14: Sales up 3%, med price up 1%, DOM 40, down 5%.
YTD 15 vs 14: Sales unchanged, med price unchanged, DOM 56, up 19%.
Coppell:
Jul 15 vs 14: Sales up 13%, med price up 11%, DOM 35, up 17%.
YTD 15 vs 14: Sales down 5%, med price up 7%, DOM 42, up 40%.
Allen:
Jul 15 vs 14: Sales up 1%, med price up 17%, DOM 32, up 19%.
YTD 15 vs 14: Sales up 1%, med price up 16%, DOM 40, up 25%.
Rockwall (incl Heath):
Jul 15 vs 14: Sales up 22%, med price up 17%, DOM 43, down 4%.
YTD 15 vs 14: Sales up 7%, med price up 12%, DOM 49, down 13%.
Cedar Hill:
Jul 15 vs 14: Sales up 34%, med price down 2%, DOM 47, down 25%.
YTD 15 vs 14: Sales up 14%, med price up 2%, DOM 51, down 14%.
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 (25.0% of sales): up 17%, 2.2 months inventory
$300-399K (12.7% of sales): up 26%, 3.0 months inventory
$400-499K (6.2% of sales): up 29%, 5.2 months inventory
$500-599K (3.0% of sales): up 29%, 5.2 months inventory
$600-699K (1.6% of sales): up 23%, 5.6 months inventory
$700-799K (0.9% of sales): up 30%, 7.3 months inventory
$800-899K (0.7% of sales): up 36%, 7.8 months inventory
$900-999K (0.4% of sales): up 19%, 8.6 months inventory
$1MM and up (1.4% 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 (21.8% of sales): 820 units vs 743 units year ago, 2.1 months inventory
$300-399K (10.7% of sales): 401 units vs 316 units year ago, 2.7 months inventory
$400-499K (5.1% of sales): 193 units vs 148 units year ago, 4.0 months inventory
$500-599K (2.0% of sales): 74 units vs 57 units year ago, 4.8 months inventory
$600-699K (1.1% of sales): 41 units vs 27 units year ago, 6.0 months inventory
$700-799K (0.7% of sales): 27 units vs 19 units year ago, 5.7 months inventory
$800-899K (0.6% of sales): 21 units vs 20 units year ago, 4.7 months inventory
$900-999K (0.2% of sales): 9 units vs 5 units year ago, 10.1 months inventory
$1MM + (1.2% of sales): 44 units vs 33 units year ago, 11.1 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540