Dallas Home Sales Stats for June 2013

At the half way mark in 2013, the Dallas real estate market continued to show no signs of slowing, with sales and prices on a significant upswing.  Overall Dallas sales were up 12% in June and stand at +19% for the six months year-to-date.  Median sales prices were up 13% in June and 10% year to date.  In fact, Dallas was one of only two cities in the nation to see home prices exceed for the first time the pre-recession peak, up 1% over that previous peak.  Denver was the  other city.  According to the Case-Shiller index, this is the first time any city has made a new all-time high in the 13 years Case-Shiller has tracked housing prices.  Of course, Dallas didn’t have that far to go to get to a new high, as our prices never tumbled as far as almost any other city during the recession.

With the record prices, demand continues unabated.  There is ever-shrinking inventory, with less than two months of inventory city wide and in some markets (see below) less than 3 weeks of inventory.  I cannot remember when we had a seller’s market like this.  It was only a year ago when we could still take our time as buyers and visit 15-20 homes that met our purchase criteria, and do this leisurely over several weeks’ time.  Now, of course, homes sell within days of hitting the market.  While the solution would be to convince more homeowners it’s time to sell, these potential sellers are rightfully concerned about where they are going to buy.  We’ve seen a lot of sellers moving into apartments, as their homes were snapped up faster than they anticipated, and without a preferred home to buy.

Behind this high level of demand is the fastest job growth in the nation.  All Texas industries, except transportation, utilities and warehousing, show increased job creation.  Midland and Odessa had the highest growth rate, reflecting the boom in oil and gas production.  Over 2/3 of the total jobs created in Texas were in DFW, Houston, Austin and San Antonio.  Texas’ current population of 26 million is forecast to double by 2050.  Trying to get ahead of the housing demand is the goal, and while home building is now making great progress, we are still about 60% below where we were building at the peak.

We do know that these are good times for builders and most everyone in the housing industry.  And, we are grateful for this.  We also know that “this too shall pass”.  We will catch up and reach a balanced market of buyers and sellers…someday, probably sooner than later.   In the meantime, buyers will take advantage of the still very low interest rates and be ready to pounce on homes coming on the market, and sellers will be tempted to take advantage of the higher prices while preparing for the uncertainty of finding their new dream home quickly.

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):

Jun 13 vs 12:  Sales up 12%, med price up 13%, DOM 50, down 26%.

YTD vs 12:  Sales up 19%, med price up 10%,  DOM 61, down 22%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Jun 13 vs 12:  Sales up 28%, med price up 11%, DOM 62, down 25%.

YTD vs 12:  Sales up 43%, med price up 15%, DOM 69, down 33%.

Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:

Jun 13 vs 12:  Sales up 59%, med price down 7%, DOM 51, down 27%.

YTD vs 12:  Sales down 1%, med price up 4%,  DOM 59, down 21%.

East Dallas (incl M’s and Lakewood):

Jun 13 vs 12:  Sales up 25%, med price up 29%,  DOM 36, down 43%.

YTD vs 12: Sales up 20%, med price up 13%, DOM 50, down 38%.

North Dallas (South of LBJ):

Jun 13 vs 12:  Sales up 17%, med price up 35%, DOM 49, down 39%.

YTD vs 12: Sales up 36%, med price up 20%, DOM 57, down 41%.

Far North Dallas (incl Addison and to Park Blvd in Plano):

Jun 13 vs 12:  Sales up 30%, med price up 11%, DOM 42, up 26%.

YTD vs 12: Sales up 31%, med price up 13%, DOM 56, down 18%.

Northwest Dallas:

Jun 13 vs 12:  Sales up 3%, med price up 19%, DOM 68, up 19%.

YTD vs 12: Sales up 20%, med price up 14%, DOM 51, down 32%.

Northeast Dallas (incl Lake Highlands):

Jun 13 vs 12: Sales down 9%, med price up 6%,  DOM 33, down 38%.

YTD vs 12: Sales up 11%, med price up 5%, DOM 45, down 25%.

Plano:

Jun 13 vs 12: Sales up 4%, med price up 17%, DOM 39, down 17%.

YTD vs 12: Sales up 24%, med price up 9%, DOM 45, down 25%.

Frisco:

Jun 13 vs 12: Sales up 22%, med price up 6%, DOM 32, down 29%.

YTD vs 12: Sales up 25%, med price up 8%, DOM 45, down 29%.

Richardson:

Jun 13 vs 12: Sales up 34%, med price up 9%, DOM 31, down 42%.

YTD vs 12: Sales up 25%, med price up 7%, DOM 39, down 39%.

Southlake:

Jun 13 vs 12:  Sales up 19%, med price down 3%, DOM 41, down 44%.

YTD vs 12:  Sales up 31%, med price up 4%, DOM 60, down 18%.

Coppell

Jun 13 vs 12:  Sales up 15%, med price up 15%, DOM 26, down 37%.

YTD vs 12: Sales up 26%, med price up 14%, DOM 36, down 40%.

Allen:

Jun 13 vs 12:  Sales up 6%, med price up 21%, DOM 28, down 32%.

YTD vs 12: Sales up 14%, med price up 23%, DOM 40, down 35%.

Rockwall (incl Heath):

Jun 13 vs 12:  Sales up 38%, med price up 21%, DOM 53, down 36%.

YTD vs 12: Sales up 33%, med price up 8%, DOM 67, down 23%.

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 (20.1% of sales): up 32%, 3 months inventory

$300-399K (9.6% of sales):  up 48%, 4 months inventory

$400-499K (4.5% of sales):  up 54%, 5 months inventory

$500-599K (2.1% of sales):  up 51%, 6 months inventory

$600-699K (1.1% of sales):  up 29%, 8 months inventory

$700-799K (0.8% of sales):  up 62%, 7 months inventory

$800-899K (0.5% of sales):  up 60%, 8 months inventory

$900-999K (0.3% of sales):  up 20%, 11 months inventory

$1MM and up (1.1% of sales): up 20%, 12 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2013 vs 2012.

$200-299K (19.5% of sales): 541 units vs 335 units year ago, 4 months inventory

$300-399K (7.6% of sales): 210 units vs 114 units year ago, 4 months inventory

$400-499K (3.6% of sales): 100 units vs 77 units year ago, 6 months inventory

$500-599K (2.0% of sales): 56 units vs 33 units year ago, 4 months inventory

$600-699K (0.5% of sales): 13 units vs 7 units year ago, 11 months inventory

$700-799K (0.8% of sales): 22 units vs 9 units year ago, 4 months inventory

$800-899K (0.4% of sales): 11 units vs 9 units year ago, 5 months inventory

$900-999K (0.1% of sales): 4 units vs 2 unit year ago, 18 months inventory

$1MM + (0.9% of sales): 26 units vs 10 units year ago, 11 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 )

The owner of this website has made a committment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.