The Spring Market in Dallas continued to pick up more momentum in March. Existing home sales in the greater Dallas area were up 22% over March 2012, and median sales prices were up 8%. Overall housing inventory is at a remarkable 3 1/2 months level, with somewhat longer time on the market for the higher price points. All major metro areas in the country are showing sales gains vs year ago. People are feeling a bit better about their personal financial situations, with record level stock indices and home prices up strongly. The third leg of the stool, the economy and jobs, is still shaky, with abnormally high unemployment and uncertainty, but those with jobs are eating up the opportunity to cash in on low interest rates and good values in housing.
What is even more amazing about the sales numbers is that they are likely underestimated. There are many sales occurring that are not recorded in MLS; i.e, they are private sales taking place prior to going “on the market” through word of mouth and Realtor networking. This we can expect to continue until we see a more balanced inventory situation, closer to the historic 6-months level.
Back to the point about those who have jobs buying homes…your federal government early in April noted that the housing boom is not benefiting all socio-economic levels equally, and, believe it or not, began pushing to make more home loans available to people with weaker credit, using taxpayer-backed programs including the FHA to insure home loans against default. Wait a minute…haven’t we just seen this movie? How short are memories in Washington, DC? We still haven’t worked off all the foreclosed homes from the 2008 debacle. Oh well, I digress…
Regarding other forms of housing, Dallas built 2315 apartments in the first quarter of the year. North Texas leads the nation in apartment building, with 22,837 units under construction. Most of the activity is in Uptown, Downtown, Oak Lawn, Las Colinas and Carrollton. I have lost track of the number of projects in Uptown now under construction or recently announced.
So, where are we headed? One thing is for sure–Dallas is growing rapidly, and new residents need housing, be it single family homes, condos, townhomes or apartments. The home purchase segment will continue to rock on as long as interest rates, which haven’t budged, remain in the euphoric zone of 3-3.5% for conventional mortgages. Dallas and the other major Texas cities will continue to benefit from the low tax, low-regulation, pro-business, pro-growth and pro-freedom style of state government that has created the strongest local economies in the nation.
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):
Mar 13 vs 12: Sales up 22%, med price up 8%, DOM 65, down 24%.
YTD vs 12: Sales up 19%, med price up 8%, DOM 70, down 22%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 13 vs 12: Sales up 57%, med price up 21%, DOM 67, down 40%.
YTD vs 12: Sales up 27%, med price up 37%, DOM 70, down 40%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 13 vs 12: Sales down 9%, med price up 20%, DOM 50, down 44%.
YTD vs 12: Sales down 23%, med price up 6%, DOM 61, down 34%.
East Dallas (incl M’s and Lakewood):
Mar 13 vs 12: Sales up 13%, med price up 12%, DOM 48, down 46%.
YTD vs 12: Sales up 19%, med price up 3%, DOM 64, down 33%.
North Dallas (South of LBJ):
Mar 13 vs 12: Sales up 19%, med price up 20%, DOM 53, down 45%.
YTD vs 12: Sales up 29%, med price up 22%, DOM 69, down 32%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 13 vs 12: Sales up 56%, med price up 12%, DOM 61, down 25%.
YTD vs 12: Sales up 24%, med price up 18%, DOM 70, down 20%.
Northwest Dallas:
Mar 13 vs 12: Sales up 19%, med price up 45%, DOM 53, down 36%.
YTD vs 12: Sales up 17%, med price up 15%, DOM 56, down 37%.
Northeast Dallas (incl Lake Highlands):
Mar 13 vs 12: Sales up 4%, med price down 2%, DOM 47, down 11%.
YTD vs 12: Sales up 7%, med price up 1, DOM 55, down 23%.
Plano:
Mar 13 vs 12: Sales up 45%, med price up 11%, DOM 48, down 32%.
YTD vs 12: Sales up 30%, med price up 7%, DOM 57, down 28%.
Frisco:
Mar 13 vs 12: Sales up 21%, med price up 10%, DOM 48, down 26%.
YTD vs 12: Sales up 18%, med price up 8%, DOM 54, down 30%.
Richardson:
Mar 13 vs 12: Sales up 37%, med price up 7%, DOM 40, down 43%.
YTD vs 12: Sales up 40%, med price up 4%, DOM 49, down 40%.
Southlake:
Mar 13 vs 12: Sales up 42%, med price up 12%, DOM 69, up 5%.
YTD vs 12: Sales up 30%, med price up 16%, DOM 78, down 5%.
Coppell
Mar 13 vs 12: Sales up 24%, med price up 19%, DOM 48, down 28%.
YTD vs 12: Sales up 22%, med price up 16%, DOM 54, down 31%.
Allen:
Mar 13 vs 12: Sales up 36%, med price up 25%, DOM 40, down 47%.
YTD vs 12: Sales up 15%, med price up 22%, DOM 51, down 39%.
Rockwall (incl Heath):
Mar 13 vs 12: Sales up 45%, med price up 3%, DOM 68, down 33%.
YTD vs 12: Sales up 35%, med price up 10%, DOM 74, down 25%.
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 (18.6% of sales): up 28%, 4 months inventory
$300-399K (8.5% of sales): up 43%, 5 months inventory
$400-499K (3.5% of sales): up 51%, 7 months inventory
$500-599K (1.8% of sales): up 40%, 8 months inventory
$600-699K (1.0% of sales): up 35%, 10 months inventory
$700-799K (0.5% of sales): up 33%, 14 months inventory
$800-899K (0.4% of sales): up 45%, 12 months inventory
$900-999K (0.3% of sales): up 29%, 13 months inventory
$1MM and up (0.9% of sales): up 16%, 18 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2013 vs 2012.
$200-299K (19.3% of sales): 218 units vs 143 units year ago, 5 months inventory
$300-399K (7.1% of sales): 80 units vs 35 units year ago, 6 months inventory
$400-499K (3.3% of sales): 37 units vs 28 units year ago, 8 months inventory
$500-599K (1.3% of sales): 15 units vs 14 units year ago, 10 months inventory
$600-699K (0.6% of sales): 7 units vs 1 unit year ago
$700-799K (0.4% of sales): 5 units vs 1 unit year ago
$800-899K (0.4% of sales): 5 units vs 1 unit year ago
$900-999K (0.1% of sales): 0 units vs 0 units year ago
$1MM + (0.7% of sales): 8 units vs 4 units year ago
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540