Here we are at the last day of May, with the annual Spring Market in full swing. The data below addresses highlights from March and April, with May data due from the Texas A&M Real Estate Center in less than 10 days. The Spring Market was late developing this year, due to the cold and wet February, but when Mary Brinegar, the CEO of the renowned Dallas Arboretum, declares the start of the annual Dallas Blooms showcase, serious home shopping can begin!
And it DID begin. After a moribund winter (Dec down 9%, Jan down 10%), Feb managed a 1% gain in sales, as did March. Not great, but at least positive territory. Then came April, with a 5% increase in area sales. At the same time, the 3-month cumulative total of sales by price point above $200K turned positive in almost all price points, a pretty big swing. I can’t wait to see how May performed, but I have a very good feeling about it.
So does this mean we have turned the corner on the 9-month slump we had beginning last July? Maybe. There is a lot of optimism out there, and mortgage rates dropped below 4% this week. Economic reports are very positive for our area: Texas led the nation in job creation in April, with a record low unemployment rate (3.7%). DFW’s unemployment rate fell to 2.8% And we know that job growth is the #1 requirement for rising home sales. DFW is the nation’s top home building market. It’s not just home sales though. DFW leads the nation in apartment building, with more than 37,000 units underway. What else? Texas is the nation’s best state for business, per Chief Executive magazine. (FL was #2; the bottom five were CA, NY, IL, NJ, and CT).
There is more, but your time is limited. So jump down and check the stats and call me if something comes to mind!
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 a sample of submarkets. DOM stands for “Days on Market”…
Overall Market (North Texas):
Mar 19 vs 18: Sales up 1%, med price up 2%, DOM 58 up 16%.
Apr 19 vs 18: Sales up 5%, med price up 4%, DOM 51 up 16%.
YTD 19 vs 18: Sales down 1%, med price up 2%, DOM 56 up 14%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 19 vs 18: Sales down 24%, med price up 4%, DOM 69,
up 6%.
Apr 19, vs 18: Sales down10%, med price down 14%, DOM 58, down 3%.
YTD 19 vs 18: Sales down 19%, med price down 10%, DOM 63, unchanged.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 19 vs 18: Sales down 6%, med price down 3%, DOM 60, unchanged..
Apr 19 vs 18: Sales up 21%, med price up 20%, DOM 60, up 43%.
YTD 19 vs 18: Sales down 4%, med price up 10%, DOM 70, up 17%.
East Dallas (incl M’s and Lakewood):
Mar 19 vs 18: Sales up 4%, med price down 11%, DOM 43, up 26%.
Apr 19 vs 18: Sales up 4%, med price unchanged, DOM 46, up 31%.
YTD 19 vs 18:: Sales down 2%, med price down 4%, DOM 49, up 23%.
North Dallas (South of LBJ):
Mar 19 vs 18: Sales down 2%, med price down 7%, DOM 56, down 32%.
Apr 19 vs 18: Sales up 22%, med price up 2%, DOM 77, up 3%.
YTD 19 vs 18: Sales down 1%, med price down 1%, DOM 70, down 20%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 19 vs 18: Sales down 33%, med price up 1%, DOM 50, up 35%.
Apr 19 vs 18: Sales up 12%k med price up 10%, DOM 43, down 7%.
YTD 19 vs 18: Sales down 16%, med price unchanged, DOM 48, up 9%.
Northwest Dallas:
Mar 19 vs 18: Sales down 8%, med price down 17%, DOM 38, unchanged.
Apr 19 vs 18: Sales up 10%, med price unchanged, DOM 53, up 96%.
YTD 19 vs 18: Sales down 8%, med price down 6%, DOM 51, up 21%.
Northeast Dallas (incl Lake Highlands):
Mar 19 vs 18: Sales up 46%, med price down 1%, DOM 42, up 5%.
Apr 19 vs 18; Sales up 17%, med price down 2%, DOM 38, up 52%.
YTD 19 vs 18: Sales up 14%, med price down 1%, DOM 47, up 15%.
Plano:
Mar 19 vs 18: Sales down 18%, med price down 1%, DOM 53, up 18%.
Apr 19 vs 18: Sales down 2%, med price unchanged, DOM 42, up 17%.
YTD 19 vs 18: Sales down 9%, med price down 2%, DOM 52, up 24%.
Frisco:
Mar 19 vs 18: Sales down 8%, med price up 2%, DOM 73, up 26%.
Apr 19 vs 18: Sales unchanged, med price up 8%, DOM 60, up 3%,
YTD 19 vs 18: Sales down 14%, med price up 6%, DOM 75, up 19%.
Richardson:
Mar 19 vs 18: Sales down 16%, med price up 14%, DOM 32, up 14%.
Apr 19 vs 18: Sales up 14%, med price up 4%, DOM 33, up 38%.
YTD 19 vs 18: Sales down 2%, med price up 8%, DOM 37, up 23%.
Southlake:
Mar 19 vs 18: Sales down 6%, med price down 3%, DOM 60, unchanged.
Apr 19 vs 18: Sales down 4%, med price up 1%, DOM 44, down 19%.
YTD 19 vs 18: Sales up 7%, med price up 1%, DOM 51, down 22%.
Coppell:
Mar 19 vs 18: Sales up 7%, med price down 13%, DOM 40, up 5%.
Apr 19 vs 18: Sales up 29%, med price up 1%, DOM 36, down 31%.
YTD 19 vs 18: Sales up 10%, med price minus 5%, DOM 45, down 12%.
Allen:
Mar 19 vs 18: Sales up 1%, med price down 5%, DOM 59, up 37%.
Apr 19 vs 18: Sales up 4%, med price up 11%, DOM 43, up 48%.
YTD 19 vs 18: Sales up 9%, med price up 4%, DOM 57, up 53%.
Rockwall (incl Heath):
Mar 19 vs 18: Sales down 4%, med price unchanged, DOM 73, up 43%.
Apr 19 vs 18: Sales up 2%, med price up 9%, DOM 79, up 76.
YTD 19 vs 18: Sales unchanged, med up 2%, DOM 73, up 40%.
Cedar Hill:
Mar 19 vs 17: Sales down 7%, med price up 18%, DOM 52, up 13%.
Apr 19 vs 18: Sales up 5%, med price up 2%, DOM 46, up 31.
YTD 19 vs 18: Sales down 2%, med price up 6%, DOM 44, up 10%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Mar 19 vs 18: Sales down 4%, med price unchanged, DOM 52, up 16%.
Apr 19 vs 18: Sales up 21%, med price up 4%, DOM 51, down 20%.
YTD 19 vs 18: Sales up 2%, med price up 3%, DOM 51, up 6%.
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 (35.3% of sales): up 6%, 2.1 months inventory
$300-399K (18.5% of sales): up 3%, 3.7 months inventory
$400-499K (8.5% of sales): up 1%, 5.3 months inventory
$500-599K (3.9% of sales): up 2%, 6.0 months inventory
$600-699K (2.0% of sales): up 6%, 7.0 months inventory
$700-799K (1.1% of sales): down 4%, 8.3 months inventory
$800-899K (0.7% of sales): down 9%, 9.7 months inventory
$900-999K (0.4% of sales): up 21%, 12.1 months inventory
$1MM and up (1.6% of sales): up 7%, 13.3 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2019 vs 2018.
$200-299K (27.4% of sales): 509 units vs 536 units year ago, 3.3 months inventory
$300-399K (18.2% of sales): 338 units vs 352 units year ago, 7.1 months inventory
$400-499K (7.2 % of sales): 133 units vs 177 units year ago, 7.8 months inventory
$500-599K (3.1% of sales): 58 units vs 66 units year ago, 10.0 months inventory
$600-699K (1.8% of sales): 34 units vs 31 units year ago, 8.4 months inventory
$700-799K (0.5% of sales): 10 units vs 11 units year ago, 13.6 months inventory
$800-899K (0.4% of sales): 7 units vs 10 units year ago, 8.0 months inventory
$900-999K (0.2% of sales): 3 units vs 5 units year ago, 28.0 months inventory
$1MM + (1.1% of sales): 21 units vs 25 units year ago, 20.6 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540