Now with 11 months behind us, the greater Dallas area has experienced another terrific year for home sales and price appreciation. We have double-digit percentage sales gains in almost all price points above $200,000, and all 15 areas I monitor are showing year-to-date price gains versus 2014. November alone showed higher median sales price gains in all 15 submarkets over last November.
Even with a year of double digit gains in sales and prices, analysts do not predict a housing bubble in Dallas. In a Zillow survey, over half the analysts polled said DFW has no significant risk of a bubble, noting North Texas home prices are up because of fundamentals-demand exceeding supply, not abnormal financing which did us in last time.
Fortunately, housing starts jumped 10.5% in November, and building permits rose 11%, nationwide. This would be the highest total since 2007, and it’s coming none too soon. Our “months’ inventory” figures continued to shrink in all price points above $200,000 for single family homes, ranging from only 1.5 months for homes in the $200’s and 10.5 months for the $1M plus homes. The same is true for condos and townhomes, with the exception of the $800’s – $900’s, which saw a small increase.
I hope you have a wonderful holiday season. I’ll have year-end numbers for you soon!
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):
Nov 15 vs 14: Sales up 8%, med price up 9%, DOM 45, down 20%.
YTD 15 vs 14: Sales up 5%, med price up 11%, DOM 45, down 16%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Nov 15 vs 14: Sales up 22%, med price up 17%, DOM 38, down 41%.
YTD 15 vs 14: Sales up 4%, med price up 9%, DOM 39, down 32%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Nov 15 vs 14: Sales up 27%, med price up 6%, DOM 64, down 15%.
YTD 15 vs 14: Sales down 1%, med price up 6%, DOM 54, down 5%.
East Dallas (incl M’s and Lakewood):
Nov 15 vs 14: Sales up 1%, med price up 24%, DOM 32, down 26%.
YTD 15 vs 14: Sales up 5%, med price up 12%, DOM 33, down 13%.
North Dallas (South of LBJ):
Nov 15 vs 14: Sales up 14%, med price up14%, DOM 58, down 18%.
YTD 15 vs 14: Sales down 5%, med price up 14%, DOM 57, down 21%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Nov 15 vs 14: Sales unchanged, med price up 4%, DOM 39, down 25%
YTD 15 vs 14: Sales down 2%, med price up 8% DOM 34, down 6%.
Northwest Dallas:
Nov 15 vs 14: Sales down 16%, med price up 38%, DOM 37, down 20%.
YTD 15 vs 14: Sales up 4%, med price up 12%, DOM 33, down 20%.
Northeast Dallas (incl Lake Highlands):
Nov 15 vs 14: Sales down 14%, med price up 14%, DOM 45, up 32%.
YTD 15 vs 14: Sales up 1%, med price up 12%, DOM 48, down 11%.
Plano:
Nov 15 vs 14: Sales down 6%, med price up 9%, DOM 35, unchanged.
YTD 15 vs 14: Sales down 2%, med price up 10%, DOM 27, down 16%.
Frisco:
Nov 15 vs 14: Sales down 8%, med price up 7%, DOM 47, up 21%.
YTD 15 vs 14: Sales down 2%, med price up 9%, DOM 34, down 11%.
Richardson:
Nov 15 vs 14: Sales up 44%, med price up 18%, DOM 30, down 19%.
YTD 15 vs 14: Sales up 3%, med price up 16%, DOM 25, down 22%.
Southlake:
Nov 15 vs 14: Sales up 22%, med price up 25%, DOM 73, down 35%.
YTD 15 vs 14: Sales up 3%, med price up 5%, DOM 59, up 13%.
Coppell:
Nov 15 vs 14: Sales up 17%, med price up 16%, DOM 36, up 16%.
YTD 15 vs 14: Sales down 4%, med price up 7%, DOM 40, up 21%.
Allen:
Nov 15 vs 14: Sales down 5%, med price up 4%, DOM 39, down 20%.
YTD 15 vs 14: Sales down 3%, med price up 13%, DOM 39, up 11%.
Rockwall (incl Heath):
Nov 15 vs 14: Sales up 13%, med price up 16%, DOM 53, down 32%.
YTD 15 vs 14: Sales up 2%, med price up 9%, DOM 48, down 17%.
Cedar Hill:
Nov 15 vs 14: Sales up 22%, med price up 21%, DOM 37, down 24%.
YTD 15 vs 14: Sales up 15%, med price up 7%, DOM 45, down 22%.
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 (25.4% of sales): up 17%, 1.5 months inventory
$300-399K (12.7% of sales): up 26%, 2.6 months inventory
$400-499K (6.0% of sales): up 24%, 3.8 months inventory
$500-599K (2.8% of sales): up 29%, 4.6 months inventory
$600-699K (1.5% of sales): up 19%, 5.4 months inventory
$700-799K (0.9% of sales): up 22%, 6.8 months inventory
$800-899K (0.6% of sales): up 37%, 6.4 months inventory
$900-999K (0.4% of sales): up 8%, 9.3 months inventory
$1MM and up (1.3% of sales): up 11%, 10.5 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2015 vs 2014.
$200-299K (22.4% of sales): 1319 units vs 1114 units year ago, 1.6 months inventory
$300-399K (10.4% of sales): 612 units vs 502 units year ago, 3.3 months inventory
$400-499K (4.9% of sales): 289 units vs 216 units year ago, 4.6 months inventory
$500-599K (2.1% of sales): 121 units vs 90 units year ago, 4.8 months inventory
$600-699K (1.1% of sales): 62 units vs 42 units year ago, 6.7 months inventory
$700-799K (0.2% of sales): 42 units vs 32 units year ago, 5.5 months inventory
$800-899K (0.2% of sales): 33 units vs 29 units year ago, 5.0 months inventory
$900-999K (0.0% of sales): 13 units vs 12 units year ago, 13.5 months inventory
$1MM + (1.1% of sales): 63 units vs 55 units year ago, 12.7 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540