October home sales in the Dallas area were up 4% over year-ago, a slower pace than last month’s 15% surge and reflecting the typical “return to normalcy” we see in most autumn markets. In a typical year, sales begin tapering off after the summer, bottoming out in January every year (on December contracts). Median sales prices were still up a robust 9% in October and 11% for the year, reflecting the imbalance in supply and demand, which I talk about often in this blog.
Helping support the price increases are condo prices, which are accelerating at a faster rate than that of single family homes, a good sign for the condo market. In Dallas, condos represent only 5% of Dallas’ home supply (vs Miami at 60%, Chicago at 24%, Phoenix at 15%). The condo market is expected to grow here but not exceed 10% of the home supply.
State-wide, home sales are up almost 8% and are on track to set a record for Texas in 2015, surpassing the current record set in 2007. For buyers wishing to close before the end of the year, it is soon time to get under contract. Economists at the Texas A&M Real Estate Center commented recently, “If you want to buy a house, go ahead and buy it. Chances are it won’t get any cheaper anytime 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):
Oct 15 vs 14: Sales up 4%, med price up 9%, DOM 44, down 28%.
YTD 15 vs 14: Sales up 5%, med price up 11%, DOM 44, down 16%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Oct 15 vs 14: Sales up 1%, med price down 3%, DOM 33, down 43%.
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:
Oct 15 vs 14: Sales up 11%, med price up 7%, DOM 53, down 16%.
YTD 15 vs 14: Sales up 3%, med price up 4%, DOM 53, down 5%.
East Dallas (incl M’s and Lakewood):
Oct 15 vs 14: Sales up 2%, med price up 5%, DOM 33, down 20%.
YTD 15 vs 14: Sales up 6%, med price up 12%, DOM 33, down 13%.
North Dallas (South of LBJ):
Oct 15 vs 14: Sales down 9%, med price down 14%, DOM 71, down 31%.
YTD 15 vs 14: Sales down 5%, med price up 14%, DOM 56, down 22%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Oct 15 vs 14: Sales down 28%, med price up 4%, DOM 33, down 28%
YTD 15 vs 14: Sales down 2%, med price up 8% DOM 33, down 6%.
Northwest Dallas:
Oct 15 vs 14: Sales down 2%, med price down 5%, DOM 33, down 11%.
YTD 15 vs 14: Sales down 2%, med price up 10%, DOM 33, down 18%.
Northeast Dallas (incl Lake Highlands):
Oct 15 vs 14: Sales up 24%, med price up 3%, DOM 35, down 27%.
YTD 15 vs 14: Sales up 3%, med price up 11%, DOM 34, down 6%.
Plano:
Oct 15 vs 14: Sales up 2%, med price up 8%, DOM 30, down 14%.
YTD 15 vs 14: Sales down 1%, med price up 10%, DOM 27, down 13%.
Frisco:
Oct 15 vs 14: Sales unchanged, med price up 3%, DOM 36, down 25%.
YTD 15 vs 14: Sales down 2%, med price up 9%, DOM 33, down 11%.
Richardson:
Oct 15 vs 14: Sales up 29%, med price up 26%, DOM 27, down 31%.
YTD 15 vs 14: Sales up 1%, med price up 17%, DOM 25, down 22%.
Southlake:
Oct 15 vs 14: Sales up 42%, med price up 19%, DOM 48, down 33%.
YTD 15 vs 14: Sales up 2%, med price up 4%, DOM 59, up 23%.
Coppell:
Oct 15 vs 14: Sales down 12%, med price up 15%, DOM 38, down 33%.
YTD 15 vs 14: Sales down 5%, med price up 7%, DOM 40, up 21%.
Allen:
Oct 15 vs 14: Sales down 15%, med price unchanged, DOM 36, down 33%.
YTD 15 vs 14: Sales down 3%, med price up 13%, DOM 39, up 11%.
Rockwall (incl Heath):
Oct 15 vs 14: Sales up 4%, med price up 1%, DOM 37, down 46%.
YTD 15 vs 14: Sales up 2%, med price up 9%, DOM 47, down 18%.
Cedar Hill:
Oct 15 vs 14: Sales up 21%, med price up 28%, DOM 32, down 47%.
YTD 15 vs 14: Sales up 15%, med price up 6%, DOM 46, 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 18%, 1.8 months inventory
$300-399K (12.7% of sales): up 26%, 2.9 months inventory
$400-499K (6.1% of sales): up 24%, 3.9 months inventory
$500-599K (2.8% of sales): up 27%, 5.0 months inventory
$600-699K (1.6% of sales): up 20%, 5.6 months inventory
$700-799K (0.9% of sales): up 24%, 7.0 months inventory
$800-899K (0.7% of sales): up 34%, 6.9 months inventory
$900-999K (0.4% of sales): up 10%, 9.6 months inventory
$1MM and up (1.3% of sales): up 11%, 11.5 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): 1221 units vs 1028 units year ago, 1.7 months inventory
$300-399K (10.8% of sales): 586 units vs 472 units year ago, 3.3 months inventory
$400-499K (4.8% of sales): 262 units vs 206 units year ago, 4.5 months inventory
$500-599K (2.0% of sales): 111 units vs 86 units year ago, 4.8 months inventory
$600-699K (1.1% of sales): 58 units vs 35 units year ago, 6.4 months inventory
$700-799K (0.8% of sales): 41 units vs 29 units year ago, 6.1 months inventory
$800-899K (0.5% of sales): 27 units vs 27 units year ago, 8.1 months inventory
$900-999K (0.2% of sales): 13 units vs 10 units year ago, 11.5 months inventory
$1MM + (1.1% of sales): 61 units vs 51 units year ago, 11.8 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540