I will get to the market data in a moment, but first, I would encourage you to go to the voting booth on Nov 3rd (or vote early) and cast a “Yes” vote for Proposition 1, which does two important things: It raises your Homestead Exemption (lowers your property tax on your primary residence), and it constitutionally prevents the State of Texas from ever imposing a “sales tax”, in other states called a “transfer tax”, on the purchase and sale of real estate. It seems like a no-brainer to me, but it won’t pass if you don’t vote.
On the market, our Dallas home buyers are a resilient bunch, working hard in the face of dwindling inventory and rising prices to search and find a house fitting their needs, which in September, pushed sales up 16% over year ago. While we see double-digit percentage gains in all the price points over $200,000, it’s important to remember that 86% of the 74,000 home sales in the Dallas area so far this year occurred in the $300’s and lower. The 32% increase in September sales of homes in the $800’s, or example, represented an increase of just 140 homes vs year ago. Year-to-date, Dallas sales are up 6% and median prices of homes sold up 11%.
Looking ahead, as we do in the 4th quarter, the Urban Land Institute issued a report stating Dallas is the #1 real estate market to watch in 2016. To quote the report, “Survey respondents were positive regarding all property types in the DFW market and in both the investment and development potential…The outlook for the single-family market remains very strong..” Zillow also offered a favorable prediction for our market as well, anticipating that prices will rise another 6% over the next 12 months.
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):
Sep 15 vs 14: Sales up 16%, med price up 9%, DOM 40, down 30%.
YTD 15 vs 14: Sales up 6%, med price up 11%, DOM 44, down 14%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Sep 15 vs 14: Sales up 8%, med price up 3%, DOM 27, down 46%.
YTD 15 vs 14: Sales up 5%, med price up 10%, DOM 40, down 29%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Sep 15 vs 14: Sales down 19%, med price up 25%, DOM 61, up 5%.
YTD 15 vs 14: Sales down 4%, med price up 5%, DOM 54, down 2%.
East Dallas (incl M’s and Lakewood):
Sep 15 vs 14: Sales up 15%, med price down 6%, DOM 28, down 26%.
YTD 15 vs 14: Sales up 7%, med price up 12%, DOM 33, down 11%.
North Dallas (South of LBJ):
Sep 15 vs 14: Sales up 6%, med price up 25%, DOM 50, down 22%.
YTD 15 vs 14: Sales down 5%, med price up 17%, DOM 55, down 19%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Sep 15 vs 14: Sales down 3%, med price up 10%, DOM 41, up 2%
YTD 15 vs 14: Sales up 1%, med price up 9% DOM 33, unchanged.
Northwest Dallas:
Sep 15 vs 14: Sales up 2%, med price up 10%, DOM 31, down 23%.
YTD 15 vs 14: Sales down 2%, med price up 12%, DOM 33, down 18%.
Northeast Dallas (incl Lake Highlands):
Sep 15 vs 14: Sales up 12%, med price up 21%, DOM 38, unchanged.
YTD 15 vs 14: Sales up 1%, med price up 12%, DOM 34, down 3%.
Plano:
Sep 15 vs 14: Sales up 15%, med price up 9%, DOM 25, down 29%.
YTD 15 vs 14: Sales down 1%, med price up 10%, DOM 26, down 16%.
Frisco:
Sep 15 vs 14: Sales up 12%, med price up 5%, DOM 32, down 9%.
YTD 15 vs 14: Sales down 1%, med price up 10%, DOM 33, down 8%.
Richardson:
Sep 15 vs 14: Sales up 1%, med price up 19%, DOM 22, down 37%.
YTD 15 vs 14: Sales down 1%, med price up 16%, DOM 25, down 19%.
Southlake:
Sep 15 vs 14: Sales up 13%, med price up 2%, DOM 66, up 50%.
YTD 15 vs 14: Sales unchanged, med price up 2%, DOM 60, up 28%.
Coppell:
Sep 15 vs 14: Sales up 14%, med price up 8%, DOM 30, up 3%.
YTD 15 vs 14: Sales down 3%, med price up 6%, DOM 40, up 33%.
Allen:
Sep 15 vs 14: Sales up 6%, med price up 1%, DOM 36, down 14%.
YTD 15 vs 14: Sales down 1%, med price up 13%, DOM 38, up 19%.
Rockwall (incl Heath):
Sep 15 vs 14: Sales down 23%, med price up 8%, DOM 50, down 15%.
YTD 15 vs 14: Sales up 2%, med price up 11%, DOM 48, down 13%.
Cedar Hill:
Sep 15 vs 14: Sales up 21%, med price up 23%, DOM 35, down 53%.
YTD 15 vs 14: Sales up 14%, med price up 5%, DOM 47, down 20%.
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%, 1.7 months inventory
$300-399K (12.7% of sales): up 26%, 2.9 months inventory
$400-499K (6.1% of sales): up 26%, 3.9 months inventory
$500-599K (2.9% of sales): up 28%, 5.1 months inventory
$600-699K (1.6% of sales): up 21%, 5.3 months inventory
$700-799K (1.0% of sales): up 30%, 6.8 months inventory
$800-899K (0.6% of sales): up 32%, 7.4 months inventory
$900-999K (0.4% of sales): up 12%, 9.9 months inventory
$1MM and up (1.3% of sales): up 14%, 11.2 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): 1100 units vs 946 units year ago, 1.8 months inventory
$300-399K (10.9% of sales): 537 units vs 420 units year ago, 3.1 months inventory
$400-499K (5.0% of sales): 247 units vs 175 units year ago, 4.0 months inventory
$500-599K (2.0% of sales): 99 units vs 77 units year ago, 5.1 months inventory
$600-699K (1.1% of sales): 52 units vs 35 units year ago, 5.9 months inventory
$700-799K (0.7% of sales): 36 units vs 25 units year ago, 7.0 months inventory
$800-899K (0.4% of sales): 22 units vs 21 units year ago, 8.2 months inventory
$900-999K (0.2% of sales): 11 units vs 8 units year ago, 13.1 months inventory
$1MM + (1.2% of sales): 59 units vs 45 units year ago, 10.2 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540