Reflecting back on 2015 and our final sales data…December was a stronger month than usual, with Dallas overall home sales up 21% and median prices up 9%. That helped boost our total sales for 2015 to over 96,000 homes sold, a record, and a 6% increase over the previous year. The median price of homes sold was up 10% in 2015.
Absorption of inventory continued at a fast pace, with overall Days on Market continuing to fall, ending the year at 45 days on average. Looking at the table below, the few markets where there was an increase in DOM included those with a higher level of new construction, Allen, Coppell and Southlake, where builders typically begin counting when the first shovel hits the ground. And the few markets with annual sales figures below those of 2014 likely “suffered” from fewer homes available to meet demand.
The new year, now a month old, anecdotally, seems to be carrying the trend forward. We’ll have the January numbers shortly. Those who work in the real estate research industry and represent several publications believe that the Dallas market will continue to perform well, maybe not at the pace of last year, as long as job formation continues. And while there might not be a lot of job formation in the oil and gas industry for a while, that is not so much a problem in Dallas’ diversified economy as it is in Houston and Midland.
We will know soon enough, as the redbuds and Bradford Pears will be blooming in 30-35 days, heralding the start of the Spring Selling Season!
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):
Dec 15 vs 14: Sales up 21%, med price up 9%, DOM 48, down 16%.
YTD 15 vs 14: Sales up 6%, med price up 10%, DOM 45, down 16%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Dec 15 vs 14: Sales down 3%, med price up 25%, DOM 36, down 22%.
YTD 15 vs 14: Sales up 4%, med price up 10%, DOM 39, down 30%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Dec 15 vs 14: Sales up 13%, med price up 43%, DOM 69, up 1%.
YTD 15 vs 14: Sales down 1%, med price up 6%, DOM 54, down 5%.
East Dallas (incl M’s and Lakewood):
Dec 15 vs 14: Sales up 5%, med price up 1%, DOM 37, down 16%.
YTD 15 vs 14: Sales up 5%, med price up 12%, DOM 33, down 15%.
North Dallas (South of LBJ):
Dec 15 vs 14: Sales up 33%, med price down 5%, DOM 53, down 18%.
YTD 15 vs 14: Sales down 2%, med price up 13%, DOM 56, down 21%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 15 vs 14: Sales down 26%, med price up 4%, DOM 39, down 25%
YTD 15 vs 14: Sales down 2%, med price up 5% DOM 39, down 11%.
Northwest Dallas:
Dec 15 vs 14: Sales down 16%, med price up 14%, DOM 35, down 30%.
YTD 15 vs 14: Sales up 4%, med price up 12%, DOM 33, down 20%.
Northeast Dallas (incl Lake Highlands):
Dec 15 vs 14: Sales up 26%, med price up 13%, DOM 49, up 4%.
YTD 15 vs 14: Sales up 3%, med price up 12%, DOM 36, down 3%.
Plano:
Dec 15 vs 14: Sales up 20%, med price up 14%, DOM 35, down 15%.
YTD 15 vs 14: Sales down 1%, med price up 10%, DOM 28, down 13%.
Frisco:
Dec 15 vs 14: Sales up 4%, med price down 2%, DOM 51, up 13%.
YTD 15 vs 14: Sales down 2%, med price up 8%, DOM 56, down 3%.
Richardson:
Dec 15 vs 14: Sales up 44%, med price up 9%, DOM 32, down 6%.
YTD 15 vs 14: Sales up 5%, med price up 17%, DOM 26, down 19%.
Southlake:
Dec 15 vs 14: Sales down 14%, med price up 24%, DOM 53, unchanged.
YTD 15 vs 14: Sales up 1%, med price up 7%, DOM 59, up 13%.
Coppell:
Dec 15 vs 14: Sales up 67%, med price up 2%, DOM 57, up 63%.
YTD 15 vs 14: Sales unchanged, med price up 6%, DOM 42, up 27%.
Allen:
Dec 15 vs 14: Sales up 8%, med price down 9%, DOM 36, down 35%.
YTD 15 vs 14: Sales down 3%, med price up 10%, DOM 39, up 5%.
Rockwall (incl Heath):
Dec 15 vs 14: Sales up 18%, med price up 22%, DOM 54, down 13%.
YTD 15 vs 14: Sales up 3%, med price up 11%, DOM 48, down 17%.
Cedar Hill:
Dec 15 vs 14: Sales up 26%, med price up 2%, DOM 37, down 39%.
YTD 15 vs 14: Sales up 16%, 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 (25.5% of sales): up 17%, 1.4 months inventory
$300-399K (12.8% of sales): up 27%, 2.3 months inventory
$400-499K (6.0% of sales): up 23%, 3.4 months inventory
$500-599K (2.9% of sales): up 30%, 4.1 months inventory
$600-699K (1.5% of sales): up 19%, 4.9 months inventory
$700-799K (0.9% of sales): up 23%, 5.9 months inventory
$800-899K (0.6% of sales): up 34%, 5.6 months inventory
$900-999K (0.4% of sales): up 4%, 7.8 months inventory
$1MM and up (2.3% of sales): up 13%, 8.8 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2015 vs 2014.
$200-299K (22.2% of sales): 1429 units vs 1244 units year ago, 1.4 months inventory
$300-399K (10.6% of sales): 680 units vs 552 units year ago, 3.0 months inventory
$400-499K (4.9% of sales): 314 units vs 243 units year ago, 4.2 months inventory
$500-599K (2.1% of sales): 133 units vs 97 units year ago, 4.0 months inventory
$600-699K (1.1% of sales): 69 units vs 47 units year ago, 4.9 months inventory
$700-799K (0.8% of sales): 49 units vs 35 units year ago, 5.6 months inventory
$800-899K (0.6% of sales): 36 units vs 30 units year ago, 4.3 months inventory
$900-999K (0.2% of sales): 13 units vs 14 units year ago, 14.8 months inventory
$1MM + (1.1% of sales): 69 units vs 60 units year ago, 11.8 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540