Dallas Home Sales Stats for June 2017

The streak continues: Home sales in June in the greater Dallas area were up 13% over year ago, with the median price of homes sold up 8% over year ago.  In June, 11,638 pre-owned homes were sold, the most ever in a single month. Corelogic, a research company in the news often, corroborates our MLS data, and further states that our area home price gains are second only to those of Denver, which were up 8.7% in June vs year ago. Year-to-date, home sales are up 5% over 2016, with median sales prices up 11%.

We usually see a little slackening in the summer, but it’s not evident this year.  Texas continues to lead the nation in job creation, and whether these new employees are new to the state or now able to come out of rentals, they want to buy homes. Steady mortgage rates are helping offset affordability issues with the steadily rising demand and associated higher prices. The 2017 National Housing Pulse Survey shows 84% view owning a home as a good financial decision, but 44% state the lack of affordable housing is an issue.

This job creation and growth in DFW is also impacting the hotel and office markets, with 170 hotel properties planned for the Dallas area through 2020, representing 22,875 rooms, per DFW Biznow. At midyear, DFW was second only to New York in total office leasing, suggesting business expansion will stay healthy.  Orange cones and lane closures look to be in our future for some time to come!

Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Jun 17 vs 16: Sales up 13%, med price up 8%, DOM 36, down 5%.
YTD 17 vs 16: Sales up 5%, med price up 11%, DOM 42, down 5%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jun 17 vs 16: Sales up 22%, med price up 13%, DOM 48, up 33%.
YTD 17 vs 16: Sales down 6%, med price up 16%, DOM 49, up 29%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jun 17 vs 16: Sales up 29%, med price up 2%, DOM 50, down 11%.
YTD 17 vs 16: Sales up 22%, med price down 3%, DOM 65, up 8%.
East Dallas (incl M’s and Lakewood):
Jun 17 vs 16: Sales up 23%, med price up 8%, DOM 32, down 3%.
YTD 17 vs 16: Sales down 3%, med price up 8%, DOM 35, down 3%.
North Dallas (South of LBJ):
Jun 17 vs 16: Sales up 56%, med price up 31%, DOM 50, down 7%.
YTD 17 vs 16: Sales up 21%, med price up 13%, DOM 58, up 14%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jun 17 vs 16: Sales up 13%, med price up 8%, DOM 29, unchanged.
YTD 17 vs 16: Sales up 4%, med price up 7%, DOM 40, up 14%.
Northwest Dallas:
Jun 17 vs 16: Sales up 9%, med price up 12%, DOM 35, up 6%.
YTD 17 vs 16: Sales up 5%, med price up 15%, DOM 36, up 3%.
Northeast Dallas (incl Lake Highlands):
Jun 17 vs 16: Sales up 20%, med price up 6%, DOM 31, unchanged.
YTD 17 vs 16: Sales down 5%, med price up 6%, DOM 30, down 21%.
Plano:
Jun 17 vs 16: Sales up 9%, med price up 2%, DOM 24, down 8%.
YTD 17 vs 16: Sales up 9%, med price up 10%, DOM 32, up 7%.
Frisco:
Jun 17 vs 16: Sales up 18%, med price up 5%, DOM 40, up 48%.
YTD 17 vs 16: Sales up 7%, med price up 4%, DOM 44, up 13%.
Richardson:

Jun 17 vs 16: Sales unchanged, med price down 6%, DOM 18, down 5%.
YTD 17 vs 16: Sales down 1%, med price up 10%, DOM 20, down 17%.
Southlake:

Jun 17 vs 16: Sales up 24%, med price down 4%, DOM 42, down 37%.
YTD 17 vs 16: Sales up 11%, med price up 5%, DOM 57, down 8%.
Coppell:
Jun 17 vs 16: Sales up 22%, med price down 4%, DOM 26, down 21%.
YTD 17 vs 16: Sales up 5%, med price up 1%, DOM 42, down 2%.
Allen:
Jun 17 vs 16: Sales down 12%, med price up 6%, DOM 25, up 14%.
YTD 17 vs 16: Sales down 7%, med price up 9%, DOM 32, unchanged.
Rockwall (incl Heath):

Jun 17 vs 16: Sales up 20%, med price up 9%, DOM 37, down 16%.
YTD 17 vs 16: Sales up 10%, med price up 9%, DOM 45, down 4%.
Cedar Hill:
Jun 17 vs 16: Sales up 5%, med price up 4%, DOM 34, up 42%.
YTD 17 vs 16: Sales down 15%, med price up 19%, DOM 36, down 10%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Jun 17 vs 16: Sales up 9%, med price unchanged, DOM 36, down 10%.
YTD 17 vs 16: Sales up 17%, med price down 2%, DOM 42, up 2%.
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 2017 vs 2016:
$200-299K (29.9% of sales): up 16%, 1.8 months inventory
$300-399K (17.2% of sales): up 26%, 2.9 months inventory
$400-499K (8.1% of sales): up 20%, 4.3 months inventory
$500-599K (4.0% of sales): up 27%, 5.1 months inventory
$600-699K (2.0% of sales): up 27%, 5.8 months inventory
$700-799K (1.3% of sales): up 36%, 5.8 months inventory
$800-899K (0.8% of sales): up 27%, 6.6 months inventory
$900-999K (0.4% of sales): up 11%, 10.2 months inventory
$1MM and up (1.7% of sales): up 37%, 10.2 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (25.1% of sales): 835 units vs 752 units year ago, 2.0 months inventory
$300-399K (16.1% of sales): 536 units vs 419 units year ago, 3.7 months inventory
$400-499K (7.8% of sales): 260 units vs 173 units year ago, 4.5 months inventory
$500-599K (2.3% of sales): 75 units vs 84 units year ago, 6.5 months inventory
$600-699K (1.5% of sales): 51 units vs 47 units year ago, 6.2 months inventory
$700-799K (0.7% of sales): 22 units vs 17 units year ago, 9.0 months inventory
$800-899K (0.4% of sales): 12 units vs 13 units year ago, 10.5 months inventory
$900-999K (0.5% of sales): 16 units vs 15 units year ago, 5.3 months inventory
$1MM + (1.3% of sales):43 units vs 28 units year ago, 13.5  months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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