Dallas Homes Sales Stats for April 2017

April continues the strong Spring Market trend in the greater Dallas area, with 9180 homes sold, a record for April.  Median sales prices also marched higher, up 12% from last year and up 13% year-to-date.  The Park Cities area (including neighborhoods outslde the Highland Park ISD) leads the pack with sales up 28% for the first four months of the year.  The median price in the greater Park Cities area, at $1,130,000, helps explain why sales of million dollar plus homes in the larger DFW area are up 40% this year.

Other markets doing well with double-digit sales increases this year include North Dallas (Preston Hollow), Far North Dallas and North Oak Cliff.  But the “hottest” market appears to be Richardson, with median sales prices up 17% and with homes lasting on average only 22 days on the market.  Sales in Richardson are even with last year’s pace, very likely an inventory condition, not a “demand” condition.

First-time home buyers are also contributing to this upward sales trend.  Nationally, they represent 42% of home sales this year, a big jump over 2016 and the highest share of home sales in years. High rents, new family formations, and the recognition that home ownership builds wealth is pushing these folks out of their apartments and parents’ homes.

Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Apr 17 vs 16: Sales up 5%, med price up 12%, DOM 39, down 5%.
YTD 17 vs 16: Sales up 3%, med price up 13%, DOM 45, down 5%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Apr 17 vs 16: Sales up 9%, med price up 13%, DOM 39, up 26%.
YTD 17 vs 16: Sales down 15%, med price up 17%, DOM 43, up 5%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Apr 17 vs 16: Sales down 16%, med price down 17%, DOM 56, up 22%.
YTD 17 vs 16: Sales up 28%, med price up 7%, DOM 68, up 11%.
East Dallas (incl M’s and Lakewood):
Apr 17 vs 16: Sales down 16%, med price up 16%, DOM 31, down 3%.
YTD 17 vs 16: Sales down 10%, med price up 8%, DOM 37, down 5%.
North Dallas (South of LBJ):
Apr 17 vs 16: Sales up 5%, med price up 12%, DOM 57%, up 73%.
YTD 17 vs 16: Sales up 10%, med price up 6%, DOM 62, up 19%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Apr 17 vs 16: Sales up 18%, med price up 2%, DOM 41, up 11%.
YTD 17 vs 16: Sales up 10%, med price up 3%, DOM 44, up 7%.
Northwest Dallas:
Apr 17 vs 16: Sales up 7%, med price up 10%, DOM 30, down 9%.
YTD 17 vs 16: Sales up 3%, med price up 11%, DOM 38, down 5%.
Northeast Dallas (incl Lake Highlands):
Apr 17 vs 16: Sales down 1%, med price up 2%, DOM 28, down 38%.
YTD 17 vs 16: Sales down 8%, med price up 10%, DOM 31, down 24%.
Plano:
Apr 17 vs 16: Sales up 12%, med price up 6%, DOM 27, unchanged.
YTD 17 vs 16: Sales up 9%, med price up 14%, DOM 37, up 9%.
Frisco:
Apr 17 vs 16: Sales up 11%, med price up 3%, DOM 36, unchanged.
YTD 17 vs 16: Sales up 1%, med price up 4%, DOM 45, unchanged.
Richardson:
Apr 17 vs 16: Sales up 8%, med price up 12%, DOM 18, down 18%.
YTD 17 vs 16: Sales unchanged, med price up 17%, DOM 22, down 19%.
Southlake:

Apr 17 vs 16: Sales down 10%, med price up 17%, DOM 55, up 72%.
YTD 17 vs 16: Sales up 2%, med price up 9%, DOM 68, up 17%.
Coppell:
Apr 17 vs 16: Sales up 11%, med price up 15%, DOM 53, up 36%.
YTD 17 vs 16: Sales up 7%, med price up 4%, DOM 52, up 4%.
Allen:
Apr 17 vs 16: Sales up 7%, med price up 10%, DOM 30, up 11%.
YTD 17 vs 16: Sales up 1%, med price up 10%, DOM 37, down 3%.
Rockwall (incl Heath):
Apr 17 vs 16: Sales unchanged, med price up 3%, DOM 37, down 12%.
YTD 17 vs 16: Sales up 7%, med price up 11%, DOM 48, down 8%.
Cedar Hill:
Apr 17 vs 16: Sales down 8%, med price up 18%, DOM 23, down 36%.
YTD 17 vs 16: Sales down 23%, med price up 15%, DOM 39, unchanged.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Apr 17 vs 16: Sales up 34%, med price down 3%, DOM 37, down 12%.
YTD 17 vs 16: Sales up 15%, med price up 1%, DOM 42, down 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 (29.7% of sales): up 16%, 1.7 months inventory
$300-399K (16.5% of sales): up 25%, 2.7 months inventory
$400-499K (7.6% of sales): up 19%, 4.4 months inventory
$500-599K (3.7% of sales): up 27%, 5.6 months inventory
$600-699K (1.9% of sales): up 18%, 6.7 months inventory
$700-799K (1.1% of sales): up 30%, 7.1 months inventory
$800-899K (0.7% of sales): up 34%, 7.2 months inventory
$900-999K (0.4% of sales): up 10%, 11.6 months inventory
$1MM and up (1.6% of sales): up 40%, 12.4 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (23.8% of sales): 478 units vs 454 units year ago, 1.4 months inventory
$300-399K (16.3% of sales): 327 units vs 250 units year ago, 3.4 months inventory
$400-499K (7.5% of sales): 150 units vs 109 units year ago, 5.0 months inventory
$500-599K (2.3% of sales): 46 units vs 50 units year ago, 6.3 months inventory
$600-699K (1.4% of sales): 29 units vs 28 units year ago, 8.6 months inventory
$700-799K (0.4% of sales): 8 units vs 11 units year ago, 13.5 months inventory
$800-899K (0.2% of sales): 4 units vs 7 units year ago, 24.0 months inventory
$900-999K (0.5% of sales): 11 units vs 11 units year ago, 4.4 months inventory
$1MM + (1.0% of sales): 21 units vs 12 units year ago, 20.4months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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