We are off to a good start! Home sales in January in Dallas were up 20% over year ago, a surprising result given that December sales were 21% higher than the year before. January is historically the slowest sales month of the year, and many of us anticipated the large December volume probably cannabalized January sales. Not so! A total of 5700 preowned single family homes sold, the highest total for a January. Nationwide, January home sales were up 11.5% vs year ago.
Sales were not evenly distributed by subarea, and caution is needed when interpreting percentage gains in a typically lower sales month like January. For example, sales were up 81% in the greater Park Cities area, but this represented 38 home sales versus 21 sales the previous January.
Median sales prices continued their upward trajectory, posting a 7% increase in January vs year ago. This was the 47th consecutive month of yearly gains.
The Spring Market is here, and we will likely continue to see growth in housing sector sales, thanks to mortgage interest rates at continued historical lows, lower energy costs and ever higher rental rates.
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):
Jan 16 vs 15: Sales up 20%, med price up 7%, DOM 53, down 12%.
YTD 16 vs 15: Sales up 20%, med price up 7%, DOM 53, down 12%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Jan 16 vs 15: Sales unchanged, med price up 24%, DOM 48, down 25%.
YTD 16 vs 15: Sales unchanged, med price up 24%, DOM 48, down 25%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Jan 16 vs 15: Sales up 81%, med price up 12%, DOM 80, up 19%.
YTD 16 vs 15: Sales up 81%, med price up 12%, DOM 80, up 19%.
East Dallas (incl M’s and Lakewood):
Jan 16 vs 15: Sales up 11%, med price down 11%, DOM 43, down 9%.
YTD 16 vs 15: Sales up 11%, med price down 11%, DOM 43, down 9%.
North Dallas (South of LBJ):
Jan 16 vs 15: Sales up 39%, med price up 18%, DOM 48, down 11%.
YTD 16 vs 15: Sales up 39%, med price up 18%, DOM 48, down 11%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Jan 16 vs 15: Sales down 9%, med price up 9%, DOM 49, unchanged.
YTD 16 vs 15: Sales down 9%, med price up 9% DOM 49, unchanged.
Northwest Dallas:
Jan 16 vs 15: Sales down 23%, med price down 6%, DOM 42, down 16%.
YTD 16 vs 15: Sales down 23%, med price down 6%, DOM 42, down 16%.
Northeast Dallas (incl Lake Highlands):
Jan 16 vs 15: Sales down 3%, med price up 5%, DOM 52, up 16%.
YTD 16 vs 15: Sales down 3%, med price up 5%, DOM 52, up 16%.
Plano:
Jan 16 vs 15: Sales up 19%, med price up 8%, DOM 41, down 9%.
YTD 16 vs 15: Sales up 19%, med price up 8%, DOM 41, down 9%.
Frisco:
Jan 16 vs 15: Sales up 34%, med price down 2%, DOM 48, up 14%.
YTD 16 vs 15: Sales up 34%, med price down 2%, DOM 48, up 14%.
Richardson:
Jan 16 vs 15: Sales down 16%, med price up 6%, DOM 26, down 30%.
YTD 16 vs 15: Sales down 16%%, med price up 6%, DOM 26, down 30%.
Southlake:
Jan 16 vs 15: Sales up 17%, med price up 1%, DOM 83, down 5%.
YTD 16 vs 15: Sales up 17%, med price up 1%, DOM 83, down 5%.
Coppell:
Jan 16 vs 15: Sales up 41%, med price up 28%, DOM 71, down 4%.
YTD 16 vs 15: Sales up 41%, med price up 28%, DOM 71, down 4%.
Allen:
Jan 16 vs 15: Sales up 16%, med price up 5%, DOM 41, down 21%.
YTD 16 vs 15: Sales up 16%, med price up 5%, DOM 41, down 2l%.
Rockwall (incl Heath):
Jan 16 vs 15: Sales up 44%, med price up 11%, DOM 62, up 5%.
YTD 16 vs 15: Sales up 44%, med price up 11%, DOM 62, up 5%.
Cedar Hill:
Jan 16 vs 15: Sales up 54%, med price up 8%, DOM 51, plus16%.
YTD 16 vs 15: Sales up 54%, med price up 8%, DOM 51, plus 16%.
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 2016 vs 2015:
$200-299K (24.3% of sales): up 34%, 2.4 months inventory
$300-399K (12.3% of sales): up 45%, 3.3 months inventory
$400-499K (5.6% of sales): up 21%, 5.5 months inventory
$500-599K (2.6% of sales): up 67%, 6.6 months inventory
$600-699K (1.3% of sales): up 40%, 8.8 months inventory
$700-799K (0.7% of sales): up 11%, 11.7 months inventory
$800-899K (0.6% of sales): up 22%, 9.6 months inventory
$900-999K (0.3% of sales): up 0%, 12.3 months inventory
$1MM and up (1.0% of sales): up 69%, 17.1 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2016 vs 2015.
$200-299K (22.0% of sales): 83 units vs 52 units year ago, 2.0 months inventory
$300-399K (11.4% of sales): 43 units vs 27 units year ago, 3.7 months inventory
$400-499K (4.5% of sales): 17 units vs 13 units year ago, 6.6 months inventory
$500-599K (2.9% of sales): 11 units vs 6 units year ago, 4.0 months inventory
$600-699K (2.1% of sales): 8 units vs 2 units year ago, 3.6 months inventory
$700-799K (0.3% of sales): 1 unit vs 2 units year ago, 20.0 months inventory
$800-899K (0.3% of sales): 1 unit vs 0 units year ago, 17.0 months inventory
$900-999K (0.0% of sales): 0 units vs 0 units year ago, n/a months inventory
$1MM + (0.8% of sales): 3 units vs 6 units year ago, 25.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540