August was an unusually strong month for home sales in the Dallas market, up 12% versus year ago. We had been seeing a lower year-over-year sales trend from spring to July, where home sales in July dropped below a double-digit monthly increase vs the previous year. So, the rebound in August might mean we are not flattening out (yet) in total home sales.
The only reason we might see a flattening in sales is if our available inventory continues to drop. Demand is not going away, as indicated by the continuing upward movement in prices. Dallas has the second biggest housing need in the U.S., and a lot of the 25,700 jobs added in Texas in August were in DFW. The Dallas Federal Reserve says we’ll finish the year with 138,200 new jobs. Investment in new construction in DFW is up 7% with $10.7 billion underway (compared to the U.S. as a whole, which is down 7%).
Some interesting trivia…almost 21,500 homes were sold to foreign buyers last year, most from Latin America (36%), Asia (34%) and Europe (12%). Texas also has the largest volume of purchases from India than any other state, and Texas is now home to the second-largest foreign born population size in the nation.
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):
Aug 16 vs 15: Sales up 12%, med price up 10%, DOM 37, down 3%.
YTD 16 vs 15: Sales up 6%, med price up 10%, DOM 42, down 7%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Aug 16 vs 15: Sales down 12%, med price up 8%, DOM 35, up 35%.
YTD 16 vs 15: Sales down 7%, med price up 3%, DOM 36, down 8%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Aug 16 vs 15: Sales up 10%, med price up 14%, DOM 72, up 7%.
YTD 16 vs 15: Sales down 6%, med price up 13%, DOM 61, up 15%.
East Dallas (incl M’s and Lakewood):
Aug 16 vs 15: Sales up 22%, med price up 18%, DOM 33, up 14%.
YTD 16 vs 15: Sales up 3%, med price up 3%, DOM 35, up 6%.
North Dallas (South of LBJ):
Aug 16 vs 15: Sales down 30%, med price down 11%, DOM 68, up 39%.
YTD 16 vs 15: Sales down 3%, med price down 2%, DOM 56, up 2%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Aug 16 vs 15: Sales up 8%, med price unchanged, DOM 39, up 44%.
YTD 16 vs 15: Sales down 10%, med price up 10%, DOM 34, up 3%.
Northwest Dallas:
Aug 16 vs 15: Sales down 4%, med price up 3%, DOM 28, up 33%.
YTD 16 vs 15: Sales unchanged, med price up 12%, DOM 34, up 3%.
Northeast Dallas (incl Lake Highlands):
Aug 16 vs 15: Sales up 14%, med price up 10%, DOM 29, up 4%.
YTD 16 vs 15: Sales up 4%, med price up 11%, DOM 36, up 6%.
Plano:
Aug 16 vs 15: Sales up 12%, med price up 12%, DOM 21, down 13%.
YTD 16 vs 15: Sales unchanged, med price up 7%, DOM 28, up 8%.
Frisco:
Aug 16 vs 15: Sales down 14%, med price up 11%, DOM 34, up 26%.
YTD 16 vs 15: Sales down 2%, med price up 7%, DOM 37, up 12%.
Richardson:
Aug 16 vs 15: Sales up 28%, med price up 7%, DOM 25, up 39%.
YTD 16 vs 15: Sales down 1%, med price up 12%, DOM 23, down 8%.
Southlake:
Aug 16 vs 15: Sales down 5%, med price down 14%, DOM 46, down 37%.
YTD 16 vs 15: Sales down 9%, med price up 5%, DOM 59, unchanged.
Coppell:
Aug 16 vs 15: Sales up 13%, med price up 10%, DOM 31, down 6%.
YTD 16 vs 15: Sales up 11%, med price up 12%, DOM 41, unchanged.
Allen:
Aug 16 vs 15: Sales up 23%, med price up 5%, DOM 33, unchanged.
YTD 16 vs 15: Sales up 4%, med price up 5%, DOM 31, down 21%.
Rockwall (incl Heath):
Aug 16 vs 15: Sales up 7%, med price up 12%, DOM 35, down 13%.
YTD 16 vs 15: Sales up 3%, med price up 8%, DOM 43, down 10%.
Cedar Hill:
Aug 16 vs 15: Sales up 18%, med price up 17%, DOM 37, down 3%.
YTD 16 vs 15: Sales up 15%, med price up 16%, DOM 40, down 18%.
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 (27.9% of sales): up 16%, 1.3 months inventory
$300-399K (14.6% of sales): up 22%, 2.7 months inventory
$400-499K (7.2% of sales): up 24%, 4.0 months inventory
$500-599K (3.3% of sales): up 20%, 4.8 months inventory
$600-699K (1.7% of sales): up 12%, 6.2 months inventory
$700-799K (1.0% of sales): up 12%, 7.3 months inventory
$800-899K (0.6% of sales): up 4%, 7.8 months inventory
$900-999K (0.4% of sales): up 2%, 9.2 months inventory
$1MM and up (1.3% of sales): up 3%, 11.9 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2016 vs 2015.
$200-299K (23.9% of sales): 1035 units vs 976 units year ago, 2.4 months inventory
$300-399K (13.7% of sales): 564 units vs 470 units year ago, 4.0 months inventory
$400-499K (5.8% of sales): 253 units vs 214 units year ago, 5.8 months inventory
$500-599K (2.7% of sales): 118 units vs 88 units year ago, 5.0 months inventory
$600-699K (1.3% of sales): 58 units vs 44 units year ago, 6.9 months inventory
$700-799K (0.6% of sales): 24 units vs 29 units year ago, 12.0 months inventory
$800-899K (0.4% of sales): 18 unit vs 22 units year ago, 9.8 months inventory
$900-999K (0.2% of sales): 7 units vs 10 units year ago, 14.9 months inventory
$1MM + (0.8% of sales): 35 units vs 49 units year ago, 18.1 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540