The full year results are in, and home sales in the greater Dallas area set a new record, totalling 101,529 homes and topping 100,000 for the first time. The largest increases were in the $300,000 to $600,000 range, with gains ranging from 20% to 26% (see below). Home sales $900,000 and above rose 12% in 2016, a very healthy rate at these lofty price points. The largest gains by neighborhood that I track were in Cedar Hill and Lake Highlands, up 12%. Only two of the 16 neighborhoods listed below fell short of 2015 sales levels, North Dallas and Uptown/Oak Lawn, due principally to fewer homes available for purchase.
Prices are up as well–another 10% increase in median prices of homes sold, bringing to 40% the bump since 2012. The biggest increases in median sales prices were in Cedar Hill and North Oak Cliff, both up 14% last year.
DFW is the nations’ second fastest growing metro area. From 2000 to 2015, Dallas boosted population 34% and jobs by 23%. We lead the nation in home building and apartment building (50,000 apartments underway), but construction remains 40% below where it was prior to the 2008 recession. So, with an economy predicted to stay on its course for the first half of this year, this means more of the same–tight supply and higher home prices. An excellent piece on the “forecast” can be seen in the interview Robert Kaplan, head of the Dallas Fed, gave to Bloomberg News earlier this month. I encourage you to watch–go to https://www.bloomberg.com/news/videos/2017-01-06/kaplan-higher-fed-funds-rate-in-2017-is-appropriate.
Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Dec 16 vs 15: Sales up 3%, med price up 10%, DOM 47, down 2%.
YTD 16 vs 15: Sales up 6%, med price up 10%, DOM 42, down 6%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Dec 16 vs 15: Sales up 8%, med price up 7%, DOM 55, up 41%.
YTD 16 vs 15: Sales down 7%, med price up 5%, DOM 41, unchanged.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Dec 16 vs 15: Sales up 3%, med price up 5%, DOM 79, up 16%.
YTD 16 vs 15: Sales up 6%, med price up 8%, DOM 69, up 23%.
East Dallas (incl M’s and Lakewood):
Dec 16 vs 15: Sales down 13%, med price down 5%, DOM 46, up 24%.
YTD 16 vs 15: Sales up 6%, med price up 6%, DOM 35, up 6%.
North Dallas (South of LBJ):
Dec 16 vs 15: Sales down 21%, med price up 10%, DOM 79, up 44%.
YTD 16 vs 15: Sales down 3%, med price up 3%, DOM 60, up 5%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 16 vs 15: Sales up 29%, med price unchanged, DOM 51, up 31%.
YTD 16 vs 15: Sales up 8%, med price up 9%, DOM 36, up 6%.
Northwest Dallas:
Dec 16 vs 15: Sales down 11%, med price down 1%, DOM 46, up 35%.
YTD 16 vs 15: Sales up 15%, med price up 12%, DOM 36, up 9%.
Northeast Dallas (incl Lake Highlands):
Dec 16 vs 15: Sales down 19%, med price up 5%, DOM 46, down 6%.
YTD 16 vs 15: Sales up 12%, med price up 11%, DOM 39, up 8%.
Plano:
Dec 16 vs 15: Sales up 2%, med price up 13%, DOM 39, up 11%.
YTD 16 vs 15: Sales up 6%, med price up 7%, DOM 30, up 7%.
Frisco:
Dec 16 vs 15: Sales down 6%, med price up 9%, DOM 54, up 3%.
YTD 16 vs 15: Sales up 7%, med price up 9%, DOM 40, up 11%.
Richardson:
Dec 16 vs 15: Sales down 9%, med price up 14%, DOM 32, down 6%.
YTD 16 vs 15: Sales up 12%, med price up 12%, DOM 24, down 8%.
Southlake:
Dec 16 vs 15: Sales down 21%, med price up 18%, DOM 70, up 25%.
YTD 16 vs 15: Sales up 1%, med price up 4%, DOM 62, up 5%.
Coppell:
Dec 16 vs 15: Sales up 9%, med price up 10%, DOM 44, down 20%.
YTD 16 vs 15: Sales up 8%, med price up 12%, DOM 42, up 2%.
Allen:
Dec 16 vs 15: Sales up 6%, med price up 19%, DOM 44, up 13%.
YTD 16 vs 15: Sales up 6%, med price up 8%, DOM 33, down 15%.
Rockwall (incl Heath):
Dec 16 vs 15: Sales up 11%, med price up 3%, DOM 52, down 7%.
YTD 16 vs 15: Sales up 8%, med price up 8%, DOM 44, down 8%.
Cedar Hill:
Dec 16 vs 15: Sales up 4%, med price up 9%, DOM 38, unchanged.
YTD 16 vs 15: Sales up 12%, med price up 14%, DOM 39, down 13%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights)
Dec 16 vs 15: Sales down 8%, med price up 36%, DOM 44, up 22%.
YTD 16 vs 15: Sales up 11%, med price up 16%, DOM 39, down 3%.
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 2016 vs 2015:
$200-299K (28.2% of sales): up 17%, 1.4 months inventory
$300-399K (14.7% of sales): up 22%, 2.3 months inventory
$400-499K (7.1% of sales): up 26%, 3.4 months inventory
$500-599K (3.3% of sales): up 21%, 4.0 months inventory
$600-699K (1.7% of sales): up 20%, 4.9 months inventory
$700-799K (1.0% of sales): up 17%, 5.1 months inventory
$800-899K (0.7% of sales): up 7%, 5.6 months inventory
$900-999K (0.4% of sales): up 12%, 7.2 months inventory
$1MM and up (1.3% of sales): up 12%, 8.8 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2016 vs 2015.
$200-299K (24.4% of sales): 1572 units vs 1425 units year ago, 1.8 months inventory
$300-399K (12.9% of sales): 832 units vs 682 units year ago, 4.5 months inventory
$400-499K (6.1% of sales): 393 units vs 312 units year ago, 5.0 months inventory
$500-599K (2.6% of sales): 170 units vs 132 units year ago, 4.2 months inventory
$600-699K (1.4% of sales): 88 units vs 68 units year ago, 5.7 months inventory
$700-799K (0.7% of sales): 42 units vs 48 units year ago, 9.4 months inventory
$800-899K (0.4% of sales): 26 unit vs 36 units year ago, 8.3 months inventory
$900-999K (0.2% of sales): 10 units vs 13 units year ago, 19.2 months inventory
$1MM + (0.8% of sales): 53 units vs 68 units year ago, 17.9 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540