February saw another record sales month, following January’s new mark and last year’s record total, with 6900 pre-owned single family homes sold. The median price of homes sold in February was up 13% and for the first two months up 14%. Homes sales this year are 3% ahead of last year’s start. The issue of affordability is not making its case, as there seems to be no loss of appetite to buy in the face of continued rising prices. And this is probably due to the positive sentiment created by long term projections of continued job growth and in-migration.
So, the Spring Market is off to an early and fast start. I used to say this market kicked off with the blossoming of the tulip poplars, redbuds and Bradford pears. That no longer seems to be the starting line! We’ve been in it for a couple of months.
While it’s a little early to read too much into the individual sub-market performances, a few markets, Park Cities and nearby neighborhoods, Coppell and North Dallas, are off to a fast start, with sales up 44%, 33% and 21%, respectively, over the same two months last year. Perhaps it’s no coincidence then that biggest jump in sales (percentage) was in the $1M plus price point, with a 64% improvement over the first two months last year.
Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Feb 17 vs 16: Sales up 5%, med price up 13%, DOM 48, down 9%.
YTD 17 vs 16: Sales up 3%, med price up 14%, DOM 48, down 7%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Feb 17 vs 16: Sales down 33%, med price up 37%, DOM 58, up 41%.
YTD 17 vs 16: Sales down 20%, med price up 19%, DOM 53, up 23%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Feb 17 vs 16: Sales up 73%, med price up 7%, DOM 62, down 13%.
YTD 17 vs 16: Sales up 44%, med price up 23%, DOM 74, down 3%.
East Dallas (incl M’s and Lakewood):
Feb 17 vs 16: Sales down 10%, med price up 9%, DOM 38, down 7%.
YTD 17 vs 16: Sales down 6%, med price up 14%, DOM 44, up 2%.
North Dallas (South of LBJ):
Feb 17 vs 16: Sales up 66%, med price down 8%, DOM 66, down 3%.
YTD 17 vs 16: Sales up 21%, med price down 3%, DOM 67, up 16%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Feb 17 vs 16: Sales down 14%, med price up 5%, DOM 48, up 30%.
YTD 17 vs 16: Sales down 1%, med price up 2%, DOM 49, up 17%.
Northwest Dallas:
Feb 17 vs 16: Sales down 22%, med price up 5%, DOM 37, up 3%.
YTD 17 vs 16: Sales up 8%, med price up 9%, DOM 35, down 8%.
Northeast Dallas (incl Lake Highlands):
Feb 17 vs 16: Sales up 4%, med price up 12%, DOM 38, up 27%.
YTD 17 vs 16: Sales up 1%, med price up 16%, DOM 34, down 15%.
Plano:
Feb 17 vs 16: Sales up 21%, med price up 15%, DOM 43, up 13%.
YTD 17 vs 16: Sales up 2%, med price up 15%, DOM 46, up 12%.
Frisco:
Feb 17 vs 16: Sales up 10%, med price up 1%, DOM 52, up 6%.
YTD 17 vs 16: Sales down 1%, med price up 2%, DOM 50, up 2%.
Richardson:
Feb 17 vs 16: Sales down 3%, med price up 11%, DOM 27, down 29%.
YTD 17 vs 16: Sales down 2%, med price up 21%, DOM 29, down 12%.
Southlake:
Feb 17 vs 16: Sales down 8%, med price down 9%, DOM 59, down 21%.
YTD 17 vs 16: Sales down 5%, med price up 1%, DOM 79, down 13%.
Coppell:
Feb 17 vs 16: Sales up 57%, med price up 15%, DOM 49, down 25%.
YTD 17 vs 16: Sales up 33%, med price up 1%, DOM 50, down 26%.
Allen:
Feb 17 vs 16: Sales up 7%, med price up 8%, DOM 36, down 20%.
YTD 17 vs 16: Sales up 10%, med price up 12%, DOM 36, down 16%.
Rockwall (incl Heath):
Feb 17 vs 16: Sales up 16%, med price up 20%, DOM 52, down 7%.
YTD 17 vs 16: Sales up 9%, med price up 22%, DOM 53, down 9%.
Cedar Hill:
Feb 17 vs 16: Sales down 38%, med price up 16%, DOM 36, down 14%.
YTD 17 vs 16: Sales down 31%, med price up 14%, DOM 48, up 4%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Feb 17 vs 16: Sales up 11%, med price up 10%, DOM 41, down 15%.
YTD 17 vs 16: Sales up 5%, med price up 5%, DOM 46, up 10%.
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 (29.8% of sales): up 22%, 1.7 months inventory
$300-399K (15.4% of sales): up 25%, 3.1 months inventory
$400-499K (7.1% of sales): up 24%, 4.8 months inventory
$500-599K (3.3% of sales): up 25%, 6.1 months inventory
$600-699K (1.6% of sales): up 14%, 8.5 months inventory
$700-799K (0.9% of sales): up 26%, 8.7 months inventory
$800-899K (0.7% of sales): up 28%, 8.2 months inventory
$900-999K (0.3% of sales): down 7%, 12.9 months inventory
$1MM and up (1.4% of sales): up 64%, 13.6 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (23.4% of sales): 193 units vs 191 units year ago, 2.4 months inventory
$300-399K (15.8% of sales): 130 units vs 103 units year ago, 4.7 months inventory
$400-499K (6.2% of sales): 51 units vs 44 units year ago, 8.3 months inventory
$500-599K (2.2% of sales): 18 units vs 22 units year ago, 8.4 months inventory
$600-699K (1.2% of sales): 10 units vs 13 units year ago, 9.8 months inventory
$700-799K (0.5% of sales): 4 units vs 5 units year ago, 16.0 months inventory
$800-899K (0.2% of sales): 2 unit vs 1 unit year ago, 18.0 months inventory
$900-999K (0.2% of sales): 2 units vs 0 units year ago, 11.0 months inventory
$1MM + (1.2% of sales): 10 units vs 6 units year ago, 22.2 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540