The year end numbers are in, and Dallas area average sales prices finished the year up 4.8% and median sales prices up 5.0%. While we had our second best sales year in history, with over 104,000 homes sold in the 22 county area, the total was down 1% from 2017, the previous high. Median sales prices were up in 14 of the 15 submarkets I track (below), with three markets, Cedar Hill, North Dallas, and Oak Cliff up double digits and one market, Coppell, down 1%.
December sales were off 9% compared to a year ago, following October and November’s patterns. The market began slowing in July, after digesting 5+ years of record growth. Interest rates edged up slightly to the 4.25%-4.50% range, briefly touching 5% in November/December. However, the Fed just announced a hiatus for further rate increases, removing rates as a concern for the time being.
Market fundamentals are still very sound, nationally and for our area. Job creation is still very positive and good corporate earnings reports are continuing to roll in. The Urban Land Institute’s Emerging Trends report names DFW as the #1 real estate investment market for 2019, citing the highly skilled workforce and robust business startup activity. We still lead the nation in home building, according to Metrostudy, and we still lead the nation in apartment construction, with 35,000 units in the pipeline.
As Will Rogers once said, “Don’t wait to buy a house; buy a house and wait”.
Here is a glimpse of the activity in the submarkets I regularly track. DOM stands for “Days on Market”…
Overall Market (North Texas):
Dec 18 vs 17: Sales down 9%, med price up 4%, DOM 57 up 8%.
YTD 18 vs 17: Sales down 1%, med price up 5%, DOM 46 up 7%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Dec 18 vs 17: Sales down 21%, med price down 6%, DOM 71
up 18%.
YTD 18 vs 17: Sales down 7%, med price unchanged, DOM 55, up 15%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Dec 18 vs 17: Sales up 4%, med price up 13%, DOM 74, down 33%.
YTD 18 vs 17: Sales down 7%, med price up 6%, DOM 68, down 7%.
East Dallas (incl M’s and Lakewood):
Dec 18 vs 17: Sales down 24%, med price up 6%, DOM 55, up 34%.
YTD 18 vs 17: Sales down 8%, med price up 7%, DOM 39, up 8%
North Dallas (South of LBJ):
Dec 18 vs 17: Sales down 30%, med price up 3%, DOM 91, down 8%.
YTD 18 vs 17: Sales down 13%, med price up 11%, DOM 79, up 22%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Dec 18 vs 17: Sales up 33%, med price down 4%, DOM 57, down 2%.
YTD 18 vs 17: Sales down 5%, med price up 3%, DOM 41, up 8%.
Northwest Dallas:
Dec 18 vs 17: Sales down 29%, med price up 3%, DOM 60, up 22%.
YTD 18 vs 17: Sales down 17%, med price up 2%, DOM 41, up 8%.
Northeast Dallas (incl Lake Highlands):
Dec 18 vs 17: Sales down 15%, med price up 4%, DOM 39, down 3%.
YTD 18 vs 17: Sales down 15%, med price up 5%, DOM 39, up 5%.
Plano:
Dec 18 vs 17: Sales down 7%, med price up 1%, DOM 53, up 26%.
YTD 18 vs 17: Sales down 7%, med price up 2%, DOM 40, up 21%.
Frisco:
Dec 18 vs 17: Sales down 27%, med price down 5%, DOM 80, up 8%.
YTD 18 vs 17: Sales down 11%, med price up 3%, DOM 59, up 23%.
Richardson:
Dec 18 vs 17: Sales up 8%, med price down 2%, DOM 53, up 89%.
YTD 18 vs 17: Sales down 1%, med price up 7%, DOM 30, up 36%.
Southlake:
Dec 18 vs 17: Sales down 15%, med price up 12%, DOM 82, up 14%.
YTD 18 vs 17: Sales down 5%, med price up 8%, DOM 56, up 4%.
Coppell:
Dec 18 vs 17: Sales up 13%, med price down 9%, DOM 59, down 23%.
YTD 18 vs 17: Sales down 1%, med price down 1%, DOM 45, down 4%
Allen:
Dec 18 vs 17: Sales down 19%, med price up 11%, DOM 77, up 15%.
YTD 18 vs 17: Sales down 12%, med price up 4%, DOM 43, up 13%.
Rockwall (incl Heath):
Dec 18 vs 17: Sales unchanged, med price down 4%, DOM 64, down 9%.
YTD 18 vs 17: Sales unchanged, med price up 2%, DOM 53, up 8%.
Cedar Hill:
Dec 18 vs 17: Sales down 16%, med price up 15%, DOM 35, unchanged.
YTD 18 vs 17: Sales down 6%, med price up 10%, DOM 30, down 9%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Dec 18 vs 17: Sales up 11%, med price unchanged, DOM 54, up 15%.
YTD 18 vs 17: Sales up 5%, med price up 11%, DOM 43, up 5%.
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 2018 vs 2017:
$200-299K (33.9% of sales): up 8%, 2.0 months inventory
$300-399K (18.5% of sales): up 6%, 2.8 months inventory
$400-499K (8.9% of sales): up 8%, 3.5 months inventory
$500-599K (4.0% of sales): up 4%, 4.0 months inventory
$600-699K (2.1% of sales): up 6%, 4.5 months inventory
$700-799K (1.2% of sales): up 2%, 4.6 months inventory
$800-899K (0.7% of sales): up 1%, 4.9 months inventory
$900-999K (0.4% of sales): down 2%, 6.4 months inventory
$1MM and up (1.7% of sales): up 6%, 7.6 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2018 vs 2017.
$200-299K (25.8% of sales): 1689 units vs 1673 units year ago, 2.4 months inventory
$300-399K (17.6% of sales): 1154 units vs 1068 units year ago, 4.9 months inventory
$400-499K (8.0% of sales): 520 units vs 515 units year ago, 5.4 months inventory
$500-599K (3.5% of sales): 229 units vs 172 units year ago, 5.3 months inventory
$600-699K (1.2% of sales): 78 units vs 88 units year ago, 9.8 months inventory
$700-799K (0.7% of sales): 43 units vs 39 units year ago, 8.1 months inventory
$800-899K (0.4% of sales): 29 units vs 29 units year ago, 5.4 months inventory
$900-999K (0.3% of sales): 22 units vs 24 units year ago, 4.9 months inventory
$1MM + (1.1% of sales): 72 units vs 85 units year ago, 10.8 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540