Dallas Home Sales Stats for February, 2019

Dallas home sales in February inched ahead of last year’s total, up 1%.  While it doesn’t look significant, it broke our recent skid, -9% in December and -10% in January, and provided a measure of optimism for the Spring Market, where we are headed now. These results  would have been more encouraging if supported by a wide distribution of good news across several price points.  Instead, almost all of the heavy lifting came from the luxury side of the market.  The $900’s and $1 Million plus price points saw 10% sales gains in February, while the $200’s to $800’s all registered declines in sales across the 22 county MLS region.

Median prices were flat area-wide. Price pressures persist, not only in Dallas but across the country.  We in the Dallas area have been watching the slow and steady slippage in prices since the market turn this time last year.  My hunch is we will continue to see slight gains in sales through the spring and into the summer, helped along by modest price reductions and new listings. Overall housing demand remains strong and builders are busy, but with the exception of the luxury market, many buyers are struggling with their financial issues of affordability and credit.

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):
Feb 19 vs 18: Sales up 1%, med price unchanged, DOM  60 up 13%.

YTD 19 vs 18: Sales down 5%, med price up 1%, DOM 60 up 12%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Feb 19 vs 18: Sales down 11%, med price up 11%, DOM 64,
up 28%.

YTD 19 vs 18: Sales down 20%, med price down 6%, DOM 64, unchanged.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Feb 19 vs 18: Sales up 7%, med price down 18%, DOM 81, unchanged..

YTD 19 vs 18: Sales down 20%, med price down 8%, DOM 94, up 24%.
East Dallas (incl M’s and Lakewood):

Feb 19 vs 18: Sales down 15%, med price up 2%, DOM 59, up 26%.

YTD 19 vs 18:: Sales down 9%, med price down 7%, DOM 57, up 21%
North Dallas (South of LBJ):
Feb 19 vs 18: Sales down 18%, med price up 42%, DOM 69, down 29%.

YTD 19 vs 18: Sales down 15%, med price up 28%, DOM 78, down 22%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Feb 19 vs 18: Sales down 32%, med price down 15%, DOM 52, up 4%.

YTD 19 vs 18: Sales down 21%, med price down 14%, DOM 53, up 67%.
Northwest Dallas:
Feb 19 vs 18: Sales down 7%, med price down 5%, DOM 61, up 22%.

YTD 19 vs 18: Sales down 15%, med price unchanged, DOM 60, up 5%.
Northeast Dallas (incl Lake Highlands):
Feb 19 vs 18: Sales down 25, med price up 1%, DOM 51, down 4%.

YTD 19 vs 18: Sales down 5%, med price unchanged, DOM 54, down 4%.
Plano:
Feb 19 vs 18: Sales down 10%, med price up 1%, DOM 56, up 33%.

YTD 19 vs 18:  Sales down 4%, med price up 2%, DOM 62, up 41%.
Frisco:
Feb 19 vs 18: Sales down 25%, med price up 16%, DOM 91, up 52%.

YTD 19 vs 18: Sales down 26%, med price up 7%, DOM 89, up 29%.
Richardson:

Feb 19 vs 18: Sales up 4%, med price up 7%, DOM 43, up 19%.

YTD 19 vs 18: Sales down 2%, med price up 8%, DOM 44, up 22%.
Southlake:

Feb 19 vs 18: Sales up 62%, med price down 13%, DOM 61, down 33%.

YTD 19 vs 18: Sales up 21%, med price up 7%, DOM 57, down 25%.
Coppell:

Feb 19 vs 18: Sales down 13%, med price down 4%, DOM 50, up 39%.

YTD 19 vs 18: Sales down 4%, med price up 2%, DOM 61, up 2%.
Allen:
Feb 19 vs 18: Sales up 16%, med price down 15%, DOM 75, up 44%.

YTD 19 vs 18: Sales down 4%, med price down 7%, DOM 71, up 58%.
Rockwall (incl Heath):

Feb 19 vs 18: Sales up 1%,  med price down 4%, DOM 70, up 15%.

YTD 19 vs 18: Sales down 5%, med down 1%, DOM 67, up 14%.
Cedar Hill:
Feb 19 vs 17: Sales down 17%, med price up 11%, DOM 44, up 22%.

YTD 19 vs 18: Sales down 1%, med price up 3%, DOM 41, up 5%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Feb 19 vs 18: Sales down 1%, med price down 3%, DOM 48, up 30%.

YTD 19 vs 18: Sales down 2%, med price up 3%, DOM 52, up 27%.
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 2019 vs 2018:
$200-299K (35.5% of sales): unchanged, 4.9 months inventory
$300-399K (16.9% of sales): down 5%, 4.5 months inventory
$400-499K (7.8% of sales): down 3%, 6.2 months inventory
$500-599K (3.4% of sales): down 2%, 7.7 months inventory
$600-699K (1.8% of sales): down 8%, 9.1 months inventory
$700-799K (1.0% of sales): down 4%, 9.3 months inventory
$800-899K (0.5% of sales): down 22%, 13.9 months inventory
$900-999K (0.4% of sales): up 10%, 13.5 months inventory
$1MM and up (1.4% of sales): up 10%, 16.4 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2019 vs 2018.
$200-299K (26.7% of sales): 195 units vs 211 units year ago, 3.9 months inventory
$300-399K (16.0% of sales): 117 units vs 139 units year ago, 9.1 months inventory
$400-499K (7.3 % of sales): 53 units vs 62 units year ago, 10.0 months inventory
$500-599K (3.3% of sales): 24 units vs 29 units year ago, 9.3 months inventory
$600-699K (1.2% of sales): 9 units vs 11 units year ago, 16.2 months inventory
$700-799K (0.5% of sales): 4 units vs 8 units year ago, 14.5 months inventory
$800-899K (0.4% of sales): 3 units vs 3 units year ago, 6.7 months inventory
$900-999K (0.3% of sales): 2 units vs 0 units year ago, 17.0 months inventory
$1MM + (1.1% of sales): 8 units vs 11 units year ago, 22.8 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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