Is everyone on vacation? Welcome to the middle of July, which has been gaining a reputation to rival that of January–not in climate but in sales performance. You might recall that July of 2018 marked the turn in the seven year Seller’s market. The double digit increases in annual median sales price and sales became a thing of the past. Prices continued to rise but at a 1-2% annual rate, system wide. July 2018 sales were very soft, to be polite about it. While this July’s business is still underway, many in the market say it feels a lot like last year. Buyers are on vacation, Realtors are on vacation and many corporate relocation activities are paused until September.
Looking at confirmed sales activity, note that June overall sales were down 5% following a strong showing in May (up 6%), April (up 5%) and March (up 1%). The Spring Market. June saw a wide disparity in sales among the submarkets in this report, with two markets, Cedar Hill and Oak Cliff, up double-digits and six markets, East Dallas, Uptown, Lake Highlands, Coppell, Rockwall and Southlake down double-digits. Through the first half of the year, four markets are tracking ahead of last year’s pace, Cedar Hill, Oak Cliff, Richardson and Allen. Leading the pack in terms of median sales price gains for the first half of the year is Park Cities, up 9%. Trailing is Uptown, down 6%.
Sales by price range for single family homes shows homes priced in the $700’s and $800’s experiencing softness for the first six months. Condo and townhome sales during this same period priced in the $600’s, $700’s and $800’s are trailing year ago totals.
Dallas and Texas economies remain very positive. With a new record low unemployment rate reported for the state this weekend, I’ll be looking for those new hires to start creating their real estate portfolio’s!
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 a sample of submarkets. DOM stands for “Days on Market”…
Overall Market (North Texas):
May 19 vs 18: Sales up 6%, med price up 3%, DOM 47 up 18%.
Jun 19 vs 18: Sales down 5%, med price up 2%, DOM 45 up 18%.
YTD 19 vs 18: Sales down 1%, med price up 2%, DOM 52 up 16%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
May 19 vs 18: Sales down 2%, med price down 6%, DOM 64,
up 49%.
Jun 19, vs 18: Sales down 28%, med price up 8%, DOM 44, down 2%.
YTD 19 vs 18: Sales down 18%, med price down 6%, DOM 60, up 9%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
May 19 vs 18: Sales unchanged, med price up 4%, DOM 58, down 18%.
Jun 19 vs 18: Sales up 8%, med price up 13%, DOM 71, up 11%.
YTD 19 vs 18: Sales down 2%, med price up 9%, DOM 67, up 6%.
East Dallas (incl M’s and Lakewood):
May 19 vs 18: Sales up 17%, med price up 1%, DOM 43, up 35%.
Jun 19 vs 18: Sales down 19%, med price down 1%, DOM 54, up 69%.
YTD 19 vs 18:: Sales down 2%, med price down 1%, DOM 48, up 30%.
North Dallas (South of LBJ):
May 19 vs 18: Sales unchanged, med price down 15%, DOM 61, down 5%.
Jun 19 vs 18: Sales down 4%, med price down 5%, DOM 65, up 16%.
YTD 19 vs 18: Sales down 4%, med price down 3%, DOM 67, down 12%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
May 19 vs 18: Sales up 5%, med price down 6%, DOM 42, up 62%.
Jun 19 vs 18: Sales down 1%, med price up 4%, DOM 43, up 30%.
YTD 19 vs 18: Sales down 10%, med price unchanged, DOM 46, up 21%.
Northwest Dallas:
May 19 vs 18: Sales up 3%, med price up 17%, DOM 53, up 66%.
Jun 19 vs 18: Sales up 2%, med price down 8%, DOM 38 up 3%.
YTD 19 vs 18: Sales down 6%, med price down 1%, DOM 49, up 26%.
Northeast Dallas (incl Lake Highlands):
May 19 vs 18: Sales unchanged, med price up 7%, DOM 56, up 107%.
Jun 19 vs 18; Sales down 10%, med price up 6%, DOM 31, down 14%.
YTD 19 vs 18: Sales down 5%, med price up 1%, DOM 46, up 24%.
Plano:
May 19 vs 18: Sales up 1%, med price unchanged, DOM 38, up 46%.
Jun 19 vs 18: Sales down 7%, med price down 4%, DOM 34, up 13%.
YTD 19 vs 18: Sales down 7%, med price down 1%, DOM 45, up 25%.
Frisco:
May 19 vs 18: Sales up 4%, med price up 3%, DOM 54, up 13%.
Jun 19 vs 18: Sales down 3%, med price up 5%, DOM 50, up 9%,
YTD 19 vs 18: Sales down 8%, med price up 5%, DOM 65, up 16%.
Richardson:
May 19 vs 18: Sales up 8%, med unchanged, DOM 35, up 75%.
Jun 19 vs 18: Sales up 6%, med price down 3%, DOM 36, up 50%.
YTD 19 vs 18: Sales up 1%, med price up 3%, DOM 36, up 50%.
Southlake:
May 19 vs 18: Sales down 8%, med price up 6%, DOM 65, 124%.
Jun 19 vs 18: Sales down 16%, med price up 3%, DOM 33, down 30%.
YTD 19 vs 18: Sales down 4%, med price up 4%, DOM 49, down 4%.
Coppell:
May 19 vs 18: Sales up 13%, med price down 9%, DOM 25, up 4%.
Jun 19 vs 18: Sales down 26%, med price up 5%, DOM 34, up 13%.
YTD 19 vs 18: Sales down 1%, med price down 5%, DOM 38, down 3%.
Allen:
May 19 vs 18: Sales up 26%, med price up 8%, DOM 50, up 61%.
Jun 19 vs 18: Sales up 9%, med price up 9%, DOM 49, up 81%.
YTD 19 vs 18: Sales up 11%, med price up 7%, DOM 54, up 50%.
Rockwall (incl Heath):
May 19 vs 18: Sales up 14%, med price up 5%, DOM 61, up 27%.
Jun 19 vs 18: Sales down 12%, med price down 2%, DOM 55, up 12.
YTD 19 vs 18: Sales unchanged, med up 2%, DOM 67, up 31%.
Cedar Hill:
May 19 vs 17: Sales up 16%, med price down 2%, DOM 32, up 45%.
Jun 19 vs 18: Sales up 10%, med price up 9%, DOM 24, unchanged.
YTD 19 vs 18: Sales up 4%, med price up 4%, DOM 37, up 12%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
May 19 vs 18: Sales up 22%, med price up 6%, DOM 53, up 26%.
Jun 19 vs 18: Sales up 10%, med price up 6%, DOM 44, up 16%.
YTD 19 vs 18: Sales up 6%, med price up 2%, DOM 50, up 11%.
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 (35.0% of sales): up 6%, 2.5 months inventory
$300-399K (19.4% of sales): up 5%, 3.6 months inventory
$400-499K (9.1% of sales): up 1%, 4.7 months inventory
$500-599K (4.2% of sales): unchanged, 5.3 months inventory
$600-699K (2.2% of sales): up 3%, 6.2 months inventory
$700-799K (1.2% of sales): down 4%, 7.0 months inventory
$800-899K (0.8% of sales): up 1%, 8.0 months inventory
$900-999K (0.5% of sales): up 28%, 8.8 months inventory
$1MM and up (1.7% of sales): up 1%, 11.1 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2019 vs 2018.
$200-299K (28.0% of sales): 848 units vs 867 units year ago, 3.3 months inventory
$300-399K (19.0% of sales): 576 units vs 626 units year ago, 6.2 months inventory
$400-499K (7.4% of sales): 224 units vs 287 units year ago, 7.2 months inventory
$500-599K (3.4% of sales): 104 units vs 126 units year ago, 8.8 months inventory
$600-699K (1.8% of sales): 55 units vs 46 units year ago, 7.7 months inventory
$700-799K (0.5% of sales): 14 units vs 20 units year ago, 15.4 months inventory
$800-899K (0.4% of sales): 11 units vs 14 units year ago, 7.1 months inventory
$900-999K (0.3% of sales): 9 units vs 12 units year ago, 13.3 months inventory
$1MM + (0.9% of sales): 28 units vs 44 units year ago, 23.8 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540