Dallas Home Sales Stats for November, 2019

With just a couple of weeks remaining in 2019, we will record another record year for home sales in the DFW area.  Through November, total area home sales are up 2% and median prices are up 3%, with Oak Cliff and Carrollton leading the pack, each up 11%.  Northwest Dallas (-5%), Uptown (-4%), and Plano (-4%), will end the year with sales a  bit lower than year ago.  Home sales priced in the $200’s and $300’s are carrying the load, up 9% and 10% respectively, but all price points at $200K and above are in positive territory.

And why not? The economy and job creation could hardly be better.  Inflation is just 1.8%, unemployment just 3.7%, interest rates also 3.7% and not going anywhere, the labor participation rate at a high of 63%, and consumer confidence at 96 on a 100 point scale–we should be selling more homes!  Full employment has historically been defined as an unemployment rate of 6%.

Never in our history have we had a full employment recession.  Robert Shiller, of the respected Case-Shiller report often quoted in the business press, says “a recession is likely–years from now”.  So we’ll not spend time worrying about that.  We are in a very solid economy, and with 5.56 million homes estimated to sell nationally in 2020, we will have the 4th best real estate market ever.

In Texas, 560,000 people moved here in 2018, or 1545 ever day.  Of this total, 86,000 arrived from California. Most of Texas’ newcomers are moving for jobs, and the employment base has grown by more than 300,000 jobs in the last year.  DFW is the top job growth market in the country, accounting for 140,000 of the 560,000 new arrivals.

The exceptional economic news for Texas and the Dallas area should continue to stimulate demand for housing.  The long term looks good.  Now is a great time to be a homeowner!

Here are the details:  DOM stands for “days on market”.

Overall Market (North Texas):

Nov 19 vs 18: Sales up 2%, median price up 4%, DOM 54 unchanged.

YTD 19 vs 18: Sales up 2%, median price up 3%, DOM 51 up 13%.

Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Nov 19 vs 18: Sales up 12%, median price down 5%, DOM 63,
up 13%.

YTD 19 vs 18: Sales down 4%, median price down 2%, DOM 65, up 20%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:

Nov 19 vs 18: Sales up 13%, median price down 11%, DOM 77, up 26%.

YTD 19 vs 18: Sales down 1%, median price up 4%, DOM 77, up 15%.
East Dallas (incl M’s and Lakewood):

Nov 19 vs 18: Sales down 3%, median price down 12%, DOM 56, up 14%.

YTD 19 vs 18: Sales up 1%, median price down 2%, DOM 48, up 26%.
North Dallas (South of LBJ):
Nov 19 vs 18: Sales down 13%, median price up 8%, DOM 70, down 33%.

YTD 19 vs 18: Sales down 1%, median price down 8%, DOM 70, down 10%.

Far North Dallas (incl Addison and to Park Blvd in Plano):
Nov 19 vs 18: Sales up 27%, median price up 2%, DOM 56, down 2%.

YTD 19 vs 18: Sales down 1%, median price unchanged, DOM 50, up 25%.
Northwest Dallas:
Nov 19 vs 18: Sales down 6%, median price up 5%, DOM 63, up 19%.

YTD 19 vs 18: Sales down 5%, median price up 2%, DOM 50, up 25%.
Northeast Dallas (incl Lake Highlands):
Nov 19 vs 18: Sales up 6%, median price up 7%, DOM 50, up 22%.

YTD 19 vs 18: Sales up 5%, median price up 1%, DOM 49, up 23%.
Plano:
Nov 19 vs 18: Sales up 2%, median price unchanged, DOM 55, down 7%.

YTD 19 vs 18:  Sales down 4%, median price down 1%, DOM 46, up 18%.
Frisco:

Nov 19 vs 18: Sales down 2%, median price up 1%, DOM 72, down 6%.

YTD 19 vs 18: Sales down 1%, median price up 2%, DOM 62, up 7%.
Richardson:

Nov 19 vs 18: Sales up 5%, median price down 3%, DOM 48, up 37%.

YTD 19 vs 18: Sales up 6%, median price up 3%, DOM 38, up 36%.
Southlake:

Nov 19 vs 18: Sales down 3%, median price up 7%, DOM 62, down 13%.

YTD 19 vs 18: Sales down 4%, median price up 1%, DOM 53, down 2%.
Coppell:

Nov 19 vs 18: Sales up 31%, median price up 5%, DOM 73, down 5%.

YTD 19 vs 18: Sales up 5%, median price down 1%, DOM 41, down 9%.
Allen:
Nov 19 vs 18: Sales down 51%, median price up 7%, DOM 57, down 10%.

YTD 19 vs 18: Sales up 9%,  median price up 4%, DOM 52, up 30%.
Rockwall (incl Heath):

Nov 19 vs 18: Sales down 1%, median price down 1%, DOM 65, unchanged.

YTD 19 vs 18: Sales up 4%, median up 1%, DOM 62, up 17%.
Cedar Hill:
Nov 19 vs 18: Sales down 17%, median price up 19%, DOM 64, up 68%.

YTD 19 vs 18: Sales unchanged, median price up 7%, DOM 38, up 31%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Nov 19 vs 18: Sales up 6%, median price up 10%, DOM 60, up 40%

YTD 19 vs 18: Sales up 11%, median price up 4%, DOM 49, up 17%.

Carrollton/Farmers Branch:

Nov 19 vs 18: Sales up 1%, median price up 3%, DOM 46, up 21%.

YTD 19 vs 18: Sales up 11%, median price up 4%, DOM 39, up 34%.

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 (35.6% of sales): up 9%, 2.1 months inventory
$300-399K (19.7% of sales): up 10%, 2.9 months inventory
$400-499K (9.2% of sales): up 6%, 3.6 months inventory
$500-599K (4.2% of sales): up 7%, 3.7 months inventory
$600-699K (2.2% of sales): up 5%, 4.6 months inventory
$700-799K (1.2% of sales): up 4%, 5.1 months inventory
$800-899K (0.8% of sales): up 3%, 5.8 months inventory
$900-999K (0.5% of sales): up 20%, 6.5 months inventory
$1MM and up (1.7% of sales): up 1%, 8.4 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2019 vs 2018.
$200-299K (28.3% of sales): 1628 units vs 1572 units year ago, 3.2 months inventory
$300-399K (19.3% of sales): 1110 units vs 1077 units year ago, 5.1 months inventory
$400-499K (7.2% of sales): 413 units vs 480 units year ago, 7.2 months inventory
$500-599K (3.4% of sales): 194 units vs 208 units year ago, 6.5 months inventory
$600-699K (1.5% of sales): 86 units vs 96 units year ago, 7.7 months inventory
$700-799K (0.4% of sales): 25 units vs 39 units year ago, 18.0 months inventory
$800-899K (0.3% of sales): 16 units vs 26 units year ago, 13.1 months inventory
$900-999K (0.3% of sales): 20 units vs 19 units year ago, 19.9 months inventory
$1MM + (1.0% of sales): 60 units vs 64 units year ago, 18.9 months inventory

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