Dallas Home Sales Stats for March 2017

The Dallas Spring Market is going strong.  For the first quarter this year, home sales were up 5% over year ago, and median sales prices were up an amazing 13%.  March sales alone were 12% higher than a year ago. Realtor.com has listed the Dallas area market as the nation’s third hottest housing market, with double-digit gains in all price points above $200,000, including a 70% increase in sales of $1M homes over the same period a year ago.

More pre-owned homes were sold in the first quarter of 2017 than in any other first quarter.  Builders have sold 7500 homes this first quarter, about a 15% gain.

Why is this?  It’s job creation.  Dallas continues to attract new businesses.  Office leasing is up, with 1.5 million square feet absorbed through March.  Warehouse and distribution center leasing is up 60%, with 6.5 million square feet absorbed, almost double that of last year.  Medical real estate is a big contributor, as Texas has the second largest construction activity, $15.8 billion.  In North Texas, there are 26 medical projects underway totaling $8 billion.

There is every reason to believe the remaining spring market will continue the pace. Mortgage interest rates defied the experts and slipped a little bit, all the better to keep the housing market moving forward.

Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Mar 17 vs 16: Sales up 12%, med price up 12%, DOM 47, down 2%.
YTD 17 vs 16: Sales up 5%, med price up 13%, DOM 48, down 6%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 17 vs 16: Sales down 18%, med price up 30%, DOM 32, down 33%.
YTD 17 vs 16: Sales down 20%, med price up 23%, DOM 61, up 33%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 17 vs 16: Sales up 85%, med price up 5%, DOM 68, up 10%.
YTD 17 vs 16: Sales up 57%, med price up 22%, DOM 71, up 1%.
East Dallas (incl M’s and Lakewood):
Mar 17 vs 16: Sales up 1%, med price up 5%, DOM 35, down 13%.
YTD 17 vs 16: Sales down 4%, med price up 12%, DOM 40, down 2%.
North Dallas (South of LBJ):
Mar 17 vs 16: Sales up 14%, med price up 7%, DOM 59, down 8%.
YTD 17 vs 16: Sales up 16%, med price up 3%, DOM 64, up 5%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 17 vs 16: Sales up 33%, med price unchanged, DOM 43, down 2%.
YTD 17 vs 16: Sales up 11%, med price up 1%, DOM 46, up 7%.
Northwest Dallas:
Mar 17 vs 16: Sales up 2%, med price up 20%, DOM 54, up 8%.
YTD 17 vs 16: Sales up 4%, med price up 8%, DOM 42, down 2%.
Northeast Dallas (incl Lake Highlands):
Mar 17 vs 16: Sales down 14%, med price up 11%, DOM 32, down 18%.
YTD 17 vs 16: Sales down 9%, med price up 12%, DOM 33, down 15%.
Plano:
Mar 17 vs 16: Sales up 35%, med price up 16%, DOM 37, up 19%.
YTD 17 vs 16: Sales up 11%, med price up 17%, DOM 42, up 14%.
Frisco:
Mar 17 vs 16: Sales up 5%, med price up 3%, DOM 46, down 2%.
YTD 17 vs 16: Sales unchanged, med price up 3%, DOM 48, unchanged.
Richardson:
Mar 17 vs 16: Sales up 2%, med price up 23%, DOM 19, down 24%.
YTD 17 vs 16: Sales down 1%, med price up 21%, DOM 24, down 17%.
Southlake:
Mar 17 vs 16: Sales up 46%, med price up 11%, DOM 69, up 15%.
YTD 17 vs 16: Sales up 14%, med price up 2%, DOM 73, down 4%.
Coppell:
Mar 17 vs 16: Sales down 19%, med price down 4%, DOM 43, up 5%.
YTD 17 vs 16: Sales up 7%, med price unchanged, DOM 52, down 5%.
Allen:
Mar 17 vs 16: Sales down 4%, med price up 13%, DOM 49, up 17%.
YTD 17 vs 16: Sales up 2%, med price up 8%, DOM 41, down 5%.
Rockwall (incl Heath):
Mar 17 vs 16: Sales up 24%, med price up 13%, DOM 55, up 2%.
YTD 17 vs 16: Sales up 13%, med price up 16%, DOM 53, down 7%.
Cedar Hill:
Mar 17 vs 16: Sales down 18%, med price up 16%, DOM 47, up 47%.
YTD 17 vs 16: Sales down 27%, med price up 13%, DOM 47, up 18%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Mar 17 vs 16: Sales up 22%, med price up 20%, DOM 44, down 6%.
YTD 17 vs 16: Sales up 8%, med price up 7%, DOM 45, up 2%.
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 (29.3% of sales): up 21%, 1.6 months inventory
$300-399K (15.9% of sales): up 25%, 2.8 months inventory
$400-499K (7.4% of sales): up 22%, 4.4 months inventory
$500-599K (3.5% of sales): up 28%, 5.7 months inventory
$600-699K (1.8% of sales): up 22%, 7.0 months inventory
$700-799K (1.1% of sales): up 33%, 7.4 months inventory
$800-899K (0.7% of sales): up 35%, 7.2 months inventory
$900-999K (0.4% of sales): up 10%, 11.2 months inventory
$1MM and up (1.7% of sales): up 70%, 11.7 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (22.8% of sales): 328 units vs 320 units year ago, 2.1 months inventory
$300-399K (17.0% of sales): 244 units vs 175 units year ago, 4.1 months inventory
$400-499K (6.5% of sales): 94 units vs 72 units year ago, 6.1 months inventory
$500-599K (2.5% of sales): 36 units vs 39 units year ago, 6.4 months inventory
$600-699K (1.4% of sales): 20 units vs 19 units year ago, 7.4 months inventory
$700-799K (0.4% of sales): 6 units vs 8 units year ago, 15.5 months inventory
$800-899K (0.1% of sales): 2 units vs 4 units year ago, 37.5 months inventory
$900-999K (0.3% of sales): 4 units vs 4 units year ago, 8.3 months inventory
$1MM + (1.0% of sales): 14 units vs 12 units year ago, 22.1 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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