The first quarter ended with overall home sales in Dallas up 4% over year ago, still running in positive territory but at a slower pace than in recent times. Inventory remains tight, and interest rates are edging upwards. In March, sales were up 4% compared to February’s 10%. Demand is still strong, with the average sales time down to 50 days, the sixth shortest selling window in the country (San Jose was fastest, with 41 days on market). Even though listings are 15% higher than a year ago, there are still too few acceptable choices for many buyers. Texas’ inventory is at a 28 year low. And this is in a market that leads the nation in new-home construction, at a pace that is strongest in a decade.
Median sales prices were up 8% in March and 6% year-to-date. This trend is sure to continue with the scarcity of property, particularly at lower price points. Several of the markets I track (below) recorded strong, double digit median price increases in March, led by Park Cities, Coppell and North Oak Cliff. In fact, Coppell and North Oak Cliff are on a steady buying spree so far this spring, reflecting opportunities in the mid-range price categories where most buyers operate.
But, hey, Dallas prices are still a bargain. Buyers with $1million to spend on a high-end home can get 237 sf in Hong Kong. In Monaco, that price would get you about 170 sf; New York 260 sf and LA 624 sf.
Here is a glimpse of the activity in the submarkets I regularly track. DOM stands for “Days on Market”…
Overall Market (North Texas):
Mar 18 vs 17: Sales up 4%, med price up 8%, DOM 50, up 6%.
YTD 18 vs 17: Sales up 4%, med price up 6%, DOM 52, up 7%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Mar 18 vs 17: Sales up 20%, med price up 8%, DOM 67, up 109%.
YTD 18 vs 17: Sales up 11%, med price up 7%, DOM 65, up 38%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Mar 18 vs 17: Sales down 26%, med price up 18%, DOM 61, down 9%.
YTD 18 vs 17: Sales down 28%, med price down 1%, DOM 69, down 5%.
East Dallas (incl M’s and Lakewood):
Mar 18 vs 17: Sales down 14%, med price up 6%, DOM 34, unchanged..
YTD 18 vs 17: Sales down 5%, med price up 3%, DOM 41, up 2%
North Dallas (South of LBJ):
Mar 18 vs 17: Sales down 9%, med price up 7%, DOM 79, up 34%.
YTD 18 vs 17: Sales down 9%, med price up 8%, DOM 91, up 38%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Mar 18 vs 17: Sales up 9%, med price up 5%, DOM 37, down 14%.
YTD 18 vs 17: Sales up 1%, med price up 9%, DOM 42, down 9%.
Northwest Dallas:
Mar 18 vs 17: Sales up 19%, med price 13%, DOM 38, down 28%.
YTD 18 vs 17: Sales down 9%, med price up 15%, DOM 48, up 14%.
Northeast Dallas (incl Lake Highlands):
Mar 18 vs 17: Sales down 23%, med price up 7%, DOM 40, up 29%.
YTD 18 vs 17: Sales down 20%, med price up 5%, DOM 49, up 48%.
Plano:
Mar 18 vs 17: Sales up 1%, med price up 3%, DOM 43, up 16%.
YTD 18 vs 17: Sales down 6%, med price unchanged, DOM 43, up 2%.
Frisco:
Mar 18 vs 17: Sales up 6%, med price up 3%, DOM 56, up 19%.
YTD 18 vs 17: Sales up 7%, med price up 2%, DOM 63, up 31%.
Richardson:
Mar 18 vs 17: Sales up 18%, med price up 4%, DOM 28, up 27%.
YTD 18 vs 17: Sales up 9%, med price up 5%, DOM 32, up 28%.
Southlake:
Mar 18 vs 17: Sales down 17%, med price up 9%, DOM 59, down 20%.
YTD 18 vs 17: Sales down 12%, med price up 15%, DOM 69, down 8%.
Coppell:
Mar 18 vs 17: Sales up 33%, med price up 18%, DOM 38, down 19%.
YTD 18 vs 17: Sales down 6%, med price up 7%, DOM 49, down 8%
Allen:
Mar 18 vs 17: Sales up 12%, med price down 1%, DOM 43, down 10%.
YTD 18 vs 17: Sales down 1%, med price up 3%, DOM 44, up 10%.
Rockwall (incl Heath):
Mar 18 vs 17: Sales up 7%, med price up 2%, DOM 53, down 5%.
YTD 18 vs 17: Sales unchanged, med price up 3%, DOM 56, up 4%.
Cedar Hill:
Mar 18 vs 17: Sales down 2%, med price up 16%, DOM 42, down 9%.
YTD 18 vs 17: Sales up 9%, med price up 17%, DOM 40, down 15%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Mar 18 vs 17: Sales up 32%, med price up 14%, DOM 43, up 2%.
YTD 18 vs 17: Sales up 28%, med price up 26%, DOM 42, down 7%.
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 (32.8% of sales): up 16%, 1.8 months inventory
$300-399K (17.7% of sales): up 16%, 3.0 months inventory
$400-499K (8.3% of sales): up 16%, 4.5 months inventory
$500-599K (3.7% of sales): up 9%, 6.0 months inventory
$600-699K (2.0% of sales): up 14%, 6.2 months inventory
$700-799K (1.1% of sales): up 10%, 7.7 months inventory
$800-899K (0.7% of sales): up 4%, 8.1 months inventory
$900-999K (0.3% of sales): down 3%, 10.8 months inventory
$1MM and up (1.5% of sales): down 5%, 12.9 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2018 vs 2017.
$200-299K (26.3% of sales): 381 units vs 323 units year ago, 2.0 months inventory
$300-399K (18.3% of sales): 265 units vs 237 units year ago, 3.9 months inventory
$400-499K (8.3% of sales): 120 units vs 93 units year ago, 5.1 months inventory
$500-599K (3.2% of sales): 46 units vs 35 units year ago, 8.0 months inventory
$600-699K (1.4% of sales): 20 units vs 20 units year ago, 8.4 months inventory
$700-799K (0.6% of sales): 9 units vs 6 units year ago, 10.7 months inventory
$800-899K (0.4% of sales): 6 units vs 3 units year ago, 10.0 months inventory
$900-999K (0.2% of sales): 3 units vs 5 units year ago, 16.0 months inventory
$1MM + (1.2% of sales): 18 units vs 14 units year ago, 14.0 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540