More than 8600 preowned single family homes were sold in November in the greater Dallas area, more than a year ago (+14%) and more than in October. So far in 2017, almost 98,000 sold homes indicates last year’s record of 101,500 may be broken. We’ll know by mid January. Prices are 9% higher year-to-date vs the 11 months of 2016. Almost 20,000 homes are listed for sale, about 8% more than last year at this time. Pending sales at the end of November were up 6%, a good indicator for a good December.
By price point, all sales of single family home categories over $200,000 are up double digits, with much improvement in the $900’s and $1MM + categories, up 23% and 22% respectively. For condos and townhomes, those priced in the $500’s to $800’s are selling at about the same rate as last year.
Economists at the National Assn of Realtors, Texas A&M Real Estate Center and the country’s largest real estate coaching business, Buffini & Company, all agree that 2018 will surpass 2017 for real estate sales nationwide. We stand to rank among the top three metros again in sales increases, while running in the top ten for price appreciation. There are lots of guesses as to how the new tax law may impact sales, but the lower income tax brackets may be enough to offset the non-deductible portion of the property tax for most Texans. With no state income tax, and somewhat lower home prices than other metros, we will fare much better than the “double-taxed” states. Those tax burdens may encourage more of those state’s corporations and residents to consider relocating here. We’ll see how it goes!
Stay tuned for year-end data coming your way in a couple of weeks!
Overall Market (North Texas):
Nov 17 vs 16: Sales up 14%, med price up 5%, DOM 48, up 7%.
YTD 17 vs 16: Sales up 4%, med price up 9%, DOM 42, unchanged.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Nov 17 vs 16: Sales up 23%, med price down 19%, DOM 50, up 25%
YTD 17 vs 16: Sales down 5%, med price up 11%, DOM 47, up 27%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Nov 17 vs 16: Sales up 42%, med price down 24%, DOM 78, down 12%.
YTD 17 vs 16: Sales up14%, med price down 2%, DOM 70, up 3%.
East Dallas (incl M’s and Lakewood):
Nov 17 vs 16: Sales down 2%, med price down 8%, DOM 30, down 30%.
YTD 17 vs 16: Sales down 5%, med price up 4%, DOM 35, unchanged.
North Dallas (South of LBJ):
Nov 17 vs 16: Sales up 13%, med price up 33%, DOM 79, unchanged.
YTD 17 vs 16: Sales up 11%, med price up 6%, DOM 61, up 3%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Nov 17 vs 16: Sales down 16%, med price unchanged, DOM 38, down 19%.
YTD 17 vs 16: Sales down 1%, med price up 6%, DOM 37, up 6%.
Northwest Dallas:
Nov 17 vs 16: Sales up 23%, med price up 1%, DOM 40, up 5%.
YTD 17 vs 16: Sales up 3%, med price up 14%, DOM 37, up 6%.
Northeast Dallas (incl Lake Highlands):
Nov 17 vs 16: Sales up 34%, med price down 6%, DOM 55, up 6%.
YTD 17 vs 16: Sales up 4%, med price up 4%, DOM 37, down 3%.
Plano:
Nov 17 vs 16: Sales up 10%, med price up 6%, DOM 44, up 33%.
YTD 17 vs 16: Sales up 3%, med price up 10%, DOM 32, up 10%.
Frisco:
Nov 17 vs 16: Sales down 1%, med price down 1%, DOM 53, up 10%.
YTD 17 vs 16: Sales up 2%, med price up 4%, DOM 45, up 15%.
Richardson:
Nov 17 vs 16: Sales down 4%, med price up 15%, DOM 26, down 7%.
YTD 17 vs 16: Sales down 3%, med price up 11%, DOM 21, down 13%.
Southlake:
Nov 17 vs 16: Sales down 26%, med price down 1%, DOM 63, up 21%.
YTD 17 vs 16: Sales up 5%, med price up 5%, DOM 53, down 15%.
Coppell:
Nov 17 vs 16: Sales down 23%, med price up 15%, DOM 60, up 6%.
YTD 17 vs 16: Sales down 1%, med price up 4%, DOM 43, up 2%
Allen:
Nov 17 vs 16: Sales up 8%, med price up 6%, DOM 52, up 21%.
YTD 17 vs 16: Sales down 6%, med price up 6%, DOM 35, up 9%.
Rockwall (incl Heath):
Nov 17 vs 16: Sales down 13%, med price up 11%, DOM 63, up 50%.
YTD 17 vs 16: Sales up 6%, med price up 9%, DOM 47, up 9%.
Cedar Hill:
Nov 17 vs 16: Sales up 11%, med price up 6%, DOM 40, down 17%.
YTD 17 vs 16: Sales down 13%, med price up 15%, DOM 32, down 18%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Nov 17 vs 16: Sales up 25%, med price down 2%, DOM 34, down 19%.
YTD 17 vs 16: Sales up 13%, med price up 6%, DOM 40, up 3%.
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 (31.0% of sales): up 15%, 1.5 months inventory
$300-399K (17.2% of sales): up 23%, 2.6 months inventory
$400-499K (8.1% of sales): up 19%, 3.4 months inventory
$500-599K (3.8% of sales): up 22%, 4.1 months inventory
$600-699K (2.0% of sales): up 21%, 4.8 months inventory
$700-799K (1.2% of sales): up 17%, 5.1 months inventory
$800-899K (0.7% of sales): up 19%, 5.3 months inventory
$900-999K (0.4% of sales): up 23%, 6.7 months inventory
$1MM and up (1.5% of sales): up 22%, 8.8 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (25.3% of sales): 1548 units vs 1419 units year ago, 1.9 months inventory
$300-399K (16.2% of sales): 990 units vs 762 units year ago, 3.8 months inventory
$400-499K (7.5% of sales): 462 units vs 409 units year ago, 4.5 months inventory
$500-599K (2.5% of sales): 152 units vs 158 units year ago, 6.0 months inventory
$600-699K (1.3% of sales): 82 units vs 80 units year ago, 7.8 months inventory
$700-799K (0.6% of sales): 37 units vs 35 units year ago, 8.6 months inventory
$800-899K (0.5% of sales): 28 units vs 25 units year ago, 8.6 months inventory
$900-999K (0.4% of sales): 22 units vs 9 units year ago, 6.0 months inventory
$1MM + (1.2% of sales): 71 units vs 51 units year ago, 13.3 months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540