Dallas Home Sales Stats for October, 2017

The October Surprise this year was the double-digit increase in Dallas area home sales vs year ago.  The rate of growth in home sales had been drifting down since March and seemed mired in single digit growth. September sales were just 3% higher than last September.  Our median sales price in October was up 7%, and now up 9% for the year to date.  While our home prices continue to increase, Dallas is no longer at the top of the list for highest price gains–there are six metro areas ahead of us.  Runaway price increases seem to be a thing of the past now, but moderate increases, as we are now experiencing, are healthy.

The complaint we hear, which is valid, is that salaries are not increasing as much, creating an affordability problem.  But we can see that the natural market forces are beginning to make adjustments, with the Days on Market creeping up in many submarkets, as buyer resistance is kicking in.  This is particularly noticeable in the luxury market, above $1.5M, where inventory is seen as slowing building.  In fact, listings are up about 11% over year ago.  However, inventory is still extremely tight in the affordable $200’s and $300’s.

Since 2000, DFW average home prices have increased 81%  In zipcode 75209, price have risen 115%  Zipcode 75225 is up 114%, 75214 up 113%, 75208 (111%), 75205 (108%), 75206 (108%), 75218 (106%).  More than likely, we will see continued appreciation as long as Dallas remains a destination for corporate relocations, new business start-ups and job seekers moving to the area.

 

Here is a look at home sales by submarket that I track. DOM is “Days on Market”.
Overall Market (North Texas):
Oct 17 vs 16: Sales up 13%, med price up 7%, DOM 46, up 10%.
YTD 17 vs 16: Sales up 4%, med price up 9%, DOM 42, unchanged.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):

Oct 17 vs 16: Sales up 12%, med price down 7%, DOM 41, up 2%
YTD 17 vs 16: Sales up 12%, med price up 9%, DOM 47, up 27%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Oct 17 vs 16: Sales down 3%, med price down 10%, DOM 58, down 25%.
YTD 17 vs 16: Sales down 2%, med price unchanged, DOM 69, up 5%.
East Dallas (incl M’s and Lakewood):
Oct 17 vs 16: Sales down 6%, med price down 8%, DOM 45, up 29%.
YTD 17 vs 16: Sales up 9%, med price up 6%, DOM 35, down 3%.
North Dallas (South of LBJ):
Oct 17 vs 16: Sales up 24%, med price down 21%, DOM 62, up 15%.
YTD 17 vs 16: Sales up 1%, med price up 6%, DOM 60, up 5%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Oct 17 vs 16: Sales up 22%, med price up 10%, DOM 34, unchanged.
YTD 17 vs 16: Sales up 7%, med price up 8%, DOM 37, up 9%.
Northwest Dallas:
Oct 17 vs 16: Sales down 6%, med price up 11%, DOM 39, down 29%.
YTD 17 vs 16: Sales up 14%, med price up 15%, DOM 37, up 6%.
Northeast Dallas (incl Lake Highlands):
Oct 17 vs 16: Sales up 5%, med price up 9%, DOM 53, up 33%.
YTD 17 vs 16: Sales up 5%, med price up 5%, DOM 34, down 8%.
Plano:
Oct 17 vs 16: Sales up 18%, med price up 5%, DOM 38, up 19%.
YTD 17 vs 16: Sales up 8%, med price up 10%, DOM 31, up 7%.
Frisco:
Oct 17 vs 16: Sales down 1%, med price up 6%, DOM 50, up 14%.
YTD 17 vs 16: Sales up 7%, med price up 4%, DOM 45, up 18%.
Richardson:

Oct 17 vs 16: Sales up 24%, med price up 13%, DOM 22, down 19%.
YTD 17 vs 16: Sales up 10%, med price up 11%, DOM 21, down 9%.
Southlake:

Oct 17 vs 16: Sales down 11%, med price up 3%, DOM 81, up 5%.
YTD 17 vs 16: Sales up 8%, med price up 7%, DOM 52, down 13%.
Coppell:

Oct 17 vs 16: Sales unchanged, med price up 18%, DOM 53, up 36%.
YTD 17 vs 16: Sales up 6%, med price up 4%, DOM 43, up 5%
Allen:
Oct 17 vs 16: Sales up 20%, med price down 5%, DOM 42, up 31%.
YTD 17 vs 16: Sales up 5%, med price up 5%, DOM 34, up 6%.
Rockwall (incl Heath):

Oct 17 vs 16: Sales up 21%, med price up 14%, DOM 55, up 31%.
YTD 17 vs 16: Sales up 7%, med price up 9%, DOM 46, up 7%.
Cedar Hill:
Oct 17 vs 16: Sales down 2%, med price up 15%, DOM 35, down 5%.
YTD 17 vs 16: Sales down 14%, med price up 16%, DOM 32, down 18%.
North Oak Cliff (incl Kessler Park, Stevens Park, Winnetka Heights):
Oct 17 vs 16: Sales up 2%, med price up 35%, DOM 34, down 23%.
YTD 17 vs 16: Sales up 4%, med price up 8%, DOM 41, up 5%.
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 (30.9% of sales): up 21%, 1.8 months inventory
$300-399K (17.2% of sales): up 23%, 2.8 months inventory
$400-499K (8.2% of sales): up 19%, 3.8 months inventory
$500-599K (3.9% of sales): up 24%, 4.4 months inventory
$600-699K (2.0% of sales): up 21%, 5.2 months inventory
$700-799K (1.2% of sales): up 21%, 5.7 months inventory
$800-899K (0.8% of sales): up 24%, 5.9 months inventory
$900-999K (0.4% of sales): up 21%, 8.0 months inventory
$1MM and up (1.5% of sales): up 23%, 9.9 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2017 vs 2016.
$200-299K (25.5% of sales): 1438 units vs 1299 units year ago, 3.1 months inventory
$300-399K (16.0% of sales): 901 units vs 704 units year ago, 4.0 months inventory
$400-499K (7.3% of sales): 414 units vs 321 units year ago, 4.8 months inventory
$500-599K (2.4% of sales): 138 units vs 145 units year ago, 6.5 months inventory
$600-699K (1.4% of sales): 78 units vs 73 units year ago, 7.4 months inventory
$700-799K (0.6% of sales): 36 units vs 34 units year ago, 10.3 months inventory
$800-899K (0.4% of sales): 24 units vs 23 units year ago, 11.7 months inventory
$900-999K (0.4% of sales): 20 units vs 7 units year ago, 6.0 months inventory
$1MM + (1.2% of sales): 65 units vs 47 units year ago, 14.5  months inventory
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

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