As we near the end of September, we can take a look at the North Texas Real Estate Information Systems (NTREIS) and Real Estate Center (RECenter) market data for August. Dallas showed continued growth in August increasing 11% percent to 6,676 single family home sales, as compared to August 2014. The median price for DFW homes increased 10.8% year-over-year to $210,000, which is $5,000 higher than the 2015 average. We're continuing to see the number of days on market drop rapidly, dropping from 50 days on market this time last year to 38 days this August.
With 9,917 in total closed sales in August, the market is remained relatively consistent when compared to August 2014, showing an increase just below 2%. Pending sales however are showing a much larger picture of the inventory on the market with 8,350 pending sales a 7.6% increase over last August. This summer of sustained inventory improvement has continued to push Dallas to a pinnacle in their housing market.
Statistics released by the U.S. Census Bureau and the Department of Housing and Urban Development indicate that privately-owned housing stats rose 10.1% making this summer the highest level in the market since October 2007 . This means that many owners who have been holding in a rental pattern will be able to sell to a much denser prospective buyer pool. As the ideal Dallas fall weather settles in, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year.
According to Apartment Locating Network (ALN) data the month of August saw a total of 10,975 lease units added to the city. These units are renting at an average of $1,003 or $1.16 per sqft, a 6% increase year over last. Overall the number of units added is steady while the rental price has been increasing regularly since 2011. These peaking rental prices are encouraging more and more potential buyers in the Dallas market.
The DFW condominium market is stronger than ever. In August, NTREIS data shows 660 condos sold, the largest one month total to date. Sales range from small studios to luxury high rise units and a wide age range in buyer demographics. More than 50 luxury condos have been sold this year with an average sales price of about $2.3 million, about 10 times the average north Texas home.
With the rising popularity of Condos in Dallas, many first time buyers are taking a less traditional route to first time home buying and agents are reaping the benefits of the ever expanding potential buyers. In a tight housing market where space is limited Condos are an excellent solution to the problem of a stagnating resell market. This growth continued to benefit sellers in August, as agents were able to secure sales prices of 97.3% of original asking price, representing a 1% increase over 2014.
Dallas August 2015 Quick Stats:
- 6,676 – Single-family homes sold
- 3.1 - Months of inventory
- $210,000 – Median price for single-family homes
- 38 – Average D.O.M. (Days on Market)
- 1,897,932,367 - Total dollar volume of single-family properties sold
- 660– Condos sold in Dallas