July 2018 Dallas Real Estate Market

july 2018 dallas real estate market

The Dallas Texas Real Estate Market Report for July 2018

The newest data released by NTREIS (North Texas Real Estate Information Systems) for July 2018 indicates that the Dallas-Fort Worth real estate market might be slowing some.  The median sale's price has increased since July of 2017, but the increase of the median price could only be an indicator that living in DFW is getting more expensive.  Our official NTREIS MLS report for July 2018 sums up the statistics as the following:

"Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cooldown are present. Wages are up but not at the same pace as home prices, leading to the kind of affordability concerns that can cause fewer sales at lower prices. At the same time, demand is still outpacing what is available for sale in many markets.

"New Listings were up in the North Texas region 3.6 percent to 14,888. Pending Sales decreased 13.6 percent to 9,345. Inventory grew 5.7 percent to 30,988 units.

"Prices moved higher as Median Sales Price was up 5.9 percent to $264,625. Days on Market increased 5.7 percent to 37. Months Supply of Inventory was up 6.5 percent to 3.3 months., indicating that supply increased relative to demand.

"Consumer spending on home goods and renovations are up, and more people are entering the workforce. Employed people spending money is good for the housing market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest showing since 2014. Housing starts are down, but that is more reflective of low supply than anything else. With a growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble."

The Dallas Housing Market Stats (July 2017 vs. July 2018)

Key Metrics 07/17 07/18 +/-
New Listings 14,371 14,888 +3.6%
Pending Sales 10,813 9,345 -13.6%
Closed Sales 10,714 10,812 +0.9%
Days on Market 35  37  +5.7% 
Median Sales Price $249,900 $264,625 +5.9%
% of Original List Price Received 97.7% 97.0% -0.6%
Inventory of Homes 29,305 30,988 +5.7%
Months Supply of Homes 3.1 3.3 +6.5%

2018 Dallas Real Estate Market Stats Year to Date (versus 2017)

Key Metrics 2017 2018 +/-
New Listings 94,819 98,880 +4.3%
Pending Sales 71,403 70,900 -0.7%
Closed Sales 66,277 67,058 +1.2%
Days on Market 41 43 +4.9%
Median Sales Price $245,000 $259,000 +5.7%
% of Original List Price Received 97.5% 97.0% -0.5%

(Stats are courtesy of NORTH TEXAS REAL ESTATE INFORMATION SYSTEMS, INC.).

Breaking Down the July 2018 Market Statistics' Numbers

Let's take a look at the July 2018 Dallas Real Estate Market stats.  Good news for buyers continues - there are more new listings when comparing both July 2017 to July 2018, and when comparing year-to-date statistics of 2017 against 2018.  Year-to-date, the percentage of new listings versus 2017 has increased +4.3%.  However, the number of pending and closed sales have lagged well behind that 4.3% increase, which means inventory is increasing.  In comparing the inventory, the month's supply of homes in 2017 was 3.1 months versus 3.3 months in July of 2017.

While closed sales have increased, the percentage has failed to keep pace with the increase in new listings which means better deals for buyers, as evidenced by more days on market, lower % of original list price received and a greater inventory of homes.  

The only positive for sellers this month is that the median price continues to increase and that generally means it is simply getting more expensive to reside in the area which has a much greater impact on lower priced properties.

Takeaway: I tend to believe the NTREIS opinion of the market is correct and that we are headed toward a balanced market.  I don't see this as a temporary thing, but more of a continuing trend toward being balanced.


 

JULY 2018 - COLLIN COUNTY REAL ESTATE MARKET STATISTICS

Key Housing Statistic Changes for July 2017 vs. July 2018 in Collin County

+0.4%

-1.9%

+5.9%

Change in
New Listings
Change in
Closed Sales
Change in
Median Sales Price

What You Need to Know for Collin County:

Collin County continues more towards being an even market as the change in new listings outpaces the change in closed sales.  In fact, the number of closed sales have decreased 1.9% from July 2017 to July 2018.  Additional support for moving more toward a balanced market in Collin County?  How about these stats:

Year-to-date the new listings are at +7.9% while the closed sales are only at +2.6 percent.  That's an over 5% difference between the two, which isn't a good sign for sellers wanting top dollar. 

Another huge stat - the month's supply of inventory has increased from 3.1 to 3.8 (+33.3%). That's HUGE!

These numbers will absolutely slow down a seller's market!


 

JULY 2018 - DALLAS COUNTY REAL ESTATE MARKET STATISTICS

Key Housing Statistic Changes for July 2017 vs. July 2018 in Dallas County

+0.7%

-5.1%

+7.6%

Change in 
New Listings
Change in 
Closed Sales
Change in 
Median Sales Price

What you Need to Know for Dallas County:

Of all the counties in this report, Dallas County is one of the friendliest to sellers.  While the number of new listings has increased and both the pending and closed sales have decreased, the numbers aren't that far apart.  In addition, the average and median sales prices have both risen (5% and 6.5%, respectively).  Sellers are still in control in Dallas County.


 

JULY 2018 - DENTON COUNTY REAL ESTATE MARKET STATISTICS

Key Housing Statistic Changes for July 2017 vs. July 2018 in Denton County

-3.7%

-3.8%

+5.9%

Change in 
New Listings
Change in 
Closed Sales
Change in 
Median Sales Price

What you Need to Know for Denton County:

The change in new listings has equaled the change in closed sales which means the market will pretty well stay where it currently sits.  One thing to note is the change in year-to-date median sales price (+6.1%) and average sales price (+4.9%).


 

JULY 2018 - ROCKWALL COUNTY REAL ESTATE MARKET STATISTICS

Key Housing Statistic Changes for July 2017 vs. July 2018 in Rockwall County

+23.3%

+11.3%

+6.2%

Change in 
New Listings
Change in 
Closed Sales
Change in 
Median Sales Price

What you Need to Know for Rockwall County:

Rockwall is throwing up some huge numbers!  With a whopping increase in closed sales of +11.3%, it seems as if anyone thinking of selling is trying to take advantage.  The number of new listings is up +23.3%!  As a result, the cheaper homes are quickly disappearing with an increase in the median sales price of +6.2%.  The average sales price between July 2017 and July 2018 increased by roughly $10,000.


 

JULY 2018 - TARRANT COUNTY REAL ESTATE MARKET STATISTICS

Key Housing Statistic Changes for July 2017 vs. July 2018 in Tarrant County

+5.6%

-0.8%

+6.6%

Change in 
New Listings
Change in 
Closed Sales
Change in 
Median Sales Price

What you Need to Know for Tarrant County:

Cheaper homes are disappearing across Tarrant County - which is the ongoing theme in all of DFW.  However, buyers are about to get some relief considering the new listings are up +5.6% while the closed sales are trending downward and are -0.8% from the same month in 2017.  The average sale's price is up $11,000 since last year, but that number is $287,000 which, again, means homes on the lower end of the pricing are the ones still going at a fast rate while the overall real estate market in Tarrant County is slowing down.




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