DFW home sales set record in July!
DFW: North Texas home sales rose 7% in July to 11,198 homes sold, according to NTREIS data. The total is the largest single-month sales total on record for North Texas. Year-to-date, real estate agents have sold 63,126 homes, a 1% increase from the same period in 2018. Home median prices were up 3% to $272,280; pending sales were up 7% to 11,282; listings were up 6% to 26,990. Condo and townhome sales at 613 were down 5%. Median prices rose 12% to $239,250. Pending sales of 625 were off 5% and listings were up 33% at 2,285.
DFW: Turnover rate for apartment renters in DFW is at its lowest level in decades, reports the Dallas Morning News. Usual move rate when the lease expires is about 47.5% nationwide. RealPage reports under 47% of local renters move at lease end. More than 30,000 new apartments are underway in DFW, most of any U.S. metro area. Occupancy is tight in middle-market and lower-priced apartments, and renters who may want to move to a new neighborhood are deterred by prices. Younger renters are staying in multi-family housing for longer periods and new older residents coming in to the rental market tend to move less.
Richardson: RealPage expects a rise in U.S. apartment completions in 2020. Among the top submarkets forecast for growth: Rockwall/Rowlett/Wylie at 15.8%; Carrollton/Farmers Branch at 14.3%; Frisco at 14.3%. In the current economic cycle (2010-ytd), projected apartment supply and under construction data for DFW submarkets: (PS/UC) Uptown 14,097/3,651; Frisco 12,299/3,391; Allen/McKinney 10,335/1,992; Oak Lawn/Park Cities 6,539/739; Richardson 6,355/997; Las Colinas/Coppell 6,178/1,267; The Colony, Far North Carrollton 5,946/2,033; East Dallas 5,901/775; Lewisville/Flower Mound 5,105/694.
Plano: While the taxable value of Plano properties has increased $16 billion to $42 billion over the last five years, growth may be leveling off, according to the Collin Central Appraisal District. Collin County added nearly 10,000 single-family homes in 2017-2018.
Los Gatos: Netflix is increasing its real estate. The company now occupies 1.5M SF in the Hollywood neighborhood of Los Angeles. It plans to lease 161K SF in Brooklyn to build six soundstages. The company bought Albuquerque Studios, a 287K SF studio campus in New Mexico and plans to spend $1B there over the next ten years. The firm is also investing in real estate in Toronto and Spain.
Boston: The Harvard Center for Housing Studies in a recent survey shows nearly half of homeowners who are likely to update in the next three years plan to incorporate smart home technology. And 30% were likely to install home automation products or features. Owners with high incomes and home values, and those under 45, found these features important.
NYC: An investment firm known for its ties to Mark Zuckerberg is buying up apartments as the wealth manager makes its first significant move into the residential rental market. They bought more than 1,600 apartments in Seattle, Los Angeles and Denver, and has contracts for additional properties plus lodging and data centers.
If you would like to receive articles such as this and other useful information, feel free to subscribe.