DFW Continues to Lead State in Home Sales
DFW: North Texas continues to lead the state in the sales of homes. Texas Realtors says in a new report that Dallas-Fort Worth recorded the sales of 27,015 homes in the second quarter, accounting for nearly 28% of the statewide total of 96,500 homes sold. Although the sales from April to June in DFW were down 4.7% from the same period last year, the decline was less drastic than in other parts of the state. Houston came in second, with 25,011 home sales in the same period, a 15% drop from the second quarter of 2022. Texas Realtors says DFW’s median sales price was just under $405,000, while Houston’s was around $338,000. Other notables: Austin home sales were down 11% from last year at 9,090, the median sales price was down more than 13%, and its inventory is up nearly 40% from the second quarter of 2022. San Antonio was down 8.2%, with 9,932 homes sold in the second quarter. Home sales across the state were down about 11%; home inventory increased 32% compared to the same period in 2022; and homes with “For Sale” signs averaged 87 days on the market before being sold—20 days longer than in 2022.
DFW: The pandemic and other economic challenges have taken a toll on commercial properties across the country, but Dallas-Fort Worth continues to remain competitive. North Texas led the country last year in commercial sales with more than $42 billion in transactions. MSCI, a data and research company that advises global investors, says that for the first six months of the year, that sales trend has dropped—by more than 70% from last June. But the $8 billion in transactions—most of it linked to apartment sales—puts DFW in second place, behind Los Angeles. LALA Land recorded a little over $9 billion in transactions, a 48% drop from last year. In the first two quarters, more than $4 billion in apartment transactions and another $1.6 billion in industrial transactions took place in DFW. LA recorded nearly $4 billion in industrial deals in the same period. On the other coast, Gotham was third with $5.45 billion in deals closed, down 58%. Meanwhile, many office buildings across the country, including North Texas, continue to struggle to find tenants in new office construction or sublease space. DFW has more than 50 million square feet of vacant office space. More than half of an estimated 5 million square feet of new office space under construction in North Texas is expected to open by year’s end.
U.S.: So, how’s it playing in Peoria? Well, if you’re talking about housing, apparently red hot—even more competitive than West Palm Beach, Florida. Peoria tops other metro areas for the fastest-growing sales price in the country. Remember the frenzy a couple of years ago when home sellers in DFW, Austin and other Texas cities could set off a bidding war for their home? Apparently, that is still happening in Peoria, but with a few less zeros at the end. Still, Redfin reports that even though the 234 homes sold in June were down from the 284 sold in June 2022, the median sales price last month was $185,000, a 32% increase year-over-year. And homes stayed on the market for about nine days. Peoria’s median sales price is 56% lower than the U.S. average, and the cost of living in the Midwest town is 11% below other parts of the country. In West Palm Beach, the median sales price was up 20.5% to $499,900, but the number of homes sold in June was 289, compared to 342 last year. Homes there took about 24 extra days to sell compared to last year.
DFW: It’s a new day and a new name for Tuesday Morning, or at least for the site that housed its massive warehouse complex. Earlier this year, the Dallas retailer filed for bankruptcy protection, liquidated its inventory and closed its stores. Now, Pennybacker Capital Management of Austin and M2G Ventures of Fort Worth, which in 2021 bought the one million- plus-square-foot complex of buildings and warehouses that housed Tuesday Morning, are working on plans to redevelop the property in Farmers Branch. The company is working on improvements on about six buildings that sit on about 47 acres on Inwood Road, north of LBJ Freeway north of Dallas. The complex will now be called Inbound on Inwood and is in search of multiple tenants in an area that has seen apartment, commercial and industrial construction and redevelopment in the recent past. Those properties are more than 95% leased.
LA LA LAND: You can take the QB out of the city, but you can’t keep him out of the city he loves—especially at the end of the NFL season. In 2016, the Los Angeles Rams took Cal Quarterback Jared Goff as the overall No. 1 pick. Two years later, he led them to the Super Bowl but was traded in 2021 to the Detroit Lions for Highland Park standout Matt Stafford, who guided the Rams to a Super Bowl win. Now, Goff has returned to LA—sort of. He recently bought a $10.5 million home on Manhattan Beach. The 5,700-square-foot French Country home on a half-acre has five bedrooms, eight baths and many indoor and outdoor living areas. There’s a primary suite with dual vanities, a walk-in closet and dressing area, a steam shower, a fireplace and sitting area and a balcony to overlook the landscaped gardens, pool and hot tub and the entertaining and firepit area under a pergola—the perfect place to escape the Detroit winters.