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BOB’S MARKET UPDATE

BOB’S DALLAS REAL ESTATE UPDATE

Dallas Home Sales Stats for May, 2024

May home sales in the greater Dallas area were generally flat, under performing expectations given May’s typically stronger sales market during our spring season. Still, 8646 single family homes sold in North Texas neighborhoods, on par with year-ago May and 2 year-ago May.  Dallas (city of) accounted for just under 10% of those home sales in May, or 838 sales. But…pending sales were up 11% from year-ago May, thanks to a 14% increase in new listings and a whopping 48% increase in listings overall.

Condo sales are still soft following last month’s bump, 6% lower and pending sales 18% lower than year ago.  Townhome sales were 3% higher with no change in pending sales.

Prices were modestly higher in May, up 1% (+2% YTD) for single family homes, up 4%(+6% YTD) for condos, and unchanged for townhomes.  And homes continue to sell close to asking price, 96%-100%, with Carrollton being the sole city on my list below averaging 100%.

Check out last month’s performance in selected sub markets in the list below. Only sales transacted through the MLS are recorded, so sales are always understated to a small extent.

Overall Single Family Market (North Texas):

May 24 vs 23: Sales unchanged, median price up 1%, DOM 43, down 4%.

Apr 24 vs 23: Sales up 8%, median price up 3%, DOM 47, down 11%.

Mar 24 vs 23: Sales down 7%, median price up 2%, DOM 53, down 12%.

YTD 24 vs 23: Sales up 2%, median price up 1%, DOM 52, down 5%.

Overall Condos Market (North Texas):

May 24 vs 23: Sales down 6%, median price up 4%, DOM 49, up 17%.

Apr 24 vs 23: Sales up 4%, median price up 4%, DOM 52, up 58%.

Mar 24 vs 23: Sales down 21%, median price unchanged, DOM 43, up 13%.

YTD 24 vs 23: Sales down 11%, median price up 6%, DOM 50, up 22%.

Overall Townhome Market (North Texas):

May 24 vs 23: Sales up 1%, median price unchanged, DOM 53, down 13%.

Apr 24 vs 23: Sales up 2%, median price down 2%, DOM 58, down 5%.

Mar 24 vs 23: Sales down 9%, median price up 6%. DOM 51, down 22%.

YTD 24 vs 23: Sales up 1%, median price unchanged, DOM 53, down 13%.

Single Family Home Sales Trends:

May 2024: 8746 houses, $200/sf avg, 97% sold to asking

May 2023: 8739 houses, $197/sf avg, 98% sold to asking

May 2022: 8880 houses, $208/sf avg, 105% sold to asking

Condo Sales Trends:

May 2024: 317 homes, $250/sf avg, 95% sold to asking

May 2023: 336 homes, $250/sf avg, 97% sold to asking

May 2022: 373 homes, $240/sf avg, 105% sold to asking

Townhomes Sales Trends: 

May 2024: 334 homes sold, $225/sf avg, 97% sold to asking

May 2023: 324 homes sold, $221/sf avg, 98% sold to asking

May 2022: 300 homes sold, $223/sf avg, 105% sold to asking

Here is a look at Single Family home sales by selected Cities for May 2024 vs 2023:

Dallas: Sales 838 vs 879, Median Price $254/sf vs $242/sf, Sold vs Asking 96%.

Richardson: Sales 96 vs 86, Median Price $233/sf vs $233/sf, Sold vs Asking 98%.

Plano:  Sales 250 vs 204, Median Price $226/sf vs $220/sf, Sold to Asking 98%.

Frisco:  Sales 222 vs 227, Median Price $259/sf vs $250/sf, Sold to Asking 98%.

Highland Park: 12 vs 10, Median Price $820/sf vs $623/sf, Sold to Asking 99%.

University Park: Sales 24 vs 26 , Median Price $661/sf vs $592/sf, Sold to Asking 96%.

Southlake: Sales 44 vs 52, Median Price $330/sf vs $328/sf, Sold to Asking 98%.

Colleyville: Sales 33 vs 32, Median Price $274/sf vs $272/sf, Sold to Asking 99%.

Coppell: Sales 31 vs 444, Median Price $256/sf vs $253/sf, Sold to Asking 99%.

Carrollton: Sales 104 vs 80, Median Price $224/sf vs $212/sf, Sold to Asking 100%.

Farmers Branch: Sales 38 vs 25, Median Price $242/sf vs $225/sf, Sold to Asking 98%.

Allen: Sales 109 vs 93, Median Price $223/sf vs $218/sf, Sold to Asking 97%.

If you would like information for another city, call, email or text me!

Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540

PREVIOUS MONTHLY UPDATES

Dallas Home Sales Stats for May, 2024

May home sales in the greater Dallas area were generally flat, under performing expectations given May's typically stronger sales market during our spring season. Still, 8646 single family homes sold in North Texas neighborhoods, on par with year-ago May and 2...

Dallas Home Sales Stats for April, 2024

The home sales market in our North Texas neighborhoods took some positive steps forward in April, with single family homes advancing 8%. condos 4% and townhomes 2% vs year ago numbers.  It is the heart of the Spring Market afterall!  Median sales prices were also...

Dallas Home Sales Stats for March, 2024

Home sales in 2024 are lackluster at best, with first quarter results unchanged from year ago for single family homes.  For March specifically, single family home sales for the North Texas MLS market were 7% lower than last year, for Dallas County down 2%, Tarrant...

Dallas Home Sales Stats for January, 2024

We are off to a good start! Sales of single family homes in North Texas were up 14% in January and in the Dallas County portion, up 22% year over year.  Median sales prices inched ahead as well, up 1%, breaking a several months-long losing streak.  Dallas County saw a...

Dallas Home Sales Stats for December and 2023

The Year 2023 is in the books, and for most home buyers and sellers, reason to look forward to 2024.  December sales of single family homes in the greater Dallas area were down 4% from a year ago, with median sales prices holding steady.  For the full year, home sales...

Dallas Home Sales Stats for October 2023

Our Dallas area sales data for October was generally negative but not without some encouraging results heading into the holidays.  In my recent columns, I have alluded to the various factors creating a drag on our dependable housing growth, including rapidly rising...

Dallas Home Sales Stats for Sept 2023

It's anyone's guess where mortgage interest rates are headed.  Last January, the chief economist for the National Association of Realtors felt pretty good about low 6's and even 5% by year end.  He is a smart guy, and I parroted him in this newsletter back then. ...

Dallas Home Sales Stats for Jul/Aug 2023

With summer officially behind us, we see on paper the impact higher interest rates and low inventory had and continues to have on home sales.  That double-whammy of scarcity and 7% mortgage rates kept a lot of potential home buyers on the fence, while discouraging...

Dallas Home Sales Stats for June, 2023

We just emerged from the Spring Market, and as expected it was not our best.  Half way through the year, single family home sales are down 6%, townhome sales down 7%, and condo sales down 24%.  It appears the trend is starting to level out as it begins its inevitable...

Dallas Home Sales Stats for March/April, 2023

Our market is doing a pretty good job combatting the evils of higher interest rates and low inventory.  Overall single family sales were down 8% in April vs year ago, following a nice runup in March, when sales were 29% higher than in March '22.  Year to date, median...

BOB’S COMMUNITIES

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BOB’S CLIENTS

What Bob’s Clients Are Saying About His Stellar Service

Thank you very much for taking such good care of our faculty candidate when you showed him around Dallas. He told several of us how pleased and impressed he was with your tour, and I have passed the glowing report to other program coordinators

Robyn K.

Thank you so much for helping my parents find a new home in Dallas. I am so grateful to you for your patience and willingness to explore a wider area for my family

Rachel W.

You are such a kind, professional, super Realtor. You went above & beyond for us & we are grateful for your expertise & your patience.

Charles W.

BOB EDMONSON

Bob Edmonson has experienced life in other U.S. Metros, but his life has been centered here in the Big ‘D’ for over four decades.

Though he enjoys the cultural perks that come with living in a world class city, Bob finds deep satisfaction in participating in his community, volunteering on boards and working with the City of Dallas.

Serving on the Uptown Dallas Inc board, Bob promotes the Uptown area of Dallas as a wonderful place to live, work and play.

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