BOB EDMONSON
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BOB’S MARKET UPDATE

BOB’S DALLAS REAL ESTATE UPDATE

Dallas Home Sales Stats for October, 2022

Home sales continue to slow, with sales of single family homes in North Texas down 22% in October compared to October 2021.  No surprise, Condos and Townhome sales were also down double digits. But…median sales prices are slipping more slowly and are still higher than a year ago by double digits.  So, we have seen in two years a spike in housing prices during the pandemic by the most in 40 years, and mortgage rates more than doubled in 11 months to their highest level in 20 years.  This combination has created a difficult home market, especially for first-time home buyers trying to build a down payment.

Of course, we are still selling homes, over 7000 single family, condos and townhomes in October, and mortgage lenders are creating incentives, including interest-only loans and short term adjustable loans.  This won’t be fixed right away, but we hope to move in the right direction soon.  Have a wonderful and meaningful Thanksgiving.

Check out the new “area” definitions in the list below:

Overall Single Family Market (North Texas):

Oct 22 vs 21: Sales down 22%, median price up 11%, DOM 38, up 65%.

Sep 22 vs 21: Sales down 17%, median price up 13%, DOM 33, up 65%.

YTD 22 vs 21:  Sales down 9%, median price up 17%, DOM 25, up 9%.

Overall Condos Market (North Texas):

Oct 22 vs 21: Sales down 42%, median price up 23%, DOM 26 down 37%

Sep 22 vs 21: Sales down 17%, median price up 15%, DOM 29, down 19%

YTD 22 vs 21: Sales down 19%, median price up 18%, DOM 31, down 37%

Overall Townhome Market (North Texas):

Oct 22 vs 21: Sales down 37%, median price up 18%, DOM 43 up 26%

Sep 22 vs 21:  Sales down 21%, median price up 23%, DOM 40, up 18%%

YTD 22 vs 21:  Sales down 32%, median price up 16%, DOM 32, down 16%.

Single Family Home Sales Trends:

Oct 2020: 9659 houses, $142/sf avg, 98% sold to asking

Oct 2021: 8542 houses, $174/sf avg, 101% sold to asking

Oct 2022: 6644 houses, $195/sf avg, 96% sold to asking

Condo Sales Trends:

Oct 2020: 414 homes, $168/sf avg, 95% sold to asking

Oct 2021: 331 homes, $197/sf avg, 98% sold to asking

Oct 2022: 240 homes, $242/sf avg, 98% sold to asking

Townhomes Sales Trends: 

Oct 2020: 339 homes sold, $162/sf avg, 97% sold to asking

Oct 2021: 331 homes sold, $190/sf avg, 100% sold to asking

Oct 2022: 210 homes sold, $214/sf avg. 97% sold to asking

Here is a look at Single Family home sales by selected Cities for October YTD 2022 vs 2021:

Dallas: Sales 641 vs 816, Median Price $235/sf vs $208/sf, Sold vs Asking 96%

Richardson: Sales 83 vs 103, Median Price $215/sf vs $197/sf, Sold vs Asking 96%

Plano:  Sales 199 vs 272, Median Price $212 sf vs $185/sf, Sold to Asking 97%

Frisco:  Sales 165 vs 256, Median Price $221/vs $198/sf, Sold to Asking 95%

Highland Park: Sales 6 vs 8, Median Price $520/sf vs $508/sf, Sold to Asking 92%

University Park: Sales 13 vs 12, Median Price $489/sf vs $415/sf, Sold to Asking 98%

Southlake: Sales 28 vs 36, Median Price $285/sf vs $266/sf, Sold to Asking 94%

Colleyville: Sales 24 vs 33, Median Price $248/sf vs $230/sf, Sold to Asking 93%

Coppell: Sales 24 vs 46, Median Price $263/sf vs $211/sf, Sold to Asking 99%

Carrollton: Sales 91 vs 115, Median Price $211/sf vs $185/sf, Sold to Asking 96%

Farmers Branch: Sales 22 vs 31, Median Price $247/sf vs $197/sf, Sold to Asking 97%

Allen: Sales 107 vs 70, Median Price $215/sf vs $187/sf, Sold to Asking 98%

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 October, 2022

Home sales continue to slow, with sales of single family homes in North Texas down 22% in October compared to October 2021.  No surprise, Condos and Townhome sales were also down double digits. But...median sales prices are slipping more slowly and are still higher...

Dallas Home Sales Stats for September 2022

Dallas' median price for single-family homes continued to sell higher than last year, but still lower than in the past few months. The median price for those single-family homes was $404,000 in September, up 13% from the same period last year, but down from nearly...

Dallas Home Sales Stats for August, 2022

It's late September as I write this, and today we had another (and predicted) increase in the federal funds rate.  While mortgage rates are tied more to the rate of the 10-year bond, we did see the bias toward higher mortgage rates, touching 6.29% today.  These rates...

Dallas Home Sales Stats for July, 2022

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Dallas home sales in June continued to be softer than what we have been used to, with single family homes sales off 8% vs year ago, townhome sales off 10% and condo sales off 33%.  After a two-year wild ride, we seem to be getting closer to normalcy.  While there are...

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May saw a continued trend towards slower home sales, but not in home prices.  Home prices took off in 2020 and 2021 due to strong demand in a very low inventory market and a very low mortgage interest rate market.  The impact of the pandemic and the Federal Reserves...

Dallas Home Sales Stats for April, 2022

After Dallas area sales recorded gains of 7% and 10% in February and March, sales of single family homes in April in the greater Dallas area slipped 3%.  Sales of condos and townhomes fell 22% vs year ago levels.  The main culprit is still the shortage of available...

Dallas Home Sales Stats for February and March, 2022

It's a remarkable time in the Dallas home sales market.  Our month's inventory at the end of March has fallen to the lowest levels on record, 0.1 to 0.2 months for homes priced $200K to $400K (3 to 6 days), and no higher that 0.7 days on homes priced to $900K.  Home...

Dallas Home Sales Stats for January, 2022

Dallas' January home sales is pointing to another year of strong demand, higher prices and fewer choices. We have placed the blame for the rapid rise in prices to low inventory, but in many of our submarkets and the North Texas market as a whole, the number of homes...

Dallas Home Sales Stats for December and 2021

As big a year as this was for real estate sales, over 117,000 single family homes changed hands, it just missed topping total sales in 2020. Dallas area sales were down 1% in 2021, but prices continued their remarkable run, up 18% vs 2020. Newcomers to Dallas probably...

BOB’S COMMUNITIES

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Park Cities
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Highland Park and University Park.
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University Park
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Turtle Creek
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Lake Highlands
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North Dallas
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Dallas Arts District
Allie Beth Allman and Associates offers prime real estate in the Dallas Arts District.
Kessler Park
Allie Beth Allman is your real estate resource for informative advice on the best available homes within the Kessler Park and Oak Cliff areas.
Frisco
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Plano
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Southlake
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Grapevine
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Highland Park and University Park.
Colleyville
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Westlake
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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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