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BOB’S MARKET UPDATE

BOB’S DALLAS REAL ESTATE UPDATE

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 are a bit volatile, and we might expect them to peel back a bit, as happened in August after a Fed like.  As is well documented, the real estate market has cooled off a bit, but not too much in price.  In August, for the first time in many months, the ratio of closed price to asking price averaged a bit below 100%, at 98%.  Historically, we see that ratio in the 94-95% range.  Higher interest rates, along with higher prices and lower investment capital will inevitably keep some potential buyers on the sidelines. This was true in almost all price points and simply points out that market conditions change as the always do.

Despite rising interest rates, demand is still strong, as prices are still well supported, selling just below list price but still higher per square foot than year ago in most cases. Inventory is still tight, less than two months supply across much of the Metroplex.  While homes are selling a bit more slowly, sellers are clearly in no rush to the exits.

While buyers are getting a little more breathing room, there is still justifiable frustration.  Lenders are getting more creative in response, so buyers need to explore some of the new loan programs with their favorite lenders.  My office has a terrific lender, Matt Pizette, who is always available to find a way to make things work.  Real estate, as with most business, is cyclical.  Those of us that have been around for a while remember some severe dips.  But it always rebounds.  And real estate might just be the best long term investment you can own.

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

Overall Single Family Market (North Texas):

Aug 22 vs 21: Sales down 10%, median price up 15%, DOM 25, up 47%.

Jul 22 vs 21: Sales down 14%, median price up 15%, DOM 20, up 18%.

YTD 22 vs 21:  Sales down 6%, median price up 19%, DOM 22, down 8%

Overall Condos Market (North Texas):

Aug 22 vs 21: Sales down 24%, median price up 8%, DOM 25, down 39%

Jul 22 vs 21: Sales down 22%, median price up 2%, DOM 19, down 57%

YTD 22 vs 21: Sales down 16%, median price up 13%, DOM 32, down 38%

Overall Townhome Market (North Texas):

Aug 22 vs 21: Sales down 12%, median price up 13%, DOM 32, up 3%

Jul 22 vs 21:  Sales down 24%, median price up 17%, DOM 26, down 24%

YTD 22 vs 21:  Sales down 12%, median price up 19%, DOM 31, down 21%

Single Family Home Sales Trends:

Aug 2020: 10,382 houses, $140/sf avg, 98% sold to asking

Aug 2021: 9662 houses, $172/sf avg, 102% sold to asking

Aug 2022: 8705 houses, $201/sf avg, 98% sold to asking

Condo Sales Trends:

Aug 2020: 323 homes, $183/sf avg, 95% sold to asking

Aug 2021: 452 homes, $201/sf avg, 98% sold to asking

Aug 2022: 344 homes, $240/sf avg, 100% sold to asking

Townhomes Sales Trends: 

Aug 2020: 337 homes sold, $154/sf avg, 96% sold to asking

Aug 2021: 353 homes sold, $186/sf avg, 101% sold to asking

Aug 2022: 268 homes sold, $220/sf avg. 101% sold to asking

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

Dallas: Sales 781 vs 877, Median Price $247/sf vs $211/sf, Sold vs Asking 98%

Richardson: Sales 105 vs 118, Median Price $222/sf vs $188/sf, Sold vs Asking 98%

Plano:  Sales 239 vs 327, Median Price $219/sf vs $185/sf, Sold to Asking 98%

Frisco:  Sales 211 vs 315, Median Price $237/sf vs $195/sf, Sold to Asking 98%

Highland Park: Sales 9 vs 19, Median Price $615 sf vs $590/sf, Sold to Asking 98%

University Park: Sales 15 vs 24, Median Price $567/sf vs $481/sf, Sold to Asking 98%

Southlake: Sales 46 vs 60, Median Price $298/sf vs $270/sf, Sold to Asking 95%

Colleyville: Sales 33 vs 46, Median Price $237/sf vs $221/sf, Sold to Asking 97%

Coppell: Sales 38 vs 44, Median Price $239/sf vs $212/sf, Sold to Asking 97%

Carrollton: Sales 94 vs 144, Median Price $216/sf vs $182/sf, Sold to Asking 99%

Farmers Branch: Sales 25 vs 20, Median Price $234/sf vs $187/sf, Sold to Asking 98%

Allen: Sales 115 vs 159, Median Price $222/sf vs $185/sf, Sold to Asking 99%

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 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 Stats for June, 2022

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...

Dallas Home Sales Stats for May, 2022

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...

Dallas Home Sales for November, 2021

November home sales in our greater Dallas area were slightly ahead of last year, up 4%, while the median sales price held steady, up 18% vs year ago. With the average days on market continuing to run less than 30 days, it's a sign that we are not yet releasing our...

Dallas Home Sales Stats for Sept and Oct, 2021

Dallas area home sales in September and October were lower than year ago levels, marked by a severe shortage of inventory in lower price points. November data will be available next week, and we'll likely see lower sales due to the same issue. With the median home...

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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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