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BOB’S MARKET UPDATE

BOB’S DALLAS REAL ESTATE UPDATE

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 homes still selling for more than asking, single family homes sales area-wide (North Texas) came in at 98% of list, reflecting a bit more discounting than we’ve seen in a while.  A bump in listings and higher interest rates are responsible for much of this reaction.

Prices in the urban and closer in suburban markets are holding up very nicely, and while buyers are able to actually negotiate now, homes in these submarkets are still selling on average for slightly more than asking (see below).  Days on Market (DOM) are still shrinking.  Demand so far has been steady, even in the face of rising interest rates.  Companies are continuing to relocate here, bringing their workforce with them.  We seem to be weathering the economic storm right now.  We are in a good place in Dallas and Texas.

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

Overall Single Family Market (North Texas):

Jun 22 vs 21: Sales down 8%, median price up 20%, DOM 18, unchanged.

May 22 vs 21: Sales unchanged, median price up 23%, DOM 19, down 10%

YTD 22 vs 21:  Sales down 3%, median price up 21%, DOM 22, down 15%

Overall Condos Market (North Texas):

Jun 22 vs 21: Sales down 33%, median price up 18%, DOM 23, down 50%

May 22 vs 21: Sales down 16%, median price up 12%, DOM 23, down 52%

YTD 22 vs 21: Sales down 12%, median price up 17%, DOM 35, down 36%

Overall Townhome Market (North Texas):

Jun 22 vs 21: Sales down 10%, median price up 20%, DOM 26, down 21%

May 22 vs 21:  Sales down 5%, median price up 23%, DOM 27, down 16%

YTD 22 vs 21:  Sales down 10%, median price up 20%, DOM 31, down 26%

Single Family Home Sales Trends:

Jun 2020: 10,462 houses, $137/sf avg, 98% sold to asking

Jun 2021: 9907 houses, $169/sf avg, 104% sold to asking

Jun 2022: 9133 houses, $208/sf avg, 103% sold to asking

Condo Sales Trends:

Jun 2020: 313 homes, $184/sf avg, 95% sold to asking

Jun 2021: 516 homes, $206/sf avg, 103% sold to asking

Jun 2022: 347 homes, $245/sf avg, 103% sold to asking

Townhomes Sales Trends: 

Jun 2020: 278 homes sold, $153/sf avg, 96% sold to asking

Jun 2021: 368 homes sold, $187/sf avg, 101% sold to asking

Jun 2022: 331 homes sold, $232/sf avg. 103% sold to asking

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

Dallas: Sales 900 vs 1002, Median Price $261/sf vs $215/sf, Sold vs Asking 105%

Richardson: Sales 101 vs 117, Median Price $239/sf vs $186/sf, Sold vs Asking 105%

Plano:  Sales 270 vs 338, Median Price $228/sf vs $180/sf, Sold to Asking 106%

Frisco:  Sales 241 vs 353, Median Price $263/sf vs $194/sf, Sold to Asking 105%

Highland Park: Sales 12 vs 15, Median Price $635/sf vs $542/sf, Sold to Asking 101%

University Park: Sales 14 vs 34, Median Price $546/sf vs $460/sf, Sold to Asking 100%

Southlake: Sales 53 vs 54, Median Price $349/sf vs $267/sf, Sold to Asking 105%

Colleyville: Sales 36 vs 53, Median Price $265/sf vs $215/sf, Sold to Asking 103%

Coppell: Sales 46 vs 65, Median Price $236/sf vs $198/sf, Sold to Asking 106%

Carrollton: Sales 127 vs 133, Median Price $224/sf vs $181/sf, Sold to Asking 108%

Farmers Branch: Sales 33 vs 32, Median Price $241/sf vs $194/sf, Sold to Asking 103%

Allen: Sales 125 vs 186, Median Price $232/sf vs $179/sf, Sold to Asking 107%

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 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...

Dallas Home Sales Stats for August, 2021

“August 2021 dollar volume of North Texas existing home resales had its 4th highest month in history with transaction volume of $4.72 billion. August 2021’s dollar volume was up 13% when compared to August 2020 (5% fewer transactions but 19% higher average sales...

Dallas Home Sales Stats for July, 2021

Demand for homes remained exceptionally strong in the Dallas area in July, with that demand encompassing all forms of housing--single family homes, townhomes, condos, and rental homes.  The important metic here was not the sales numbers, which showed a year-over-year...

BOB’S COMMUNITIES

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Highland Park and University Park.
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Dallas Arts District
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Kessler Park
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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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