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BOB’S MARKET UPDATE

BOB’S DALLAS REAL ESTATE UPDATE

Dallas Home Sales Stats for December and YTD 2022

Only two weeks have passed since my most recent report on the November data (attached), but we now  can report on the full year results for 2022.  Single family home sales totaled 6,246 properties in December, representing 29% fewer sales than in December 2021.  Median sales prices were 6% higher than the same time last year.  For the 12 months annual total, sales were down 12%, with median prices finishing the year 16% higher than this time last year.  We know it’s a tale of two halves of the year, with the explosive sales and price growth in the first half, and the explosive growth in interest rates in the second half.  Government official incorrectly dismissed the first half inflation as “transitory”, and the Fed has been chasing inflation with rate increases during this second half.

I mentioned last month the National Association of Realtors economists firmly believe mortgage rates are topping out, having hovered in the mid 6% range for most of November and December after peaking at 7% this fall.  With a slowing economy (nationally), the pressure on rates should slacken, if the economists are correct.  Still, we need a strong economy producing jobs and putting down payments in buyers’ pockets, but not so strong as to stoke inflation.  Glad I’m not the Fed chair.

So, if you want to buy, buy and then refinance.  If you want to sell, try to focus on your healthy gains in value during your ownership rather than lamenting what you may have missed during the roaring (early) 20’s.  The wise Will Rogers once said, “Don’t wait to buy a house; buy a house and wait”.  Here’s wishing you a prosperous 2023.

Check out last month’s performance in selected sub markets in the list below:

Overall Single Family Market (North Texas):

Dec 22 vs 21: Sales down 29%, median price up 6%, DOM 53, up 89%.

Nov 22 vs 21: Sales down 30%, median price up 10%, DOM 44, up 76%.

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

YTD 22 vs 21: Sales down 12%, median price up 16%, DOM 28, up 17%.

Overall Condos Market (North Texas):

Dec 22 vs 21: Sales down 48%, median price up 9%, DOM 38, down 17%.

Nov 22 vs 21: Sales down 49%, median price down 2%, DOM 40, down 13%.

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

YTD 22 vs 21: Sales down 24%, median price up 11%, DOM 32, down 35%.

Overall Townhome Market (North Texas):

Dec 22 vs 21:  Sales down 17%, median price up 9%, DOM 59, up 103%.

Nov 22 vs 21: Sales down 16%, median price up 17%, DOM 57, up 68%.

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

YTD 22 vs 21:  Sales down 16%, median price up 19%, DOM 36, down 3%.

Single Family Home Sales Trends:

Dec 2022: 6246 houses, $190/sf avg, 94% sold to asking

Dec 2021: 8766 houses, $180/sf avg, 101% sold to asking

Dec 2020: 9337 houses, $145/sf avg, 98% sold to asking

Condo Sales Trends:

Dec 2022: 215 homes, $238/sf avg, 97% sold to asking

Dec 2021: 414 homes, $197/sf avg, 98% sold to asking

Dec 2020: 362 homes, $193/sf avg, 94% sold to asking

Townhomes Sales Trends: 

Dec 2022: 274 homes sold, $221/sf avg, 96% sold to asking

Dec 2021: 329 homes sold, $196/sf avg, 101% sold to asking

Dec 2020: 350 homes sold, $164/sf avg. 97% sold to asking

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

Dallas: Sales 535 vs 857, Median Price $212/sf vs $214/sf, Sold vs Asking 94%

Richardson: Sales 69 vs 117, Median Price $206/sf vs $197/sf, Sold vs Asking 96%

Plano:  Sales 142 vs 214, Median Price $202 sf vs $195/sf, Sold to Asking 95%

Frisco:  Sales 173 vs 200, Median Price $235/vs $214/sf, Sold to Asking 92%

*Highland Park: Sales 6 vs 10, Median Price $676/sf vs $524/sf, Sold to Asking 96%

*University Park: Sales 12 vs 16, Median Price $525/sf vs $447/sf, Sold to Asking 93%

Southlake: Sales 25 vs 30, Median Price $283/sf vs $270/sf, Sold to Asking 97%

Colleyville: Sales 14 vs 47, Median Price $258/sf vs $244/sf, Sold to Asking 93%

Coppell: Sales 22 vs 48, Median Price $237/sf vs $214/sf, Sold to Asking 96%

Carrollton: Sales 68 vs 95, Median Price $204/sf vs $187/sf, Sold to Asking 97%

Farmers Branch: Sales 18 vs 31, Median Price $228/sf vs $206/sf, Sold to Asking 96%

Allen: Sales 72 vs 108, Median Price $215/sf vs $194/sf, Sold to Asking 95%

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

*Highland Park and University Park to report January 15th.

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

PREVIOUS MONTHLY UPDATES

Dallas Home Sales Stats for December and YTD 2022

Only two weeks have passed since my most recent report on the November data (attached), but we now  can report on the full year results for 2022.  Single family home sales totaled 6,246 properties in December, representing 29% fewer sales than in December 2021. ...

Dallas Home Sales Stats for November, 2022

What a year!  We started the year with 3% mortgage rates and will end the year with 6% mortgage rates, a 20-year high.  The doubling on rates actually occurred half way through the year, and the speed of this increase shocked our real estate industry.  The Federal...

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 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...

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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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