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BOB’S MARKET UPDATE

BOB’S DALLAS REAL ESTATE UPDATE

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 homes, which also affects potential sellers’ house hunting.  April was also the first full month of 5+% mortgage rates, which likely took a bite out of the market.  Home prices remained strong, with median sales prices of single-family homes up 23% vs year ago, and median prices of condos and townhomes 22% higher than last year.

This reduction in sales of single family homes was not across the board, however.  In fact, most of the impact was in the $200K range and lower.  Sales of homes in the $200’s, which represents 20% of the market, were 35% lower, while sales of homes in the $300’s and up were anywhere from 15% to 92% higher than year ago and represented 80% of the market.  Condos and townhomes, a much smaller market, saw lower sales than year ago in the $300’s and lower, with gains in all the price points $400K and up (see charts below).

Demand is still live and well.  Overall single family home sales totaled 9733 in April vs 9987 last year, and prices are still near record levels.  Buyers paid on average 105% for those 9733 homes, which tells me the buyers’ market is not too discouraged by mortgage rates but instead forced to deal with our continuing housing shortage.

Now, you will note something different about the data below.  For the 18 years I have produced this monthly report, we were able to drill down into individual submarkets to compare performance.  The raw data regularly furnished to our MLS by the Texas A&M Real Estate Center will no longer be tabulated on a sub-market basis.  It’s sad to see it go, but hopefully the information in the charts below will be useful.

Overall Single Family Market (North Texas):

Feb 22 vs 21: Sales up 7%, median price up 21%, DOM 31, down 23%

Mar 22 vs 21: Sales up 10%, median price up 22%, DOM 30, down 17%

Apr 22 vs 21: Sales down 3%, median price up 23%, DOM 23, down 18%

YTD 22 vs 21:  Sales unchanged, median price up 22%, DOM 28, down 21%

Overall Condos and Townhomes Market (North Texas):

Apr 22 vs 21: Sales down 22%, median price up 22%, DOM 25, down 47%

YTD 22 vs 21: Sales down 7%, median price up 16%, DOM 38, down 32%

Single Family Home Sales Trends:

April 2020: 7913 houses, $140/sf avg, 98% sold to asking, 2.3 months inventory

April 2021: 9987 houses, $175/sf avg, 101% sold to asking, 0.7 months inventory

April 2022: 9733 houses, $216/sf avg, 105% sold to asking, 0.9 months inventory

Condo and Townhome Sales Trends:

April 2020: 412 homes, $179/sf avg, 97% sold to asking, 4.2 months inventory

April 2021: 917 homes, $212/sf avg, 89% sold to asking, 1.7 months inventory

April 2022: 718 homes, $262/sf avg, 103% sold to asking, 0.8 months inventory

Here is a look at Single Family home sales by price category for YTD 2022 vs 2021:
$200-299K (20.1% of sales): down 35%, 0.7 months inventory
$300-399K (26.0% of sales): up 15%, 0.8 months inventory
$400-499K (17.1% of sales): up 38%, 1.1 months inventory
$500-599K (9.8% of sales): up 64%, 1.2 months inventory
$600-699K (5.8% of sales): up 53%, 1.6 months inventory
$700-799K (3.8% of sales): up 73%, 1.7 months inventory
$800-899K (2.5% of sales): up 92%, 1.5 months inventory
$900-999K (1.4% of sales): up 69%, 1.7 months inventory
$1MM and up (4.1% of sales): up 26%, 3.1 months inventory

Here is a look at Condos and Townhomes sales by price category for YTD 2022 vs 2021:
$200-299K (23.3% of sales): 602 units vs 727 units year ago, 0.7 months inventory
$300-399K (22.1% of sales): 572 units vs 622 units year ago, 0.7 months inventory
$400-499K (17.2% of sales): 445 units vs 309 units year ago, 0.7 months inventory
$500-599K (6.8% of sales): 177 units vs 135 units year ago, 2.0 months inventory
$600-699K (3.9% of sales): 97 units vs 54 units year ago, 1.2 months inventory
$700-799K (1.6% of sales): 42 units vs 16 units year ago, 3.1 months inventory
$800-899K (1.2% of sales): 31 units vs 13 units year ago, 2.7 months inventory
$900-999K (0.8% of sales): 20 units vs 12 unit year ago, 1.4 months inventory
$1MM+ (2.2% of sales): 58 units vs 49 units year ago, 4.5 months inventory

PREVIOUS MONTHLY UPDATES

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...

Dallas Home Sales Stats for June, 2021

Overall Dallas June sales were DOWN 3%, after three months of 20%+ year-over-year sales gains, which smashed a few records along the way. But you and I knew that was coming, because 1) those kind of sales gains are unsustainable, and 2) we are comparing this June to...

Dallas Home Sales Stats for May, 2021

May homes sales are in, and it's close to a carbon copy of last month's spectacular performance.  Overall Dallas sales were up 27% with a median sales price 26% higher than a year ago.  Homes are selling so quickly, it gives the appearance of a low inventory...

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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

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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

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

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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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