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BOB’S MARKET UPDATE

BOB’S DALLAS REAL ESTATE UPDATE

Dallas Home Sales Stats for July, 2022

Texas is one of only four states that has exceeded its pre-pandemic level of employment, the others being Arizona, Utah and Idaho.  If there were just one metric you would want on your side to measure economic health, it would be this: strong employment aka Jobs.  Yes, our nation entered a recession just a few weeks ago, and that’s a fact.  But is Texas in one, or for that matter, Dallas?  Per the Dallas Fed, the “Texas economy continued expanding in June and July, though at a decelerating pace compared with earlier this year.  There are increasing signs of slowing activity, particularly weakening demand in manufacturing, even as overall job growth remains strong”.  The Fed further points out that Texas employment growth accelerated to an annualized rate of 7.3% in June,  9.7% in the second quarter, and that the state’s expansion was broad based during the second quarter.  We are fortunate to live in Texas, which has outpaced the nation in all sectors (construction, trade, manufacturing, professional business services, financial and information activities, leisure and hospitality and especially energy) with the exception of government.  Real estate-wise, North Texas leads the nation in warehouse and distribution space construction (70+million square feet) and office starts (3.8 million square feet) in 2022.  The Fed’s Texas employment forecast projects a 4.5% growth this year, a bit less than last year, but still double the state’s historic average of 2%.

So, back to the question.  Are we in a recession here?  Well, technically yes.  And we know there are plenty of North Texans struggling.  In our industry, we see fewer multiple purchase offers and less bidding over asking prices.  And for the first time in a long time, we see the days-on-market beginning to inch upward in a few of our submarkets.  Interest rates, prices and uncertainty are getting in the way. Demand for homes is still healthy (remember “jobs”) but off our peak levels, and this includes rental homes, up 21% year to date.  Our trend line is still moving upward, demand will continue to outstrip supply while builders continue to build and apartments continue to emerge.  Sellers are adjusting to the market and buyers are taking more time with decision-making.  I believe we are moving into a more stable and healthier market.  We are in a good place.

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.

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

YTD 22 vs 21:  Sales down 5%, median price up 20%, DOM 22, down 12%

Overall Condos Market (North Texas):

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

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

YTD 22 vs 21: Sales down 14%, median price up 13%, DOM 32, down 41%

Overall Townhome Market (North Texas):

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

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 30, down 25%

Single Family Home Sales Trends:

Jul 2020: 12,006 houses, $138/sf avg, 98% sold to asking

Jul 2021: 9593 houses, $171/sf avg, 103% sold to asking

Jul 2022: 8214houses, $205/sf avg, 101% sold to asking

Condo Sales Trends:

Jul 2020: 400 homes, $181/sf avg, 95% sold to asking

Jul 2021: 444 homes, $208/sf avg, 98% sold to asking

Jul 2022: 343 homes, $244/sf avg, 103% sold to asking

Townhomes Sales Trends: 

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

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

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

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

Dallas: Sales 717 vs 923, Median Price $246/sf vs $216/sf, Sold vs Asking 100%

Richardson: Sales 96 vs 114, Median Price $233/sf vs $186/sf, Sold vs Asking 102%

Plano:  Sales 239 vs 347, Median Price $217/sf vs $184/sf, Sold to Asking 102%

Frisco:  Sales 229 vs 326, Median Price $244/sf vs $193/sf, Sold to Asking 101%

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

University Park: Sales 11 vs 37, Median Price $561/sf vs $462/sf, Sold to Asking 101%

Southlake: Sales 50 vs 58, Median Price $341/sf vs $293/sf, Sold to Asking 106%

Colleyville: Sales 43 vs 52, Median Price $247/sf vs $216/sf, Sold to Asking 99%

Coppell: Sales 36 vs 62, Median Price $261/sf vs $202/sf, Sold to Asking 103%

Carrollton: Sales 94 vs 131, Median Price $219/sf vs $186/sf, Sold to Asking 102%

Farmers Branch: Sales 24 vs 29, Median Price $241/sf vs $196/sf, Sold to Asking 102%

Allen: Sales 134 vs 156, Median Price $221/sf vs $187/sf, Sold to Asking 102%

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 July, 2022

Texas is one of only four states that has exceeded its pre-pandemic level of employment, the others being Arizona, Utah and Idaho.  If there were just one metric you would want on your side to measure economic health, it would be this: strong employment aka Jobs. ...

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...

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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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