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BOB’S MARKET UPDATE

BOB’S DALLAS REAL ESTATE UPDATE

Dallas Home Sales Stats for January, 2024

We are off to a good start! Sales of single family homes in North Texas were up 14% in January and in the Dallas County portion, up 22% year over year.  Median sales prices inched ahead as well, up 1%, breaking a several months-long losing streak.  Dallas County saw a 6% gain in median sales prices.  Townhome sales also lurched forward, up 10% versus year ago January in North Texas and 20% in Dallas County.

January closings are generated from December contracts for the most part, and it was in December when we experienced a slight reduction in mortgage interest rates to the mid-6% range.  In December 2022, rates were still on the rise, depressing January 2023 sales activity.  The combination of these two interest rate moves created the favorable year-over-year sales response we just witnessed.  But we’ll take it and keep routing for more of the same.

Check out last month’s performance in selected sub markets in the list below. Only sales transacted through the MLS are recorded, so sales are always understated to a small extent.

Overall Single Family Market (North Texas):

Jan 24 vs 23: Sales up 14%, median price up 1%, DOM 59, unchanged

Dec 23 vs 22: Sales down 4%, median price unchanged, DOM 44, up 16%

Nov 23 vs 22: Sales down 4%, median price down 1%, DOM 46, up 5%

YTD 24 vs 23: Sales up 14%, median price up 1%, DOM 59, unchanged

Overall Condos Market (North Texas):

Jan 24 vs 23: Sales down 14%, median price up 26%, DOM 62, up 27%.

Dec 23 vs 22: Sales down 22%, median price up 4%, DOM 44, up 16%

Nov 23 vs 22: Sales up 1%, median price up 15%, DOM 34, down 17%

YTD 24 vs 23: Sales down 14%, median price up 26%, DOM 62, up 27%.

Overall Townhome Market (North Texas):

Jan 24 vs 23: Sales up 10%, median price down 2%, DOM 55, down 34%.

Dec 23 vs 22: Sales down 37%, median price unchanged, DOM 56, down 3%

Nov 23 vs 22: Sales down 7%, median price unchanged, DOM 54, down 4%

YTD 24 vs 23: Sales up 10%, median price down 2%, DOM 55, down 34%.

Single Family Home Sales Trends:

Jan 2024: 4970 houses, $191/sf avg, 95% sold to asking

Jan 2023: 4376 houses, $188/sf avg, 94% sold to asking

Jan 2022: 5929 houses, $181/sf avg, 101% sold to asking

Condo Sales Trends:

Jan 2024: 158 homes, $265/sf avg, 94% sold to asking

Jan 2023: 184 homes, $211/sf avg, 97% sold to asking

Jan 2022: 291 homes, $220/sf avg, 98% sold to asking

Townhomes Sales Trends: 

Jan 2024: 188 homes sold, $216/sf avg, 96% sold to asking

Jan 2023: 171 homes sold, $219/sf avg, 96% sold to asking

Jan 2022: 229 homes sold, $201/sf avg. 100% sold to asking

Here is a look at Single Family home sales by selected Cities for January 2024 vs 2023:

Dallas: Sales 508 vs 353, Median Price $217/sf vs $213/sf, Sold vs Asking 95%.

Richardson: Sales 54 vs 42, Median Price $219/sf vs $227/sf, Sold vs Asking 96%.

Plano:  Sales 121 vs 110, Median Price $215/sf vs $202/sf, Sold to Asking 96%.

Frisco:  Sales 111 vs 125, Median Price $229/sf vs $238/sf, Sold to Asking 96%.

Highland Park: 7 vs 5, Median Price $632/sf vs $986/sf, Sold to Asking 83%.

University Park: Sales 5 vs 5 , Median Price $670/sf vs $462/sf, Sold to Asking 98%.

Southlake: Sales 16 vs 15, Median Price $326/sf vs $294/sf, Sold to Asking 93%.

Colleyville: Sales 12 vs 26, Median Price $221/sf vs $249/sf, Sold to Asking 93%.

Coppell: Sales 20 vs 14, Median Price $264/sf vs $228/sf, Sold to Asking 95%.

Carrollton: Sales 49 vs 45, Median Price $225/sf vs $200/sf, Sold to Asking 94%.

Farmers Branch: Sales 22 vs 11, Median Price $227/sf vs $228/sf, Sold to Asking 93%.

Allen: Sales 63 vs 44, Median Price $205/sf vs $218/sf, Sold to Asking 96%.

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 January, 2024

We are off to a good start! Sales of single family homes in North Texas were up 14% in January and in the Dallas County portion, up 22% year over year.  Median sales prices inched ahead as well, up 1%, breaking a several months-long losing streak.  Dallas County saw a...

Dallas Home Sales Stats for December and 2023

The Year 2023 is in the books, and for most home buyers and sellers, reason to look forward to 2024.  December sales of single family homes in the greater Dallas area were down 4% from a year ago, with median sales prices holding steady.  For the full year, home sales...

Dallas Home Sales Stats for October 2023

Our Dallas area sales data for October was generally negative but not without some encouraging results heading into the holidays.  In my recent columns, I have alluded to the various factors creating a drag on our dependable housing growth, including rapidly rising...

Dallas Home Sales Stats for Sept 2023

It's anyone's guess where mortgage interest rates are headed.  Last January, the chief economist for the National Association of Realtors felt pretty good about low 6's and even 5% by year end.  He is a smart guy, and I parroted him in this newsletter back then. ...

Dallas Home Sales Stats for Jul/Aug 2023

With summer officially behind us, we see on paper the impact higher interest rates and low inventory had and continues to have on home sales.  That double-whammy of scarcity and 7% mortgage rates kept a lot of potential home buyers on the fence, while discouraging...

Dallas Home Sales Stats for June, 2023

We just emerged from the Spring Market, and as expected it was not our best.  Half way through the year, single family home sales are down 6%, townhome sales down 7%, and condo sales down 24%.  It appears the trend is starting to level out as it begins its inevitable...

Dallas Home Sales Stats for March/April, 2023

Our market is doing a pretty good job combatting the evils of higher interest rates and low inventory.  Overall single family sales were down 8% in April vs year ago, following a nice runup in March, when sales were 29% higher than in March '22.  Year to date, median...

Dallas Home Sales Stats for February, 2023

Ready for some good news?  Dallas area home sales were UP in February.  After eleven consecutive months of lower sales, mostly double-digit declines, we managed to squeeze out a 1% increase vs year ago February.  It is an achievement not every major city in the...

Dallas Home Sales Stats for January, 2023

Dallas area home sales in January were 27% lower than this time last year, as mortgage rates continued to discourage potential home buyers.  Mortgage rates have settled into a somewhat steady pace since mid-December, hovering around 6.5% for conventional loans (<...

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. ...

BOB’S COMMUNITIES

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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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