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