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 country can point to. In fact, sales in Houston were down 23% last month. The DFW economy, along with the five month slide in mortgage rates, can take credit for this welcome news. My Allie Beth Allman & Assoc office had its best February in history. So this is a good sign, but it doesn’t mean we are out of the woods yet. Earlier in this month of March, interest rates for the 30-year conventional loans breached the 7% ceiling again, although 20-year and 15-year loans, jumbo rates (loans in excess of $726K) and VA and FHA rates are still available in the 5’s and 6’s at this time.
Not every market saw sales increases or higher median prices than a year ago, although the sold-to-ask ratios improved in most areas. Of the twelve cities singled out below, only Dallas, Coppell and Farmers Branch had lower sales of single family homes than year ago February. Despite the shortfall in Dallas, we still saw a positive February. Median sales prices tended to be lower than a year ago in 7 of the 12 cities on the list below, but not all, another encouraging sign. The Fed is still fighting inflation, and good job creation numbers like those we have been seeing (always good news), tend to work against our goal of lower interest rates as the Fed would like to cool the economy with higher rates. Hopefully we can get back to the days of both a strong economy and low inflation (rates) which we had a short time ago.
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):
Feb 23 vs 22: Sales up 1%, median price up 1%, DOM 40, up 48%.
Jan 23 vs 22: Sales down 27%, median price up 4%, DOM 40, up 54%.
Dec 22 vs 21: Sales down 30%, median price up 10%, DOM 44, up 76%.
YTD 23 vs 22: Sales down 12%, median price up 3%, DOM 61 up 118%.
Overall Condos Market (North Texas):
Feb 23 vs 22: Sales down 34%, median price up 12%, DOM 51, up 4%
Jan 23 vs 22: Sales down 38%, median price down 8%, DOM 49, down 8%.
Dec 22 vs 21: Sales down 49%, median price down 2%, DOM 40, down 13%..
YTD 23 vs 22: Sales down 36%, median price down 1%, DOM 50, down 2%.
Overall Townhome Market (North Texas):
Feb 23 vs 22: Sales down 6%, median price up 6%, DOM 65, up 76%.
Jan 23 vs 22: Sales down 30%, median price up 8%, DOM 86, up 146%.
Dec 22 vs 21: Sales down 16%, median price up 17%, DOM 57, up 68%.
YTD 23 vs 22: Sales down 16%, median price up 8%, DOM 73, up 103%.
Single Family Home Sales Trends:
Feb 2023: 6247 houses, $189/sf avg, 94% sold to asking
Feb 2022: 6177 houses, $188/sf avg, 103% sold to asking
Fed 2021: 6056 houses, $151/sf avg, 99% sold to asking
Condo Sales Trends:
Feb 2023: 235 homes, $236/sf avg, 96% sold to asking
Feb 2022: 358 homes, $219/sf avg, 100% sold to asking
Feb 2021: 291 homes, $190/sf avg, 94% sold to asking
Townhomes Sales Trends:
Feb 2023: 226 homes sold, $223/sf avg, 96% sold to asking
Feb 2022: 240 homes sold, $209/sf avg, 103% sold to asking
Feb 2021: 270 homes sold, $172/sf avg. 98% sold to asking
Here is a look at Single Family home sales by selected Cities for January 2023 vs 2022:
Dallas: Sales 566 vs 671, Median Price $231/sf vs $225/sf, Sold vs Asking 95%
Richardson: Sales 72 vs 56, Median Price $222/sf vs $217/sf, Sold vs Asking 97%
Plano: Sales 166 vs 132, Median Price $210/sf vs $215/sf, Sold to Asking 96%
Frisco: Sales 168 vs 134, Median Price $234/vs $234/sf, Sold to Asking 96%
Highland Park: Sales 5 vs 9, Median Price $674/sf vs $534/sf, Sold to Asking 93%
University Park: Sales 11 vs 9, Median Price $580/sf vs $519/sf, Sold to Asking 100%
Southlake: Sales 19 vs 16, Median Price $306/sf vs $326/sf, Sold to Asking 95%
Colleyville: Sales 25 vs 19, Median Price $244/sf vs $252/sf, Sold to Asking 93%
Coppell: Sales 18 vs 23, Median Price $229/sf vs $246/sf, Sold to Asking 97%
Carrollton: Sales 78 vs 71, Median Price $210/sf vs $216/sf, Sold to Asking 96%
Farmers Branch: Sales 12 vs 25, Median Price $214/sf vs $221/sf, Sold to Asking 97%
Allen: Sales 84 vs 72, Median Price $199/sf vs $217/sf, Sold to Asking 94%
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