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 (< $726,200 borrowed) and the upper 5%’s for jumbo financing. This is positive news in a sense, as it may indicate we are going to continue on a bumpy path to lower rates this year. Anything can happen of course, but it does reinforce the NAR’s prediction that we won’t revisit 7% again. The difference between a 6.5% rate and last year’s 3.5% rate is $915/month for a $500,000 loan, and first-time home buyers are having a harder time qualifying for that loan now. Nevertheless, home sales continue. My Allie Beth Allman office, for example, saw a bigger sales month in January than a year ago and is forecasting the same for February.
Overall Dallas sales in January were down, as noted, but still with a median sales price 4% higher than in Jan 22. Of course, we recall that this time last year the median sales price was 21% higher than in 2021. So, most longer term homeowners considering a sale today still have lots of equity and will do well. In the city of Dallas, as well as in many cities, the sold price per square foot is also higher than last January (see below for selected cities). With our Spring Market around the corner, we expect demand to remain strong and hope we will see more homes become available to meet that demand.
Check out last month’s performance in selected sub markets in the list below:
Overall Single Family Market (North Texas):
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%.
Nov 22 vs 21: Sales down 22%, median price up 11%, DOM 38, up 65%.
YTD 23 vs 22: Sales down 27%, median price up 4%, DOM 40, up 54%.
Overall Condos Market (North Texas):
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%.
Nov 22 vs 21: Sales down 42%, median price up 23%, DOM 26, down 37%.
YTD 23 vs 22: Sales down 38%, median price down 8%, DOM 49, down 8%.
Overall Townhome Market (North Texas):
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%.
Nov 22 vs 21: Sales down 37%, median price up 18%, DOM 43, up 26%.
YTD 22 vs 21: Sales down 30%, median price up 8%, DOM 86, up 146%.
Single Family Home Sales Trends:
Jan 2023: 4302 houses, $188/sf avg, 94% sold to asking
Jan 2022: 5925 houses, $181/sf avg, 101% sold to asking
Jan 2021: 5942 houses, $145/sf avg, 99% sold to asking
Condo Sales Trends:
Jan 2023: 179 homes, $210/sf avg, 97% sold to asking
Jan 2022: 291 homes, $220/sf avg, 98% sold to asking
Jan 2021: 248 homes, $179/sf avg, 94% sold to asking
Townhomes Sales Trends:
Jan 2023: 160 homes sold, $219/sf avg, 96% sold to asking
Jan 2022: 229 homes sold, $202/sf avg, 100% sold to asking
Jan 2021: 233 homes sold, $169/sf avg. 97% sold to asking
Here is a look at Single Family home sales by selected Cities for January 2023 vs 2022:
Dallas: Sales 347 vs 587, Median Price $217/sf vs $212/sf, Sold vs Asking 93%
Richardson: Sales 42 vs 69, Median Price $219/sf vs $205/sf, Sold vs Asking 96%
Plano: Sales 110 vs 160, Median Price $201/sf vs $202/sf, Sold to Asking 94%
Frisco: Sales 127 vs 125, Median Price $238/vs $227/sf, Sold to Asking 94%
Highland Park: Sales 4 vs 7, Median Price $985/sf vs $638/sf, Sold to Asking 93%
University Park: Sales 4 vs 4, Median Price $537/sf vs $578/sf, Sold to Asking 94%
Southlake: Sales 15 vs 23, Median Price $294/sf vs $283/sf, Sold to Asking 93%
Colleyville: Sales 26 vs 19, Median Price $249/sf vs $234/sf, Sold to Asking 93%
Coppell: Sales 14 vs 21, Median Price $227/sf vs $216/sf, Sold to Asking 95%
Carrollton: Sales 46 vs 64, Median Price $200/sf vs $203/sf, Sold to Asking 94%
Farmers Branch: Sales 12 vs 20, Median Price $218/sf vs $206/sf, Sold to Asking 95%
Allen: Sales 45 vs 64, Median Price $218/sf vs $200/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