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