Dallas home sales in June continued to be softer than what we have been used to, with single family homes sales off 8% vs year ago, townhome sales off 10% and condo sales off 33%. After a two-year wild ride, we seem to be getting closer to normalcy. While there are homes still selling for more than asking, single family homes sales area-wide (North Texas) came in at 98% of list, reflecting a bit more discounting than we’ve seen in a while. A bump in listings and higher interest rates are responsible for much of this reaction.
Prices in the urban and closer in suburban markets are holding up very nicely, and while buyers are able to actually negotiate now, homes in these submarkets are still selling on average for slightly more than asking (see below). Days on Market (DOM) are still shrinking. Demand so far has been steady, even in the face of rising interest rates. Companies are continuing to relocate here, bringing their workforce with them. We seem to be weathering the economic storm right now. We are in a good place in Dallas and Texas.
Check out the new “area” definitions in the list below:
Overall Single Family Market (North Texas):
Jun 22 vs 21: Sales down 8%, median price up 20%, DOM 18, unchanged.
May 22 vs 21: Sales unchanged, median price up 23%, DOM 19, down 10%
YTD 22 vs 21: Sales down 3%, median price up 21%, DOM 22, down 15%
Overall Condos Market (North Texas):
Jun 22 vs 21: Sales down 33%, median price up 18%, DOM 23, down 50%
May 22 vs 21: Sales down 16%, median price up 12%, DOM 23, down 52%
YTD 22 vs 21: Sales down 12%, median price up 17%, DOM 35, down 36%
Overall Townhome Market (North Texas):
Jun 22 vs 21: Sales down 10%, median price up 20%, DOM 26, down 21%
May 22 vs 21: Sales down 5%, median price up 23%, DOM 27, down 16%
YTD 22 vs 21: Sales down 10%, median price up 20%, DOM 31, down 26%
Single Family Home Sales Trends:
Jun 2020: 10,462 houses, $137/sf avg, 98% sold to asking
Jun 2021: 9907 houses, $169/sf avg, 104% sold to asking
Jun 2022: 9133 houses, $208/sf avg, 103% sold to asking
Condo Sales Trends:
Jun 2020: 313 homes, $184/sf avg, 95% sold to asking
Jun 2021: 516 homes, $206/sf avg, 103% sold to asking
Jun 2022: 347 homes, $245/sf avg, 103% sold to asking
Townhomes Sales Trends:
Jun 2020: 278 homes sold, $153/sf avg, 96% sold to asking
Jun 2021: 368 homes sold, $187/sf avg, 101% sold to asking
Jun 2022: 331 homes sold, $232/sf avg. 103% sold to asking
Here is a look at Single Family home sales by selected Cities for May YTD 2022 vs 2021:
Dallas: Sales 900 vs 1002, Median Price $261/sf vs $215/sf, Sold vs Asking 105%
Richardson: Sales 101 vs 117, Median Price $239/sf vs $186/sf, Sold vs Asking 105%
Plano: Sales 270 vs 338, Median Price $228/sf vs $180/sf, Sold to Asking 106%
Frisco: Sales 241 vs 353, Median Price $263/sf vs $194/sf, Sold to Asking 105%
Highland Park: Sales 12 vs 15, Median Price $635/sf vs $542/sf, Sold to Asking 101%
University Park: Sales 14 vs 34, Median Price $546/sf vs $460/sf, Sold to Asking 100%
Southlake: Sales 53 vs 54, Median Price $349/sf vs $267/sf, Sold to Asking 105%
Colleyville: Sales 36 vs 53, Median Price $265/sf vs $215/sf, Sold to Asking 103%
Coppell: Sales 46 vs 65, Median Price $236/sf vs $198/sf, Sold to Asking 106%
Carrollton: Sales 127 vs 133, Median Price $224/sf vs $181/sf, Sold to Asking 108%
Farmers Branch: Sales 33 vs 32, Median Price $241/sf vs $194/sf, Sold to Asking 103%
Allen: Sales 125 vs 186, Median Price $232/sf vs $179/sf, Sold to Asking 107%
If you would like information for another city, call, email or text me!
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540