Our market is doing a pretty good job combatting the evils of higher interest rates and low inventory. Overall single family sales were down 8% in April vs year ago, following a nice runup in March, when sales were 29% higher than in March ’22. Year to date, median sales prices are just 1% lower than in the first four months of last year, beating predictions from almost everyone. What continues to support the greater Dallas real estate market is demand. Lots of people are moving here, for lots of reasons. Lots of people are tired of renting. And lots of younger people are ready to get on with their lives. Dallas is in a good place economically. And the long term outlook is quite positive.
We also have a lot of people enjoying the low interest rates they locked into two and more years ago. This is a large part of our inventory problem, and it will keep a lid on the availability of homes, while at the same time providing support for prices. But we are seeing a normalization to interest rates, and that has helped ease the shock of a year ago as we get accustomed to the new reality. I think that May and the summer months will report improved year-over-year sales numbers, as last summer was when the full impact of the inflation fighting interest rates were felt.
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%.
Mar 23 vs 22: Sales up 29%, median price up 4%, DOM 39, up 44%.
Apr 23 vs 22: Sales down 8%, median price down 5%, DOM 52, up 160%.
YTD 23 vs 22: Sales down 7%, median price down 1%, DOM 59 up 136%.
Overall Condos Market (North Texas):
Feb 23 vs 22: Sales down 34%, median price up 12%, DOM 51, up 4%.
Mar 23 vs 22: Sales down 39%, median price up 8%, DOM 36, down 12%.
Apr 23 vs 22: Sales down 22%, median price down 4%, DOM 34, up 62%..
YTD 23 vs 22: Sales down 31%, median price up 2%, DOM 42, up 5%.
Overall Townhome Market (North Texas):
Feb 23 vs 22: Sales down 6%, median price up 6%, DOM 65, up 76%.
Mar 23 vs 22: Sales down 7%, median price up 5%, DOM 66, up 89%.
Apr 23 vs 22: Sales down 2%, median price up 2%, DOM 60, up 102%.
YTD 23 vs 22: Sales down 9%, median price up 4%, DOM 67, up 103%.
Single Family Home Sales Trends:
Apr 2023: 7429 houses, $195/sf avg, 97% sold to asking
Apr 2022: 8047 houses, $204/sf avg, 106% sold to asking
Apr 2021: 8708 houses, $160/sf avg, 102% sold to asking
Condo Sales Trends:
Apr 2023: 293 homes, $238/sf avg, 99% sold to asking
Apr 2022: 374 homes, $237/sf avg, 104% sold to asking
Apr 2021: 543 homes, $197/sf avg, 97% sold to asking
Townhomes Sales Trends:
Apr 2023: 306 homes sold, $222/sf avg, 98% sold to asking
Apr 2022: 313 homes sold, $221/sf avg, 105% sold to asking
Apr 2021: 359 homes sold, $188/sf avg. 101% sold to asking
Here is a look at Single Family home sales by selected Cities for April 2023 vs 2022:
Dallas: Sales 704 vs 850, Median Price $236/sf vs $244/sf, Sold vs Asking 97%
Richardson: Sales 80 vs 89, Median Price $226/sf vs $234/sf, Sold vs Asking 98%
Plano: Sales 189 vs 255, Median Price $224/sf vs $231/sf, Sold to Asking 100%
Frisco: Sales 177 vs 240, Median Price $246/vs $255/sf, Sold to Asking 99%
Highland Park: Sales 9 vs 12, Median Price $905/sf vs $610/sf, Sold to Asking 97%
University Park: Sales 11 vs 21, Median Price $623/sf vs $594/sf, Sold to Asking 98%
Southlake: Sales 32 vs 40, Median Price $322/sf vs $329/sf, Sold to Asking 99%
Colleyville: Sales 22 vs 33, Median Price $241/sf vs $267/sf, Sold to Asking 97%
Coppell: Sales 24 vs 40, Median Price $247/sf vs $244/sf, Sold to Asking 102%
Carrollton: Sales 89 vs 89, Median Price $216/sf vs $227/sf, Sold to Asking 100%
Farmers Branch: Sales 19 vs 94, Median Price $242/sf vs $244/sf, Sold to Asking 98%
Allen: Sales 93 vs 98, Median Price $223/sf vs $234/sf, Sold to Asking 100%
If you would like information for another city, call, email or text me!
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540