May home sales in the greater Dallas area were generally flat, under performing expectations given May’s typically stronger sales market during our spring season. Still, 8646 single family homes sold in North Texas neighborhoods, on par with year-ago May and 2 year-ago May. Dallas (city of) accounted for just under 10% of those home sales in May, or 838 sales. But…pending sales were up 11% from year-ago May, thanks to a 14% increase in new listings and a whopping 48% increase in listings overall.
Condo sales are still soft following last month’s bump, 6% lower and pending sales 18% lower than year ago. Townhome sales were 3% higher with no change in pending sales.
Prices were modestly higher in May, up 1% (+2% YTD) for single family homes, up 4%(+6% YTD) for condos, and unchanged for townhomes. And homes continue to sell close to asking price, 96%-100%, with Carrollton being the sole city on my list below averaging 100%.
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):
May 24 vs 23: Sales unchanged, median price up 1%, DOM 43, down 4%.
Apr 24 vs 23: Sales up 8%, median price up 3%, DOM 47, down 11%.
Mar 24 vs 23: Sales down 7%, median price up 2%, DOM 53, down 12%.
YTD 24 vs 23: Sales up 2%, median price up 1%, DOM 52, down 5%.
Overall Condos Market (North Texas):
May 24 vs 23: Sales down 6%, median price up 4%, DOM 49, up 17%.
Apr 24 vs 23: Sales up 4%, median price up 4%, DOM 52, up 58%.
Mar 24 vs 23: Sales down 21%, median price unchanged, DOM 43, up 13%.
YTD 24 vs 23: Sales down 11%, median price up 6%, DOM 50, up 22%.
Overall Townhome Market (North Texas):
May 24 vs 23: Sales up 1%, median price unchanged, DOM 53, down 13%.
Apr 24 vs 23: Sales up 2%, median price down 2%, DOM 58, down 5%.
Mar 24 vs 23: Sales down 9%, median price up 6%. DOM 51, down 22%.
YTD 24 vs 23: Sales up 1%, median price unchanged, DOM 53, down 13%.
Single Family Home Sales Trends:
May 2024: 8746 houses, $200/sf avg, 97% sold to asking
May 2023: 8739 houses, $197/sf avg, 98% sold to asking
May 2022: 8880 houses, $208/sf avg, 105% sold to asking
Condo Sales Trends:
May 2024: 317 homes, $250/sf avg, 95% sold to asking
May 2023: 336 homes, $250/sf avg, 97% sold to asking
May 2022: 373 homes, $240/sf avg, 105% sold to asking
Townhomes Sales Trends:
May 2024: 334 homes sold, $225/sf avg, 97% sold to asking
May 2023: 324 homes sold, $221/sf avg, 98% sold to asking
May 2022: 300 homes sold, $223/sf avg, 105% sold to asking
Here is a look at Single Family home sales by selected Cities for May 2024 vs 2023:
Dallas: Sales 838 vs 879, Median Price $254/sf vs $242/sf, Sold vs Asking 96%.
Richardson: Sales 96 vs 86, Median Price $233/sf vs $233/sf, Sold vs Asking 98%.
Plano: Sales 250 vs 204, Median Price $226/sf vs $220/sf, Sold to Asking 98%.
Frisco: Sales 222 vs 227, Median Price $259/sf vs $250/sf, Sold to Asking 98%.
Highland Park: 12 vs 10, Median Price $820/sf vs $623/sf, Sold to Asking 99%.
University Park: Sales 24 vs 26 , Median Price $661/sf vs $592/sf, Sold to Asking 96%.
Southlake: Sales 44 vs 52, Median Price $330/sf vs $328/sf, Sold to Asking 98%.
Colleyville: Sales 33 vs 32, Median Price $274/sf vs $272/sf, Sold to Asking 99%.
Coppell: Sales 31 vs 444, Median Price $256/sf vs $253/sf, Sold to Asking 99%.
Carrollton: Sales 104 vs 80, Median Price $224/sf vs $212/sf, Sold to Asking 100%.
Farmers Branch: Sales 38 vs 25, Median Price $242/sf vs $225/sf, Sold to Asking 98%.
Allen: Sales 109 vs 93, Median Price $223/sf vs $218/sf, Sold to Asking 97%.
If you would like information for another city, call, email or text me!
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540