Our Dallas area sales data for October was generally negative but not without some encouraging results heading into the holidays. In my recent columns, I have alluded to the various factors creating a drag on our dependable housing growth, including rapidly rising interest rates and builders’ difficulty keeping up with demand. Potential sellers are discouraged from listing their homes with their low mortgage rates, making for fewer homes for sale and frustrating everyone. Builders and lenders are getting creative with financing incentives, but that only goes so far.
Still, it is not all doom and gloom, as many national publications would have you believe. Sales are occuring, just not enough to satisfy demand. For example, we sold 6161 single family homes in the DFW area last month, not bad but also not as strong as the 8542 homes sold in October 2021. In the city limits of Dallas, we sold 617 single family homes last month, only 60 homes fewer than in September. Overall in North Texas, sales of single family homes were off 7% vs the same time (October) last year, but condo sales were UP 6% and townhome sales UP a whopping 14%.
What about prices? If the recent 18 month sales slump was due to a deep recession and lack of demand, prices would be in a freefall. That hasn’t happened, and while prices have trickled down overall — 7% for October single family homes, 5% for townhomes, and 4% for condos, year-to-date median sales prices are down just 2% for single family homes and UP 1% on townhomes and UP 3% on condos. Maybe we are slowly turning the corner? Time will tell!
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):
Oct 23 vs 22: Sales down 7%, median price down 1%, DOM 44, up 16%
Sept 23 vs 22: Sales down 13%, median price unchanged, DOM 44, up 29%
Aug 23 vs 22: Sales down 8%, median price down 1%, DOM 40, up 60%
July 23 vs 22: Sales down 6%, median price down 3%, DOM 39, up 95%
June 23 vs 22: Sales down 4%, median price down 5%, DOM 30, up 45%
May 23 vs 22: Sales down 2%, median price down 5%, DOM 45, up 137%
Apr 23 vs 22: Sales down 8%, median price down 5%, DOM 52, up 160%
Mar 23 vs 22: Sales up 29%, median price up 4%, DOM 39, up 44%
Feb 23 vs 22: Sales up 1%, median price up 1%, DOM 40, up 48%
YTD 23 vs 22: Sales down 7%, median price down 2%, DOM 48, up 92%
Overall Condos Market (North Texas):
Oct 23 vs 22: Sales up 6%, median price down 4%, DOM 38, up 46%
Sept 23 vs 22: Sales down 24%, median price up 10%, DOM 36, up 20%
Aug 23 vs 22: Sales down 22%, median price down 3%, DOM 30, up 20%
July 23 vs 22: Sales down 19%, median price up 7%, DOM 31, up 63%.
June 23 vs 22: Sales down 10%, median price up 5%, DOM 24, up 4%
May 23 vs 22: Sales down 10%, median price unchanged, DOM 42, up 91%
Apr 23 vs 22: Sales down 22%, median price down 4%, DOM 34, up 62%
Mar 23 vs 22: Sales down 39%, median price up 8%, DOM 36, down 12%
Feb 23 vs 22: Sales down 34%, median price up 12%, DOM 51, up 4%.
YTD 23 vs 22: Sales down 23%, median price up 4%, DOM 36, up 16%.
Overall Townhome Market (North Texas):
Oct 23 vs 22: Sales up 14%, median price down 5%, DOM 45, up 5%
Sept 23 vs 22: Sales down 4%, median price down 10%, DOM 50, up 28%
Aug 23 vs 22: Sales up 7%, median price up 3%, DOM 54, up 69%
July 23 vs 22: Sales down 12%, median price up 1%, DOM 47, up 81%.
June 23 vs 22: Sales down 10%, median price down 1%, DOM 48, up 78%
May 23 vs 22: Sales up 4%, median price down 7%, DOM 42, up 67%
Apr 23 vs 22: Sales down 2%, median price up 2%, DOM 60, up 102%
Mar 23 vs 22: Sales down 7%, median price up 5%, DOM 66, up 89%.
YTD 23 vs 22: Sales down 5%, median price up 1%, DOM 56, up 81%.
Single Family Home Sales Trends:
Oct 2023: 6161 houses, $195/sf avg, 96% sold to asking
Oct 2022: 6627 houses, $195/sf avg, 96% sold to asking
Oct 2021: 8542 houses, $174/sf avg, 101% sold to asking
Condo Sales Trends:
Oct 2023: 237 homes, $249/sf avg, 96% sold to asking
Oct 2022: 233 homes, $241/sf avg, 98% sold to asking
Oct 2021: 414 homes, $197/sf avg, 98% sold to asking
Townhomes Sales Trends:
Oct 2023: 241 homes sold, $219/sf avg, 97% sold to asking
Oct 2022: 211 homes sold, $214/sf avg, 97% sold to asking
Oct 2021: 332 homes sold, $190/sf avg. 100% sold to asking
Here is a look at Single Family home sales by selected Cities for October 2023 vs 2022:
Dallas: Sales 617 vs 637, Median Price $240/sf vs $233/sf, Sold vs Asking 96%.
Richardson: Sales 59 vs 84, Median Price $226/sf vs $212/sf, Sold vs Asking 97%.
Plano: Sales 161 vs 204, Median Price $218/sf vs $212/sf, Sold to Asking 97%.
Frisco: Sales 149 vs 164, Median Price $242/sf vs $223/sf, Sold to Asking 96%.
Highland Park: 10 vs 5, Median Price $820/sf vs $619/sf, Sold to Asking 99%.
University Park: Sales 14 vs 6 , Median Price $571/sf vs $496/sf, Sold to Asking 95%.
Southlake: Sales 17 vs 28, Median Price $315/sf vs $336/sf, Sold to Asking 96%.
Colleyville: Sales 27 vs 24, Median Price $260/sf vs $248/sf, Sold to Asking 98%.
Coppell: Sales 25 vs 26, Median Price $244/sf vs $257/sf, Sold to Asking 95%.
Carrollton: Sales 70 vs 91, Median Price $211/sf vs $212/sf, Sold to Asking 98%.
Farmers Branch: Sales 15 vs 21, Median Price $234/sf vs $247/sf, Sold to Asking 97%.
Allen: Sales 80 vs 72, Median Price $217/sf vs $216/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