It’s anyone’s guess where mortgage interest rates are headed. Last January, the chief economist for the National Association of Realtors felt pretty good about low 6’s and even 5% by year end. He is a smart guy, and I parroted him in this newsletter back then. Oops. Now at and around 8%, it’s another reminder not to get into the predicting game. The Rangers going to the World Series would have been a better bet! So here we are with single family home sales off 13% in Dallas in September, condo sales off 24% and townhome sales down 4%. And we are entering the slower sales season.
But while sales are off, demand for housing here is not. Year-to-date, condo prices are up 4%, townhome prices are up 1%, and single family home prices down jus 2%. Sellers fortunate enough to have a place to go are getting it done, with 6735 single family homes closed in September. Buyers are making it happen, with creative financing, builder incentives, and cash. Renters are busy as well, with leases up double digits again the month. Buying and Selling will not grind to a halt. It may be frustrating and difficult , but stay with it–it’s doable!
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%.
May 23 vs 22: Sales down 2%, median price down 5%, DOM 45, up 137%
June 23 vs 22: Sales down 4%, median price down 5%, DOM 30, up 45%
July 23 vs 22: Sales down 6%, median price down 3%, DOM 39, up 95%
Aug 23 vs 22: Sales down 8%, median price down 1%, DOM 40, up 60%.
Sept 23 vs 22: Sales down 13%, median price unchanged, DOM 44, up 29%.
YTD 23 vs 22: Sales down 7%, median price down 2%, DOM 49, up 104%.
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%.
May 23 vs 22: Sales down 10%, median price unchanged, DOM 42, up 91%.
June 23 vs 22: Sales down 10%, median price up 5%, DOM 24, up 4%.
July 23 vs 22: Sales down 19%, median price up 7%, DOM 31, up 63%.
Aug 23 vs 22: Sales down 22%, median price down 3%, DOM 30, up 20%.
Sept 23 vs 22: Sales down 24%, median price up 10%, DOM 36, up 20%
YTD 23 vs 22: Sales down 23%, median price up 4%, DOM 36, up 16%.
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%.
May 23 vs 22: Sales up 4%, median price down 7%, DOM 42, up 67%.
June 23 vs 22: Sales down 10%, median price down 1%, DOM 48, up 78%.
July 23 vs 22: Sales down 12%, median price up 1%, DOM 47, up 81%.
Aug 23 vs 22: Sales up 7%, median price up 3%, DOM 54, up 69%.
Sept 23 vs 22: Sales down 4%, median price down 10%, DOM 50, up 28%.
YTD 23 vs 22: Sales down 5%, median price up 1%, DOM 56, up 81%.
Single Family Home Sales Trends:
Sep 2023: 8009 houses, $198/sf avg, 98% sold to asking
Sep 2022: 8727 houses, $208/sf avg, 103% sold to asking
Sep 2021: 9663 houses, $171/sf avg, 104% sold to asking
Condo Sales Trends:
Sep 2023: 267 homes, $248/sf avg, 99% sold to asking
Sep 2022: 342 homes, $245/sf avg, 103% sold to asking
Sep 2021: 452 homes, $205/sf avg, 98% sold to asking
Townhomes Sales Trends:
Sep 2023: 318 homes sold, $223/sf avg, 98% sold to asking
Sep 2022: 296 homes sold, $230/sf avg, 103% sold to asking
Sep 2021: 341 homes sold, $187/sf avg. 101% sold to asking
Here is a look at Single Family home sales by selected Cities for August 2023 vs 2022:
Dallas: Sales 603 vs 729, Median Price $238/sf vs $233/sf, Sold vs Asking 96%.
Richardson: Sales 73 vs 80, Median Price $235/sf vs $210/sf, Sold vs Asking 98%.
Plano: Sales 166 vs 222, Median Price $224/sf vs $214/sf, Sold to Asking 97%.
Frisco: Sales 180 vs 176, Median Price $248/sf vs $238/sf, Sold to Asking 97%.
Highland Park: 1 vs 11, Median Price $1247/sf vs $1041/sf, Sold to Asking 100%.
University Park: Sales 13 vs 9 , Median Price $654/sf vs $532/sf, Sold to Asking 97%.
Southlake: Sales 19 vs 33, Median Price $310/sf vs $285/sf, Sold to Asking 94%.
Colleyville: Sales 24 vs 31, Median Price $265/sf vs $253/sf, Sold to Asking 95%.
Coppell: Sales 29 vs 33, Median Price $262/sf vs $237/sf, Sold to Asking 98%.
Carrollton: Sales 85 vs 105, Median Price $225/sf vs $210/sf, Sold to Asking 98%.
Farmers Branch: Sales 16 vs 22, Median Price $230/sf vs $234/sf, Sold to Asking 98%.
Allen: Sales 66 vs 95, Median Price $217/sf vs $215/sf, Sold to Asking 97.5%.
If you would like information for another city, call, email or text me!
Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540