BOB EDMONSON
REAL ESTATE PROFESSIONAL

Home sales in 2024 are lackluster at best, with first quarter results unchanged from year ago for single family homes.  For March specifically, single family home sales for the North Texas MLS market were 7% lower than last year, for Dallas County down 2%, Tarrant County down 5%, Collin County down 5%, and Denton County down 14%.  Median sales prices for the first quarter were up a modest 1% vs year ago.

Despite our position in the middle of the normally robust Spring Market selling season, we are finding in difficult to keep pace with last year’s activity.  This should not be surprising, as the reasons for this slower sales activity makes headlines pretty regularly.  We are presently dealing with mortgage interest rates that are not retreating as had been widely expected, meaning a good chance of no interest rate cuts by the Fed this year.  Inflation has actually ticked up 3.5% as of this writing, whereas the Fed had hoped to reach its goal of 2%.  Conditions do change, and they will, but for the time being, buyers are having a hard time qualifying for the size mortgage needed to buy their desired home.  Compounding the problem is the seller market not willing (understandably) to abandon the 2-4% mortgages and unable to find a home that meets their criteria in this skinny market.

The buyer demand is there.  Single Family home leases are higher in number, up 2%, and townhome leases are 10% higher system-wide.  Improved sales results will continue to depend on affordability.  If you are looking   to buy, many lenders are getting more creative to make it work for you.  Don’t hesitate to have a conversation.  They, too, want to see more sales!

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):

Jan 24 vs 23: Sales up 14%, median price up 1%, DOM 59, unchanged.

Feb 24 vs 23: Sales down 1%, median price up 2%, DOM 61, down 3%.

Mar 24 vs 23: Sales down 7%, median price up 2%, DOM 53, down 12%.

YTD 24 vs 23: Sales unchanged, median price up 1%, DOM 58, down 5%.

Overall Condos Market (North Texas):

Jan 24 vs 23: Sales down 14%, median price up 26%, DOM 62, up 27%.

Feb 24 vs 23: Sales down 18%, median price down 3%, DOM 48, down 6%.

Mar 24 vs 23: Sales down 21%, median price unchanged, DOM 43, up 13%.

YTD 24 vs 23: Sales down 19%, median price up 8%, DOM 50, up 11%.

Overall Townhome Market (North Texas):

Jan 24 vs 23: Sales up 10%, median price down 2%, DOM 55, down 34%.

Feb 24 vs 23: Sales up 3%, median price up 3%, 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 10%, median price down 2%, DOM 55, down 34%.

Single Family Home Sales Trends:

Mar 2024: 7487 houses, $196/sf avg, 96% sold to asking

Mar 2023: 8011 houses, $191/sf avg, 96% sold to asking

Mar 2022: 8001 houses, $196/sf avg, 105% sold to asking

Condo Sales Trends:

Mar 2024: 233 homes, $249/sf avg, 96% sold to asking

Mar 2023: 296 homes, $238/sf avg, 97% sold to asking

Mar 2022: 426 homes, $234/sf avg, 101% sold to asking

Townhomes Sales Trends: 

Mar 2024: 259 homes sold, $222/sf avg, 97% sold to asking

Mar 2023: 285 homes sold, $219/sf avg, 97% sold to asking

Mar 2022: 308 homes sold, $213/sf avg. 104% sold to asking

Here is a look at Single Family home sales by selected Cities for March 2024 vs 2023:

Dallas: Sales 698 vs 701, Median Price $244/sf vs $222/sf, Sold vs Asking 96%.

Richardson: Sales 79 vs 73, Median Price $245/sf vs $199/sf, Sold vs Asking 98%.

Plano:  Sales 191 vs 177, Median Price $228/sf vs $217/sf, Sold to Asking 98%.

Frisco:  Sales 172 vs 195, Median Price $248/sf vs $238/sf, Sold to Asking 98%.

Highland Park: 12 vs 7, Median Price $784/sf vs $636/sf, Sold to Asking 95%.

University Park: Sales 13 vs 11 , Median Price $537/sf vs $484/sf, Sold to Asking 99%.

Southlake: Sales 27 vs 36, Median Price $346/sf vs $306/sf, Sold to Asking 98%.

Colleyville: Sales 26 vs 18, Median Price $255/sf vs $255/sf, Sold to Asking 98%.

Coppell: Sales 24 vs 22, Median Price $262/sf vs $239/sf, Sold to Asking 95%.

Carrollton: Sales 73 vs 91, Median Price $223/sf vs $218/sf, Sold to Asking 98%.

Farmers Branch: Sales 23 vs 25, Median Price $246/sf vs $228/sf, Sold to Asking 95%.

Allen: Sales 63 vs 44, Median Price $205/sf vs $218/sf, Sold to Asking 96%.

If you would like information for another city, call, email or text me!

Bob Edmonson, Allie Beth Allman & Associates, 214-563-8540