The pool of active agents in Dallas shrank by more than 30 percent in the fourth quarter of 2022, compared to the same period the previous year, according to a report by AgentStory, a Miami-based company that tracks agents and their deals.
The report found that Dallas had 3,240 active agents as of the fourth quarter, down 1,500 agents, year-over-year. AgentStory defines active agents as listing, co-listing and buyer’s agents involved in residential sales in the quarter. Essentially, that’s how many realtors are making money.
A boom of realtors joining the market in the past few years likely led to higher numbers and thus a potential for higher drop-off, Collin County Association of Realtors President Shana Acquisto said.
“In 2020, ‘real estate agent’ was the most searched profession, according to Google. The interest led to an influx of professionals joining the industry from 2020 to 2022. Some found success, and no doubt some found frustration,” Acquisto said. “Real estate is not an instant paycheck. It takes dedication, a drive to learn and a commitment to excellence.”
Average days on the market in 2022 was slightly up compared to 2021, increasing 7 percent during Q4 last year, from 29 days in 2021 to 31 days in 2022.
Despite a decrease in market activity, housing costs remained high, the report shows. Average home sales prices in Dallas reached $583,000 in the fourth quarter of 2022, a 10 percent increase year-over-year.
While annual prices are up comparatively, home costs across DFW declined 1.1 percent from October to November, the fifth consecutive month in a downward trend, according to the S&P CoreLogic Case-Shiller Index. DFW prices hit the highest totals last June but have declined an overall 6.6 percent since then.
National optimism is leading into 2023 as many economists project mortgage rates will begin to steady. Average rates for 30-year fixed mortgages were holding over 7 percent in October but have fallen to 6.1 percent as of January, according to Freddie Mac data. But rates are still up well over 3 percent compared to the buying boom a year ago that flooded North Texas with prospective buyers.
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