We have analyzed the market for properties located in Argyle,TX. We looked at four different areas in each market: Median Sale Price, Number of Sales, Number of Foreclosures, and Months of Inventory.
The city of Argyle is a small community located approximately 30 miles northeast of Fort Worth and 40 miles northwest of Dallas. The town of Argyle is centrally located in Denton County and is just 7 miles south of Denton, the county seat of Denton. The area has rich sandy soil which is desirable for horse ranches. The city has a population of 3,561 per 2013 Census data which is an increase from this sign.
The median sale price of sales within Argyle has shown steady increases since 2009. The median sale price peaked in 2007 at $349,000 and in 2014 the median sale price was back at the same level and has increased so far in 2015.
The total number of sales or volume was on the decline since 2007. The number of sales bottomed out in 2011 and has been on the rise each year since. The number of sales in 2015 is on track for similar levels by the end of the year.
The number of Foreclosure/REO sales has not been high at any year. These are only the reported foreclosure sales within the NTREIS MLS database. The highest number of foreclosures was at the peak in 2012 and it has steadily dropped since. There have been no reported foreclosure/REO sales in the MLS for Argyle for 2015.
This chart shows the number of months of inventory for each month each year. When inventories are high, typically prices with decline. When inventories are low, prices are higher based on simple supply and demand principles. The inventories began to increase in 2008 and peaked at the end of 2011. Inventories have begun to decrease as prices have increased since 2012.
The overall market trends for Argyle are up with an increase in median sale prices, higher volume, decrease in foreclosure sales and lower inventories. Mortgage rates have been at historic lows for quite some time hovering around 4%. We will continue to watch to market to see how an increase in rates or inventory will impact the Argyle market.
*All Data is from the North Texas Real Estate Information Systems, Inc.
Disclaimer: All information deemed reliable but not guaranteed. The information is meant entirely for educational purposes and casual reading only and is NOT intended for any other use. This information is NOT intended to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or other potential real estate or non real estate purpose. If you’d like to obtain additional information or order an appraisal for your specific needs, please contact us at www.dwslaterco.com.