July Newsletter

JULY NEWSLETTER

We are in the middle of summer and summertime heat in North Texas! We hope that you are able take a little time this summer to enjoy some time in the sun or escape the heat perhaps by traveling north or to the mountains.  We recently made a trip out to West Texas and escaped the heat in the Davis Mountains.  We loved the views and the cooler temperatures and the fact that we never left the great state of Texas to see mountains! 

Here is our monthly market report and we are still seeing the median sales price rising and inventories at very low levels.  This month, we decided to look at Denton and Collin counties compared with Dallas & Tarrant counties (Dallas & Fort Worth) rather than our more rural counties of Cooke and Grayson.  With the population growth and continued suburban sprawl north Denton and Collin counties are booming.  NTT Data (recently aquired Dell Services) will be moving their headquarters to the Legacy West development in Collin County bringing 6,377 jobs to the area.   This is in addition to the recent opening of Toyota's North American Headquaters  bringing 4,200 jobs and the upcoming openings of Liberty Mutual with 4,000 jobs and JP Morgan Chase bringing 6,000 jobs.  All of these companies will be located in the Legacy West development in Plano, Collin County.  This has resulted in a high demand for single family housing in our North Texas Markets.  The low inventory and high demand continue to push prices upward.  We also take a look at new construction which has increased in the past two years but does not seem to be able to keep up with demand. 

The median sales price for all 4 counties have been experiencing consistent appreciation. 

JUNE 2017

Denton County
$305,000 | +7.8%

Collin County
$339,995 | +7.9%

Dallas County
$242,500 | +7.3%

Tarrant County
$225,000 | +10.8%

When looking at the inventory, we are starting to see an increase in supply for Collin County, but all four counties have inventories of less than 3 months, with Tarrant County the lowest supply. 

Here is a look at the Median Price Per Square Foot for the 4 counties.  You can see that Dallas Price Per Square Foot has fluctuated more in the past five years. 

JUNE 2017

Denton County
$132 | +8.2%

Collin County
$135 | +8.0%

Dallas County
$133 | +14.7%

Tarrant County
$111 | +9.9%

Here is a specific look at Collin & Denton Counties median sales price and the number of sales since 2007.  You can see that in terms of volume June and July are typically the highest selling months in terms of the number of sales. The median sales price and volume are at record levels. 

New Construction Data- Collin County

Per Texas Real Estate Center the current number of building permits for Collin County is 8,197 units for 2016.  Collin County is far from the number of new builds as in 2005

New Construction Data- Denton County

There were a few less new construction sales in 2016 at 6,212 compared to those in 2015 which is the highest number at 6,594.  The data is from the Texas A&M Real Estate Center.