September Newsletter
Autumn is a second spring when every leaf is a flower -Albert Camus
Autumn is officially here as we close out September. The temperatures in North Texas are just now starting their cooling and the leaves are showing just an inkling of change. Whether you are sad that we say goodbye to the fun warm days of summer or you embrace the pumpkin spice everything, football games, sweaters, hot chocolate, or just cooler temperatures of fall- seasonal changes come. We are also seeing some seasonal changes in the real estate market. You can see from the charts below that fall is typically a cooling time for the market, however, the inventory chart might be showing a stronger cooling than we have experienced in the last three years. Here is a current look at the markets for Denton, Collin, Dallas & Tarrant Counties:
All four counties are showing higher median sales prices YoY. Denton County is down 1.67% from last month, Collin and Dallas Counties are flat when compared to last month; Tarrant County is down just 0.9% from July. Markets typically tend to cool this time of year as home buyers are settling their kids into to new school years and less buyers are looking to purchase new homes at this time. This can be seen in the dips on the chart each year. What is showing more signs of change for our markets is the inventories in the next chart.
AUGUST 2017
Denton County
$297,000 | +10.0%
$297,000 | +10.0%
Collin County
$325,000 | +5.9%
$325,000 | +5.9%
Dallas County
$233,000 | +12.3%
$233,000 | +12.3%
Tarrant County
$223,000 | +11.5%
$223,000 | +11.5%
The months supply of inventories for all four counties is 2-3 months. We are seeing the largest increase in inventory for Collin County as it is at its highest level since 2012. Denton, Collin, and Dallas counties are all showing increases from the same time last year with Collin County up 29.2% from last year. Tarrant County is unchanged YoY.
AUGUST 2017
Denton County
2.7 | +17.4%
2.7 | +17.4%
Collin County
3.1 | +29.2%
3.1 | +29.2%
Dallas County
2.4 | +4.3%
2.4 | +4.3%
Tarrant County
2.1 | 0.0%
2.1 | 0.0%
There has been a lot of new construction in the area, particularly Denton and Collin Counties which may have helped with inventories. Interest rates had declined but are started to inch back up (see chart from FreddieMac below). Construction may slow in the wake of Hurricane Harvey as our already shortage of skilled labor will be needed to help rebuild in Houston and Southeast Texas. We will watch to see how this will impact real estate values in North Texas.
Just for Fun!
It's football season and that is always a sign it's fall! Here is a fun post comparing the Dallas Cowboys Records with Home Prices in DFW.
Hurricane Harvey Disaster Resource Guide
We continue to see the devastation of Hurricane Harvey to South Texas. The Real Estate Center at Texas A&M University has put together a great resource for those impacted by Harvey. Please share with those you know that may be in need of assistance.
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