February Newsletter

This is our monthly newsletter that was sent to our clients and subscribers last week. We communicate market activity in our local markets in North Texas and information about our services.

FEBRUARY NEWSLETTER

It is February- that time when the weather vacillates between warm and pleasant, then cold and unpleasant.  This picture was taken yesterday as we had ice on the trees but not on the ground. Pretty, but we lost power and several large tree limbs.  My son couldn't understand why we weren't getting snow or ice on the ground.  I told him that I didn't fully understand as I am not a meteorologist.  I did know that it had to do with all of the factors that create snow or ice on the ground were not in place.  Isn't that the same for the real estate market? You need several factors in place before true trends and changes begin to emerge.  When looking at the numbers in our market for January, we are seeing that the median sales price has declined since the month prior.  Are we headed for a slow down in the market?  Is this the start of a new trend?  Well, as you will see in the charts below and looking at the trend history, January has been the slowest month with lower volume and sales.  When comparing where the markets were at the same time last year, all four counties are still up.  Here are the numbers: 

All four counties have declined from December to January.  As previously dicussed, this is a typical trend and all four counties are up YoY.

JANUARY 2018

Denton County
$292,750 | +8.2%

Collin County
$310,000 | +3.3%

Dallas County
$215,000 | +8.7%

Tarrant County
$213,000 | +6.6%

When looking at the volume of sales, Collin County is down from the prior year.  All other counties are up. 

JANUARY 2018

Denton County
780 | +5.3%

Collin County
862 | -1.3%

Dallas County
1,438 | +0.3%

Tarrant County
1,556 | +5.2%

When looking at inventory, it is evident that inventories do appear to be increasing for both Collin and Denton Counties.  A recent report in Housingwire reports that the Dallas area had the most new builds in 2017.  Most of the new construction has occurred in the northern counties of Denton and Collin and this may be why we are seeing some increase increase supply.  

JANUARY 2018

Denton County
1.9 | +5.6%

Collin County
2.1 | +16.7%

Dallas County
1.8 | -10.0%

Tarrant County
1.4 | -12.5%

Here is a look at the price per square feet for all four counties.  All but Denton County have declined from the prior month but all are still up from the same time last year.  Here are the number YoY:

JANUARY 2018

Denton County
$134 | +8.9%

Collin County
$133 | +5.6%

Dallas County
$121 | +5.2%

Tarrant County
$111 | +8.8%

The last chart I wanted to share is the inventory of homes listed at $1 Million or more.  You can see that the inventory of million dollar homes has decreased. An explanation for this may be that some homes were overpriced and have been lowered to more reasonable price points.  The million dollar market has a lower number of buyers available.  We will continue to watch and analyze this trend. 

Featuring Relocation Appraisals

Did you know that the DW Slater Company provides relocation appraisal services?  These appraisals are different that market value appraisals provided for mortgage lending.  You can read more about relocation appraisals below:

5 Things to Know About Relocation Appraisals

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