March 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.

MARCH NEWSLETTER

It is officially Spring!  We are looking forward to the warming temperatures and new growth that comes in the spring.  The picture above was taken at the Texas Tulips Farm which is just down the road from us.  This is the only tulip farm in Texas. The place is so beautiful and we recommend checking it out if you are ever in the area.  Just as these beautiful tulips are blooming, we are seeing our local markets "spring" into action. Overall prices are up from last yea. Inventory did increase slightly from January but are still at low levels. Some are concerned that our markets are getting overheated. Jim Gaines, Chief Economist from the Texas Real Estate Center does not think that we are in a bubble as long as the Texas economy and income contine to grow.  You can read more about this here. We will continue to watch our markets. Overall the price increases are in the single digits rather than the double digit increases we have seen in the past.  This is a sign of slowing. We are still increasing but it is at a slower pace. Here is a look at the numbers for February:  

The median sales price for all four counties is currently up from the same time last year with the exception of Collin County which is flat. It is interesting that Collin County is flat as it has been our most rapidly increasing market.  Here are the numbers and the percent change YoY. 

Denton County
$300,000 | +5.7%

Collin County
$320,000 | 0.0%

Dallas County
$244,000 | +10.9%

Tarrant County
$220,000 | +4.8%

The median price per square foot is showing similar increases as the median sales price metric.  All four counties are showing increases from the same time last year.  Here are the numbers and percent change YoY: 

Denton County
$135 | +7.1%

Collin County
$134 | +3.9%

Dallas County
$130 | +9.2%

Tarrant County
$114 | +7.5%

The lack of inventory has really pushed prices upward thus we continue to monitor it.  You can see that in August the inventory began to increase but since that time it has dropped back down to 1-2 months.  The inventory for Collin and Denton Counties have increased since January, but have declined in both Dallas and Tarrant Counties. 

Denton County
2.0 | +5.3%

Collin County
2.2 | +22.2%

Dallas County
1.9 | -5.0%

Tarrant County
1.5 | -6.3%

The volume of sales for Denton and Collin Counties has increased where as the volume for sales within Dallas and Tarrant Counties have decreased.  This is most likely due to the increase in new construction in the northern counties of Denton and Collin counties.  

Denton County
936 | +2.3%

Collin County
1,116 | +8.2%

Dallas County
1,597 | -2.5%

Tarrant County
1,787 | -0.3%

The final chart we will look at is the inventory in our luxury market of homes over $1 Million.  The inventory at the upper end of the market has shown a decline within the the past 12 months.  All counties have shown decline with the exception of Collin County.  These properites are selling within 93-94% of the original sale price.  We will continue to monitor the upper end of the market to see if any softening occurs. 

Denton County
9.3 | -21.8%

Collin County
10.0 | +4.2%

Dallas County
6.9 | -10.4%

Tarrant County
8.6 | -10.4%

Monthly Feature- Land Appaisals

Did you know we specialize in land appraisals?  Appraising land can be challenging as comparable sales may be limited and there are very many variables to consider when valuing land.  Read out post: Let's Talk Some Dirt- 10 Things to Consider About Vacant Land

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