April Newsletter

April 26, 2018

April Newsletter

This is the monthly newsletter that we send out with market updates for our main areas of coverage.

April Newsletter

Spring is in full swing and it appears that the weather is finally beginning to warm up a bit. We are in an area with many horse ranches and enjoy the equine views above. Our featured service this month is Equine Property Appraisals. See more below. As typical for spring, we are seeing a lot of activity in our local markets. This month we thought we would look back at the sale trends for the past ten years. You can really get an idea of how much prices have appreciated since in the past five years. We are seeing low inventories, interest rates are rising and affordability is becoming an issue for many seeking housing. There is a slight increase in the inventory for Denton and Collin counties but all four counties are well below 6 months of inventory for a balanced market.

Looking back at the past 10 years you can really see the increase in prices really beginning in 2013. Prices are still increasing for this month. Here are numbers and percent change year over year:

MARCH 2018

Denton County
$319,948 | +8.0%

Collin County
$336,000 | +1.8%

Dallas County
$246,000 | +7.0%

Tarrant County
$229,000 | +6.6%

When looking at the price per square foot you see the same strong appreciation beginning in 2013. Again the price per square foot is continuing to increase. Here are the numbers and change percent year over year:

MARCH 2018

Denton County
$136 | +7.1%

Collin County
$136 | +3.0%

Dallas County
$133 | +9.0%

Tarrant County
$117 | +9.3%

This chart shows the number of closed sales. You can really get an idea of how markets are seasonal with more sales in the months of June and July. The number of sales is actually down for all counties with the exception of Collin County. Here are the numbers with the percent change year over year:

MARCH 2018

Denton County
1,204 | -3.7%

Collin County
1,476 | +8.1%

Dallas County
2,121 | -10.3%

Tarrant County
2,207 | -6.5%

Finally, here is a look at the months of supply or inventory for single family homes in Denton, Collin, Dallas, and Tarrant counties. The low inventories coincide with the price increases that began around 2013. Inventories do typically increase in the fall or slower selling months. Currently, the supply has increased slightly for Denton and Collin counties. Here are the numbers and percent change year over year:

MARCH 2018

Denton County
2.2 | +4.8%

Collin County
2.4 | +14.3%

Dallas County
2.1 | -4.5%

Tarrant County
1.6 | -5.9%

Featured Service- Equine Property Appraisals

Equine properties can be unique and more complex to appraise. We have expertise in appraising equine properties. There many things to consider such as: location; lot size; equine amenities; residences. You can read more about appraising horse properties in our post here.