Seasonal Changes- October Newsletter

House in Fall

Last month, I was complaining about how it was still so very hot and I was ready for the cooler fall weather. Well, yesterday we walked around a large 70-acre equine property when it was wet, misty and 45 degrees. I loved it! We are already getting a freeze warning for tonight. That is early in Texas. Some around here say we just skip fall and just go from summer to winter. Some days it certainly feels that way, but I have lived here my whole life and I know that it never stays hot forever and it never stays cold forever. Changes do come, just as they do in the real estate markets.

Real estate markets go and down. They fluctuate. This can really be seen in the interactive charts below when looking at the ups and downs from month to month. To look at a broader picture of our markets check out this chart of the real estate price cycles in the Dallas-Fort Worth Metro area. You can see that we have only had two big downturns. One in the ’80s which coincides with the Savings and Loan Crisis and the second on started in 2007 with the housing crisis.

The markets also change with the seasons. If it feels slower right now, that is because the markets typically do slow month to month in the fall. Looking at our markets of Denton, Collin, Dallas, and Tarrant counties there is a slowing month to month but when compared to the same time last year they are still increasing. The pace of appreciation has slowed but prices are still up YoY. We also wanted to show you the more rapid price appreciation in our more northern and rural markets of Cooke and Grayson counties. See the Cooke and Grayson County charts below. Don’t forget to hover over the charts as they are interactive.

Median Sales Price Trends

SEPTEMBER 2019
Denton County
$311,318 | +3.5%

Collin County
$329,000 | +0.9%

Dallas County
$249,000 | +3.8%

Tarrant County
$240,000 | +4.3%

Median Price Per Square Foot

SEPTEMBER 2019
Denton County
$140 | +1.4%

Collin County
$139 | +1.5%

Dallas County
$140 | +6.1%

Tarrant County
$126 | +5.0%

Median Days on Market

SEPTEMBER 2019
Denton County
34 | +25.9%

Collin County
36 | +20.0%

Dallas County
25 | +38.9%

Tarrant County
21 | +16.7%

Months Supply of Inventory

SEPTEMBER 2019
Denton County
3.0 | -9.1%

Collin County
3.3 | -13.2%

Dallas County
3.4 | +9.7%

Tarrant County
2.4 | -7.7%

Volume- Number of Sales

SEPTEMBER 2019
Denton County
1,225 | +7.2%

Collin County
1,370 | +14.2%

Dallas County
2,037 | +9.0%

Tarrant County
2,270 | +1.8%
 
 

Cooke & Grayson Counties

SEPTEMBER 2019
Cooke County
$210,000 | -1.1%

Grayson County
$185,450 | +7.2%
Cooke and Grayson counties are more rural markets with less population and fewer sales.  For these reason, they do fluctuate more.  There has been a strong increase in the median sales price for both counties within the past three year.  Cooke County sale prices have flattened out.  With the  population growth and price increases  in the North Dallas area, the demand for more affordable houses and the desire for more space have increased the prices in these counties.  
 

Interests have been dropping over the past year and increased slightly last week. With interest rates so low, refinances and housing purchases have been holding strong. Here is a look at the rates over the past year:

Mortgage Rates


Like us on Facebook!

If you haven’t liked us on Facebook, please check us out! We share relevant real estate information and weekly mortgage rate updates. We’d love to connect on social media! Click>>>Here

Happy Halloween!

We hope you have plans for a safe and Happy Halloween! As a member of the Pilot Point Chamber of Commerce, the DW Slater Company will be at our local Trunk or Treat. If you are local, stop by and we will give you a treat!

Check out these great reads: 

Does the market really change every seven years? – Sacramento Appraisal Blog

5 Scary Movies that Describe and Appraiser’s Job – Birmingham Appraisal Blog

The Penny… A Classic Example of Cost Not Equaling Value– Cleveland Appraisal Blog

Chick-fil-A and Starbucks Distributor or Move California Headquarters to Texas– CoStar

 

 

September Newsletter-Fall, Lamenting & Markets

Fall Leaves and Trees

Fall is officially here!– But it sure doesn’t yet feel like it in North Texas. It is still so very hot. Today David was headed to his last appraisal appointment. He looked at his device to see the temperature outside felt like 106 degrees. Whew! We are well on our way to having the record for the hottest September in North Texas. Not only is it still hot, but it also does NOT look like the picture above. Everything is still very green. As I type, the cicadas are singing their summer song which has long since lost its appeal. I need a new playlist. It is time for the weather to cool, the cicadas to end their concert and the summer wardrobe to change from summer sandals to boots & sweaters. I love the fall. I love the cooler, crisp weather. I love the fall colors and just that bit of change in the air. But, alas, I cannot rush it. It will eventually make its way here and my summer lamenting will be just a distant memory. Until then, I will keep cranking the A/C, and wait for the change. Speaking of change, do we see any change in our real estate markets?

Our markets started out the summer slowing and were almost flattening last month. However, prices are still rising- just at a much slower pace. In May we discussed the pace moving from a sports car to a tractor. We are maintaining this tractor pace as prices are still up 1-4 % YoY. This month, we are showing the seasonally adjusted charts for our main four counties. This better depicts the slowing pace of appreciation.

Median Sales Price

AUGUST 2019

Denton County
$315,000 | +0.3% 

Collin County
$339,990 | +1.5% 

Dallas County
$248,500 | +3.5% 

Tarrant County
$247,000 | +6.2%

Supply

AUGUST 2019

Denton County
3.2 | -3.0% 

Collin County
3.6 | -5.3% 

Dallas County
3.4 | +13.3% 

Tarrant County
2.5 | -3.8%

Days on Market

AUGUST 2019
 

Denton County
29 | +31.8%

Collin County

34 | +25.9%

Dallas County

20 | +11.1%

Tarrant County

18 | +28.6%

Volume

AUGUST 2019
 

Denton County
1,620 | +9.7%

Collin County

1,615 | +2.9%

Dallas County

2,318 | -3.2%

Tarrant County

2,658 | -3.2%

Although prices are still rising, you can see the signs of slowing as days on the market are longer and supply is increasing. Volume has not declined yet. Mortgage rates continue to remain very low which has kept this train moving. Demand is still high. New construction is trying to keep up with the demand. is typical for the market to slow in the fall. We will be watching these trends for next month.

In the meantime, check out some of these interesting reads from this month:

As always, if you have a question about real estate appraisals or need appraisal services, please feel free to contact us at www.dwslaterco.com

Labor Day Weekend & the Housing Market- August Newsletter

We hope that you have some great plans for labor day weekend. We have had a very busy month of August. We know that you work hard to provide good services or products in your businesses and we hope that you do get to enjoy a little time off from your labor. Whether you are making a last-minute trip or staying home for some downtime, make it a great weekend!

Our thoughts are with you that are in the path of Hurricane Dorian our prayers for safety from this unpredictable storm.

The summer months have ended up strong but flat. Sale volume is up. Sale price appreciation year to year is flat. Days are on the market are still increasing and supplies are up in Dallas and flat in the other markets.

Here’s a current look at the market trends- don’t forget to hover over the charts for more information.

Median Sales Price

JULY 2019
 

Denton County
$322,950 | +1.0%

Collin County
$343,000 | -0.2%

Dallas County
$249,700 | +1.9%

Tarrant County
$247,500 | +3.4%

Months of Supply

JULY 2019
 

Denton County
3.3 | +3.1%

Collin County
3.7 | -2.6%

Dallas County
3.5 | +25.0%

Tarrant County
2.5 | 0.0%

Days on the Market

JULY 2019
 

Denton County
25 | +31.6%

Collin County
32 | +60.0%

Dallas County
18 | +38.5%

Tarrant County
14 | +27.3%

Volume

JULY 2019
 

Denton County
1,660 | +13.6%

Collin County
1,736 | +2.5%

Dallas County
2,387 | +5.6%

Tarrant County
2,785 | -0.8%

Grayson & Cooke Counties

We wanted to also share an update on some of our more rural markets. We appraise in Cooke and Grayson counties. We have been seeing sale prices rising in these more rural, less dense markets. Some of this is due to affordability. As the prices in the North Texas market have been increasing, many are searching further north to find more affordable homes.

JULY 2019
 

Grayson County
$206,500 | +11.9%

Cooke County
$205,000 | -1.7%

What’s up with Mortgage Rates?

Mortgage rates are still at historically record lows. Per Freddie Mac, the current 30 year fixed rate is 3.58%. Although rates are low and the economy strong, we are not having the housing boom you might think. We are seeing boom in refinances but supply, affordability and the cost of construction are keeping a damper on housing.

Again, we wish you a wonderful Labor Day weekend and if you have any questions about real estate appraisals or services don’t hesitate to contact us at www.dwslaterco.com.

Geckos & Summer Housing- July Newsletter

gecko

It’s that time of year when the heat can really begin to bother you. Many parts of the country have been experiencing a heatwave. I am so very thankful to Willis Carrier, inventor of the modern-day air conditioner. I have lived in Texas my entire life but could not do it without AC! That being said, last week our AC stopped working. Yikes! Not when the heat index is over 100 degrees! Fortunately, the repairman was able to come quickly and get it up and running again. What was the culprit? What caused my AC to stop cooling? A gecko! I guess because of the more than usual rainfall we’ve had, there has been an abundance of geckos at our place. Four or five every night on our porch. Evidently, three of them decided to crawl into our outside unit and one of them crawled into a space that shorted out the system as well as himself. In fact, there were three gecko casualties found in our unit.

Just as that gecko caused problems with our AC, there are factors causing the North Texas markets to shift. The sizzling markets of rapid price appreciation, low supply and short marketing times are cooling with supply and marketing times on the rise.

What is impacting our markets? Mortgage rates are certainly not causing them to slow. Mortgage rates decreased all of throughout the month of June. But what about affordability? The demand in our area brought about by immense population growth has caused prices to rise at a pace faster than the wages have risen. A recent study reveals that only around half of Americans can afford an entry-level home. Affordability inTexas has historically been greater than the US. However, the gap has been closing in. Affordability is becoming more of an issue in many areas of Texas and especially in the DFW metroplex. Homes are beginning to stay on the market a bit longer, which is increasing the supply of homes available for buyers and in turn in bringing prices down. Sellers can no longer price to the sky and expect any and all to be able to afford it.

Today when I look at a snap snot of this area, the largest number is not the number of new listings or pendings but the number of price decreases. This means that sellers are having to come down a bit to meet the buyer. The slowing down of our markets do not indicate a crash but perhaps a more balanced market. Prices will need to match what buyers can afford.

So in our markets, median sales prices have increased nominally or are flat. Supply has increased as well as marketing times. Volume has decreased. All signs of a cooling market. Is affordability the “gecko” that is slowing down the markets? Take a look at this month’s numbers:

JUNE 2019
Denton County
$325,000 | 0.0%

Collin County
$355,000 | +2.4%

Dallas County
$269,900 | +5.6%

Tarrant County
$250,000 | +4.2%
JUNE 2019
Denton County
3.4 | +13.3%

Collin County
3.9 | +8.3%

Dallas County
3.4 | +21.4%

Tarrant County
2.5 | +4.2%
JUNE 2019
Denton County
24 | +60.0%

Collin County
28 | +75.0%

Dallas County
16 | +33.3%

Tarrant County
13 | +30.0%
JUNE 2019
Denton County
1,461 | -8.2%

Collin County
1,688 | -2.8%

Dallas County
2,203 | -12.8%

Tarrant County
2,608 | -7.6%

Feel free to click on all of the charts and get the numbers. You can see the changes that are occurring. They are not big, they are not drastic but they are enough to dampen the blazing markets that we have experienced the last five years. Of note, the Texas economy is very strong. Foreclosure rates are very minimal. People are staying in their homes longer than ever. We continue to grow as more jobs, homes, and people are headed our way. So, just maybe there is no “gecko” shorting out the system and making it unfunctional. Perhaps, home prices need to slow down and let wages catch up.

So I hope that your geckos are not shorting out your AC units and that you are able to find some great ways to cool off in the summer heat. In the meantime, if you have questions about our local real estate markets or appraisal services- reach out to us at www.dwslaterco.com

June Newsletter

Summer is here! The summer equinox has occurred. June 21st was the longest day of the year, well it was still 24 hours, but it is the day with the most sunlight. This day was also special to us personally as we had a son marry his bride on this special day! The wedding was beautiful and they were able to capture some beautiful sunset pics. We appreciate our clients who were accommodating, understanding and sent us well wishes while we were out of the office a few days for the wedding.

So what is going on in our markets? Buyers are gaining a little more leverage in North Texas. Home prices are still rising but at a slower pace. We have been reporting this for the past few months. What is becoming apparent is that homes are staying on the market longer and the supply is increasing. Mortgage rates continue to decline. Check out the stats and interactive charts we have in the monthly market updates below.

Freddie Mac Mortgage Rates
Current Mortgage Rates Per Freddie Mac http://www.freddiemac.com/pmms/

We also wanted to share some exciting things going on in our area.

Monthly Market Updates

Median Sales Prices

MAY 2019
 

Denton County
$313,050 | +3.3%

Collin County
$335,000 | +3.1%

Dallas County
$241,500 | +2.8%

Tarrant County
$235,000 | +5.1%
The price appreciation has increased between 2.8% and 5.1% for all four counties.  

Median Price Per Square Foot

MAY 2019
 

Denton County
$138 | +3.0%

Collin County
$137 | +2.2%

Dallas County
$134 | +3.9%

Tarrant County
$121 | +6.1%
The price per square foot data is similar to the median sales price showing slight price appreciation in all four counties. 

Months Supply of Inventory

MAY 2019
 

Denton County
3.1 | +29.2%

Collin County
3.5 | +25.0%

Dallas County
3.0 | +25.0%

Tarrant County
2.3 | +15.0% 
As homes stay on the market longer, buyers gain a little more leverage in their ability to obtain more affordable housing. 

Median Days on Market

MAY 2019
 

Denton County
26 | +44.4%

Collin County
30 | +50.0%

Dallas County
19 | +35.7%

Tarrant County
16 | +23.1%
The number of days on the market has increased by double digits in all four counties. 

Volume

MAY 2019
 

Denton County
1,616 | +2.6%

Collin County
1,804 | +2.8%

Dallas County
2,600 | +3.4%

Tarrant County
2,792 | +1.6%
The number of sales has only increased nominally when compared to last year. 
 
 

Great Cycle Challenge

Great Cycle Challenge

Last month we shared that we are participating in the Great Cycle Challenge. We are finishing up this month but there is still time to be a part. We were honored to be featured on the Great Cycle Challenge page. The Great Cycle Challenge has 80,270 riders this year and so far we have raised $7,741,337 to go to cancer research. If you would like to help this worthy cause see below:

We wish you a great start of your summer and look forwarding to reporting back to you in July. If you are in need of a residential or commercial appraisal service please contact us at www.dwslaterco.com

May Newsletter- from Sports Car to Tractor

As we are now at the end of May, school is out and we are entering into summer. We hope that you had a meaningful and enjoyable Memorial Day weekend. The DFW markets are hot but flat. The spring and summer seasons are typically the hottest selling seasons compared to fall and winter. 2019 is no exception, however when comparing year over year numbers the markets are definitely slowing down. Prices were appreciating at sports car speed and now they are moving at “tractor pace”. When you live in the more rural parts of North Texas sometimes you get behind a tractor. You can’t pass and you wonder if you are moving at all. You can see the slowing pace of the YoY change in the median sales price for the month of April below.

Mortgage rates peaked in November and have been on the decline which has increased the number of refinances. Even with the lower rates, affordability becomes an issue as many buyers are becoming priced out of the market. Homes are staying on the market longer. The seller’s market is weakening and buyers are beginning to gain more leverage.

Freddie Mac Chart

Median Sales Price

APRIL 2019
Denton County
$315,000 | +0.6%

Collin County
$339,000 | +3.4%

Dallas County
$250,000 | +2.8%

Tarrant County
$240,000 | +2.1%
The median sales prices are just up slightly YoY- hence the “tractor pace”. 
 

Median Price Per Square Foot

APRIL 2019
 

Denton County
$140 | +1.4%

Collin County
$139 | +0.7%

Dallas County
$140 | +5.3%

Tarrant County
$124 | +4.2%
The price per square feet metrics are also showing nominal increases YoY. 

Days on Market

 
 
APRIL 2019
 

Denton County
51 | +18.6%

Collin County
59 | +25.5%

Dallas County
42 | +31.3%

Tarrant County
38 | +15.2%
The average number of days on the market has increased YoY, forcing sellers to lower their prices in order to sell. 

Months Supply of Inventory

APRIL 2019
 

Denton County
3.1 | +29.2%

Collin County
3.5 | +29.6%

Dallas County
3.1 | +29.2%

Tarrant County
2.1 | +10.5%
 
The supply is increasing moving us to a more balanced market.   Supply is between 2 and 3.5 months. 

Volume – Number of Sales

APRIL 2019
 

Denton County
1,367 | +6.8%

Collin County
1,503 | +4.9%

Dallas County
2,311 | +4.5%

Tarrant County
2,476 | +5.2%
The number of sales for April is still strong and increasing in all four counties. 

How to Prepare Your Home as You Age in Place

Check out our most recent blog post which is a guest post from Patrick Young. Do you know someone who is aging and might need some accommodations to their home? This post gives great tips on preparing your home as you age. If you would like to write a guest post for us, please email us at shannon@dwslaterco.com.

Great Cycle Challenge

This is our fourth year to participate in the Great Cycle Challenge for the month of June. We will ride 200 miles and are raising funds to help fight cancer. This year we are riding for our friend Mike who is in a very tough battle with esophageal cancer. We hate cancer and want to do what we can to help fight this disease. You can read more about our story and support our cause at with taxable donations to https://greatcyclechallenge.com/Riders/ShannonSlater

If you have questions or need appraisal services please contact us at www.dwslaterco.com.

Please note that the data above is from the NTREIS MLS database and Freddie Mac. Information is deemed reliable but not guaranteed. For appraisal services please contact us at www.dwslaterco.com.

How to Prepare Your Home for Aging in Place

Enjoying Life at Any Age

This post is written by Patrick Young who has been a regular contributor to our blog.  Patrick is an advocate for those with disabilities and writes important information pertaining to those with disabilities. This article focuses on preparing your home as you age. This speaks personally to me as we have been helping my grandmother through some transitions as she ages.

How to Prepare Your Home for Aging in Place

Image courtesy of Unsplash

For many older adults, aging in place is a priority. In fact, some statistics indicate that 90 percent of seniors hope to stay in their homes as they grow older. If you’re considering changes to make your home more age-friendly, there are a couple of key strategies you should keep in mind. Read on for information to help you create an environment that will support you and keep you safe throughout your golden years.

Steer Clear of Falls

Stability is something we take for granted in our younger years. However, along with age can come serious risk for falls. In fact, HomeAdvisor notes that more than a third of adults over the age of 65 fall every year, so modifying your home with fall prevention in mind is important.

In order to make appropriate changes, it’s helpful to understand why seniors fall. Waning eyesight can be a major contributing factor since older eyes don’t adjust to changes in brightness as well as they used to. Aim for even, bright lighting throughout the home, adding task lighting as needed where you work. Pay special attention to dim areas where no natural light is available, such as hallways and staircases. If lights are already installed in those areas but navigation remains challenging, use brighter light bulbs. In addition to added lights, you can use paint to brighten a space and boost contrast, such as making a dark staircase easier to see.

You should also think about your home’s general structure. In the event that you should require an assistive device such as a cane, walker, or wheelchair, an uncluttered floor plan with wider-than-average hallways and doorways can be a boon. Also, think about where your most-used rooms are located. Having your bedroom, kitchen, bath, and laundry on the main floor is helpful when aging joints aren’t able to traverse stairs as well.

Beware of the Bath

As far as most dangerous spaces, bathrooms usually top the list for seniors. The combination of slick surfaces, water, and changes of position can lead to getting off-balance and not being able to recover. You can address those concerns with a little tweaking, making an otherwise tough-to-navigate space easier as you age. Consider adding non-slip strips to the tub and shower area, a bathmat outside the tub, and a comfort-height toilet. Grab bars should also be installed in three places: in the tub and shower area, near towel racks, and next to the toilet. Many people are concerned that grab bars will look institutional, but some newer grab bar designs blend seamlessly with decor, adding a spa-like feel.

Out and About

Your home’s exterior deserves some special considerations. Senior Health Memos notes that low-maintenance landscaping choices, such as evergreen shrubs and raised beds, make upkeep easier for older adults. Similarly, easy-care siding and some added hardscaping can keep you enjoying the great outdoors throughout your golden years. While you’re making upgrades to your home’s exterior, consider incorporating a ramp into the design. Ramps allow easier navigation to and from your home regardless of weather, and even when carrying bags or using a cane. Make sure that you can remain active into the evening hours by adding appropriate outdoor lighting on paths and porches.

Lastly, don’t overlook the garage. Being able to park your vehicle indoors helps you avoid getting outside in inclement weather. If your garage primarily serves as a storage room instead of parking space, do some decluttering and make accommodations for your car. Ensure you can come and go freely, with ample lighting and no tripping or slipping hazards.

Making a home into a safe haven for your senior years is a smart decision. Ensure it’s easy to tend and supports your changing needs. With a handful of well-chosen changes, you can comfortably look forward to aging in place.


This is a guest post from Patrick Young. Patrick created AbleUSA to offer resources to people with disabilities and offer advice about navigating various aspects of life. For more information and resources, you can contact Patrick at AbleUSA.


We do not sell real estate but appraise it.  If you would like to provide a guest post please contact us at www.dwslaterco.com.  It is our desire to provide you with relevant information in regards to real estate appraising and those who use appraisal services. 

Additional Resource: Senior Home Safety Guide

What is a Barndominium?

red barndominium

Do you watch Fixer Upper? Did you see the episode of the Barndominium? I truly believe the term “barndominium” was influenced by this episode of Fixer Upper. This alternative style of home is becoming more and more popular in the past few years. Basically, a barndominium is a style of home which is typically made of metal construction similar to barns. Sometimes they are attached to barns or workshops similar to the photo above or they could stand alone. These are unique homes and offer a certain lifestyle for those that love living in the country and the country lifestyle. We have seen them as barns that have been converted into living space or built designed as living space. Most of the time they are attached to barns and stall spaces.

Although the exterior of many barndominiums look like barns the interior are typically well designed, insulated and can have average to very high grade custom finishes. Here is the interior of a finished out interior barndominium:

Finished out interior of a barndominium

This style of home has actually been around a while but we have seen a recent increase in the number of barndominiums as well as an increase in prices. I agree with this article in realtor.com that this is a good term used to describe them. We used to call them “metal constructed homes” or “barnstyle homes”. Our local MLS (multi-listing service) added the term “barndominium” as a style of home in 2016 so it is now easier to search for this style of home. Prior to 2016, it was more difficult to track them as they were listed in the MLS as various types of alternative construction. You can see this chart how within the past 2 and 1/2 years in our markets barndominiums are appreciating:

Barndominiums are a Lifestyle Choice

We have seen a rise in the number of barndominiums we have appraised as well as sales in our North Texas markets. We believe that this is a great choice for those that prefer a more country lifestyle. When the living space is attached to your barn stalls, wash rooms, and tack rooms, it is convenient to go and tend to your animals within your space. Once, David, was appraising a barndominium and the new owners had just arrived from out of town. As they were in the kitchen and David was observing the interior, they had forgotten to shut on the doors and this beautiful horse strolled in and joined them all in the kitchen. They calmly led the horse back out the door into his stall but it illustrates the lifestyle of a barndominium. I liken it to those that enjoy the sights, smells, and sounds of the city may prefer living in a high rise, those that prefer the sights, smells and sounds of the country may prefer living in a barndominium.

Sometimes the barndominium is a converted space in the barn and used as a living area until the future main house is built. Sometimes the barndominium is designed as guest quarters or for ranch hands and other times they are the main living area and designed as such from the beginning.

Appraising Barndominiums

Appraising barndominiums can be tricky as they are a more unique style of home. As more barndos (how many shorten the term), become available on the market, they become a bit less complex. Some of the things that appraisers will look for:

Main Space or Extra Space– We have appraised some properties where the barndominium is a guest house or perhaps living quarters for a ranch hand. If the living space is not a part of the main living area, it will not be included in the main living area but as an additional feature. You can read more about living area here: What Counts as Living Area in an Appraisal?

Quality– The quality of construction will be considered in the appraisal as not all barndominiums are of the same quality. Just as some custom homes have higher grade finishes and features, the same can be found in barndominiums. It is important to compare barndominiums with similar quality of construction if possible.

Lot Size– Barndominiums are typically on acreage and the size of the acreage will have an impact on the appraisal. Ideally, if an appraiser is appraising a 2,500 sq ft barndominium on 10 acres, they would love to find comparables of similar sized sq ft on as close 10 acres as possible.

Location– as always in real estate, location is the biggest factor influencing value. A barndominium located next to a river will have a much different value than a barndominium located next to a cement plant. In our markets, there are entire subdivisions of barndominiums on 5-10 acre lots. These subdivisions are designed for an equestrian lifestyle and are located in areas where the soil is of sandy loam and most suitable horses. The locations with sandy soil have many more equine properties as well as equine hospitals, supply stores and services available. Barndominiums in these locations sell for higher prices than those located outside the more suitable soil.

Additional Buildings & Features– Appraisers will also take into consideration additional improvements to a property such as workshops, mulitple barns, arenas, fencing, etc. All of the features are to be taken into consideration for contributory values.

Barndominium converted from original barn

What do you think of Barndominiums? Have I left anything out? Would this be a style of home for you?

If you have any questions about appraising barndominiums or other real estate feel free to reach out to us at www.dwslaterco.com

April Newsletter

a picture of bluebonnets in North Texas
North Texas Bluebonnets

April showers bring May flowers- or so we’ve heard. This year it appears that our wet winter has brought beautiful April wildflowers to North Texas. The picture above is was taken in Pilot Point. The blooming of the bluebonnets in our area has been spectacular. If you are not from Texas you may not know that bluebonnets are the official state flower or the annual tradition of bluebonnet pictures. It seems that everyone seeks out the best fields of bluebonnets to take pics of the family or kids or pets and this year even the police got in on the tradition.

Speaking of traditions, it is springtime which is traditionally the strong selling season for our real estate markets. This year is no exception as the markets have heated up since last month. That said, when looking at the charts from the same time last year, we have definitely slowed down the pace. With the large population growth we’ve had (we’ve gained over 1 million in less than a decade) the large demand and limited supply caused prices to increase rapidly. That rapid pace has begun to slow as affordability has now become an issue for buyers. Mortgage interest rates which had dropped are now increasing again.

According to the Texas Housing Insights,
Texas housing sales increased 5.2 percent from January amid lower mortgage rates and decreased price pressure. Supply indicators were mixed with single-family construction permits and total housing starts stabilizing after a shaky end to 2018, but single-family private construction values continued to slide. On the demand side, the typical Texas home continued to average just 60 days on the market and sold above 95 percent of the original list price. Lower mortgage rates provided incentives for prospective purchasers, but housing affordability remained a challenge across the state. Overall, the healthy labor market, population growth, and the economic expansion supported strong housing demand.

Here are our numbers for this month. Remember to hover over the chart to see the numbers and trends:

Market Data

MARCH 2019
 
Denton County
$315,000 | -1.3%
Collin County
$335,875 | +0.1%
Dallas County
$245,000 | 0.0%
Tarrant County
$239,000 | +4.8%
Overall YoY trends are slightly down for Denton County, flat for Collin and Dallas County and slightly up for Tarrant County. 
 
 
 
MARCH 2019
 
Denton County
$138 | +1.5%
Collin County
$137 | +0.7%
Dallas County
$134 | +1.5%
Tarrant County
$122 | +4.3%
The price per square foot trends are also showing less of an increase YoY than previous years. 
 
 
MARCH 2019
 
Denton County
1,289 | +3.6%
Collin County
1,322 | -11.0%
Dallas County
2,075 | -4.5%
Tarrant County
2,356 | +3.2%
The number of sales is down for Collin and Denton Counties and just slightly up in Denton and Tarrant Counties.   Slower volume is a trend for a slower market. 
 
 
MARCH 2019
 
Denton County
2.8 | +27.3%
Collin County
3.3 | +32.0%
Dallas County
2.9 | +31.8%
Tarrant County
2.0 | +17.6%

The months supply of inventory is up from the same time last year in all four counties. It is noted that this is still an under supply as a more balanced market has 4-6 months of supply. This appears to be a trend to a more balanced market.

MARCH 2019
 
Denton County
30 | +87.5%
Collin County
37 | +94.7%
Dallas County
22 | +69.2%
Tarrant County
19 | +46.2%
The YoY trends are definitely up for all four counties for the number of days on the market.   It is noted that the median number of Days on the Market (DOM) is around one month and they are down from last month.  This is typically one of the months when properties move the fastest. 
 


Commercial Corner

Industrial or Retail? As we have seen the effects of online retail impact the brick and mortar stores, the demand for industrial space for online retailers continues to grow. This was an interesting read –Self-Storage: A Little Bit Industrial, A Little Bit Retail.

If you need an appraisal for industrial property, this is a service we provide. Contact us for more information.

In summary, our markets are still appreciating just at a slower pace. With demand still strong as a result of population growth and a strong economy the housing market is still strong. As interest rates begin to rise again and affordability prices some out of the market, the slowing has occurred.

We hope that you are enjoying your spring and we look forward to sharing you more real estate news and trends next month.

March Newsletter

Image by The_Smell_of_Roses from Pixabay

March, when days are getting long,
Let thy growing hours be strong
To set right some wintry wrong.
~Caroline May, 1887

The signs of seasonal change are here. Many of the trees have buds or flowers appearing. Our local Tulip Farm is open as some of the tulips have emerged. If you are in North Texas we highly recommend taking a trip to see the tulips. If you enjoy nature you will be thrilled as the bluebonnets are to be spectacular this year because of our rainy winter. Here is a list of great placed to see bluebonnets: 5 Great Places to See Beautiful Bonnets in Texas.

What about our real estate markets? Well as we have been reporting the DFW markets are slowing down. The median sales prices have moved up slightly or are flat. Prices have been appreciating at such a fast rate that the market is starting to become more balanced. There are more listings and they are staying on the market longer. This is good news for buyers.

Affordability has been declining since 2012, thus a slow down will help some who have been getting priced out of the market. We do not think that we are headed for a crash just a slow down as the rapid price appreciation we’ve seen in the last five years was unstainable. What goes up must eventually come down. Mortgage interest rates, which had climbed in November, then dropped are starting to trend back up.

Market Updates- Denton, Collin, Dallas & Tarrant Counties

** Make sure you hover over the charts to see all of the data**

FEBRUARY 2019 (YoY Trends)
 

Denton County
$304,990 | +1.7%

Collin County
$325,000 | +1.6%
Dallas County
$235,000 | -3.1%
Tarrant County
$230,886 | +4.9%

The median sales price for single-family residences are almost flat in Denton and Collin Counties, they have decreased in Dallas County and had on a modest increase from the same time last year in Tarrant County.

FEBRUARY 2019 (YoY Trends)
 

Denton County
$137 | +1.5%

Collin County
$135 | +0.7%
Dallas County
$130 | 0.0%
Tarrant County
$121 | +6.1%

The price per square foot metrics are also trending the same. They are flat in Dallas County, slight in Denton and Collin County and up 6.1% in Tarrant County. All of these trends are compared to the same time last year. There are slight increases from last month which is typical as prices begin to pick up as we head into the spring selling season.

FEBRUARY 2019 (YoY Trends)
 

Denton County
2.8 | +40.0%

Collin County
3.1 | +34.8%
Dallas County
2.8 | +33.3%
Tarrant County
2.0 | +25.0%

A definite indicator of a market slow down is an increase in supply. The increase has been double-digit percentages in all four counties. The supply is still three months or less- which is an undersupply. A four to six month supply is a more balanced market. The market is trending to a more balanced market as the supply increases. New construction has helped with the increase in supply.

FEBRUARY 2019 (YoY Trends)
 

Denton County
894 | -7.9%

Collin County
993 | -12.8%
Dallas County
1,573 | -4.0%
Tarrant County
1,789 | -2.6%

Volume in down in all four counties. It is typical for sale volume to be down in the winter months, however, these are down compared to last year.


Rolling Stone article about the real estate appraiser of the world's most gruesome murder sites

Did you know that real estate appraisers are Rock Stars? Well at least this one is. Check out this fascinating read about appraising stigmatized properties in Rolling Stone Magazine.


2019 Happiest Cities in America per Wallet Hub

Congratulations to the city of Plano, TX in Collin County. They were selected as the #1 Happiest City in America per Wallet Hub. Have you been to Plano lately? We certainly are happy when we visit Plano.


Commercial Corner

Since we also provide commercial appraisals as well as residential, we thought we would add a section to cover a little bit of commercial real estate news.

  • CRE Nationally – Growth in U.S. commercial property prices slowed to the weakest annual pace in eight years in January, reported Real Capital Analytics, New York. Industrial properties were strong keeping it from slowing more. Just as we are seeing slowing in residential markets, the same holds true for CRE. Read more here.
  • CRE Texas -The overall strong performance in the Texas economy translates into a positive outlook for the commercial real estate sector. The outlook for 2019 appears to be positive for commercial real estate due to the strength of the U.S. and Texas economies. According to Texas Real Estate Center Overall, the dollar volume of mortgage originations in the office sector has stabilized since 2015. While industrial borrowing showed little movement from the first half of 2017, dollar volume of mortgage originations increased sharply from 2016 to 2017. Over the long term, retail borrowing has declined in dollar value of mortgage originations; new loans on retail properties measured 70 percent lower than 2007. You can read the full report here.
  • Industrial Strength– E-Commerce has supercharged the industrial sector. This was just one of the four takeaways From Marcus & Millichap’s 2019 Office and Industrial Forecast

We hope that you enjoyed this new format for the newsletter. Please let us know what you think! Also while you are here check out our latest posts:

  • The Problems with the Price Per Square Foot Method– Do you use this method when determining the price or value of a home? Read this to find out how this method can lead you astray.
  • A Market Advantage- Tips for Selling a Home in Winter– This is a guest post from contributor Patrick Young who is an advocate for people with disabilities. If you would like to submit a guest post just contact us at www.dwslaterco.com and let us know what you would like to write about and if it is relevant to our readers we will consider it.

Want to receive our monthly newsletter? Make sure to subscribe below.

Subscribe to our mailing list

* indicates required