Here in North Texas, February is typically a mix of cold weather with a few “spring-like” days. It is a shorter month and it just seems to go by very quickly. We all enjoy some love for Valentines Day and some get an extra day off for President’s Day. We hope that you were able to enjoy both. As far as real estate markets, the word is slow. Not crashing, not breaking but definitely slowing the pace it has been at. The numbers we are giving you are from January as we wait each month until all of the data comes in. Sale prices are just slightly up or even flat from the same time last year and down from last month. Marketing times are lengthening and supplies are beginning to increase- moving to a more balanced market. It is typically slower in the winter months as prices and volume pick up in the spring. Spring looks to be slower than what we have had in the last 3-5 years. The market has just let off of the accelerator in DFW. Here’s a look at the current numbers as well as recent some snapshots of the market. MAKE SURE TO HOVER OVER THE GRAPHS AS THEY ARE INTERACTIVE
The median sales price for single family homes for all four counties is down from last month but slightly up when compared to the same time last year. Here are the YoY stats:
JANUARY 2019 Denton County $299,990 | +2.0% Collin County $314,990 | +1.6% Dallas County $215,000 | 0.0% Tarrant County $220,000 | +3.3%
The median price per square foot for single family homes in all four counties is up from the same time last year. Collin, Dallas & Tarrant counties are down from last month and Denton is flat month to month. Here are the YoY stats:
JANUARY 2019 Denton County $136 | +2.3% Collin County $135 | +1.5% Dallas County $126 | +4.1% Tarrant County $119 | +7.2%
The supply of inventory for all four counties is increasing. All but Collin county increased month to month. There has been an increase in construction which has helped with the inventory. The official numbers for building permits is not yet available due to the delays in the government shutdown. We will share those next month if they are available. Here are the YoY stats for supply in all four counties:
JANUARY 2019 Denton County 2.8 | +47.4% Collin County 3.0 | +36.4% Dallas County 2.7 | +35.0% Tarrant County 2.0 | +25.0%
The volume is slowing down. In all four counties, the number of closed sales was down from the month before and all four counties are posting double-digit declines from the same time last year. Here are the YoY stats:
JANUARY 2019 Denton County 686 | -14.7% Collin County 773 | -12.1% Dallas County 1,270 | -14.0% Tarrant County 1,393 | -12.8%
Current Market Activity – We thought we would share a little insight into what is currently occurring in the markets. This is a 24-hour snapshot of each county. You can see that all of them have just as many price decreases as listings with Collin and Denton counties showing more decreases than the number of new listings. This may be even more telling of a slower spring selling season ahead.
We hope that you found this helpful. A reminder that these are general market trends and metrics. These may not apply to your specific property as there are so many different factors that impact the value of individual properties.
Lake Kiowa is a private gated community located on the southeastern section of Cooke County. It has a private lake, 18 hole golf course, a community center, parks, tennis courts, and trails. The area is served by the Callisburg Independent School District. It is located 11 miles southeast of Gainesville, the county seat of Cooke County. It is 70 miles northwest of Dallas and 72 miles northeast of Fort Worth where international and national amenities can be found. The community was constructed in 1968. There are a large variety of homes of various sizes, ages and designs. We appraise in this community often. As a part of the appraisal process, we analyze the market. Here is a recent analysis of the Lake Kiowa community.– Make sure to scroll across the graphs as they are interactive!
Lake Kiowa and Cooke County Data
The current median sales price for Lake Kiowa is$343,750 which is up +20.6% YoY. The current median sales price for Cooke County is $215,000 which is up +10.5% YoY. You can see that Lake Kiowa median sales price is appreciating ,particulary within the past 2 years.
The current median price per sq. ft. is $145 which is up +18.9% YoY. The current median price per sq. ft. is $117 which is up +13.6% YoY. The price per sq. ft. also shows the appreciation seen in Lake Kiowa within the past 2 years.
Lake Kiowa currently shows a 5.3 month supply which is an increase +35.9% YoY. Cooke County currently has a 4.6 month supply which is -8.0% YoY. You can see that as the supply decreased, the median sale prices increased. There are many recent newly constructed homes in Lake Kiowa, as a result, the supply is now increasing. As the supply increases, the rate of price appreciation will most likely decrease since these are typically inversely related to each other.
The number of days on the market for both Lake Kiowa and Cooke County have both decreased with Lake Kiowa at 28 days ( -22.2% YoY) and Cooke County at 30 days ( -18.9% YoY)
Overall Lake Kiowa community is showing strong growth with new construction increasing and very limited foreclosure rates. We hope that you found this market analysis helpful. Please remember that these are general trends and should not be applied to your specific property. If you need assistance for a specific property in Lake Kiowa please feel to contact us at www.dwslaterco.com