Low Supply, Huge Demand, Prices Climb-August Newsletter

Photo by Dorothy Castillo from Pexels

August has been a blur for us. Historically low-interest rates + Low Inventory + Pent Up Demand = High Activity in the Housing Market. We have been very busy and we are not alone. The DW Slater Company and appraisers have a high demand for their services at this time. We are thankful to our clients for trusting us to continue to provide quality appraisal services in a timely manner.

The housing market in North Texas has been very active. The number of houses sold is up double digits from last year in all four counties. Prices have increased in July. This is amid the pandemic. Many are wondering how this can be. With so many job losses due to the pandemic, wouldn’t that cause the prices to go down? The pandemic has caused many to rethink their current situation. Many are anticipating and hoping those jobs come back. We are seeing many that are moving out of the cities to the suburban and more rural areas. Some are moving to different homes to better accommodate work from home space.

There are some headwinds that are troubling. As we see many jobs in jeopardy, such as the airline industry, the retail industry, and many more, this will threaten homeowners ability to pay their mortgages. We will continue to watch the numbers, particularly the number of foreclosures going forward.

Let’s take a look at the numbers:

Median Price Trends

JULY 2020
Denton County
$337,380 | +4.6%
Collin County
$365,000 | +6.2%
Dallas County
$281,250 | +13.4%
Tarrant County
$260,000 | +5.7%

Inventory

JULY 2020
Denton County
1.9 | -45.7%
Collin County
2.0 | -48.7%
Dallas County
2.5 | -32.4%
Tarrant County
1.7 | -34.6%
 

Price per Square Foot

JULY 2020
Denton County
$146 | +3.5%
Collin County
$143 | +2.1%
Dallas County
$150 | +7.9%
Tarrant County
$132 | +3.9%
 

Volume

JULY 2020
Denton County
2,040 | +21.5%
Collin County
2,172 | +23.1%
Dallas County
2,882 | +18.1%
Tarrant County
3,267 | +14.8%

Days on the Market

JULY 2020
Denton County
19 | -24.0%
Collin County
22 | -31.3%
Dallas County
18 | 0.0%
Tarrant County
13 | -7.1%

As you can see, there has been a lot of activity in our markets. The inventories continue to decline, sale volume has increased and marketing times decrease.

Foreclosure Sales:

REO sales reported in the NTREIS MLS in Denton, Collin, Dallas, Tarrant Counties.

At this time were are not seeing an increase in distressed sales. We will continue to watch this trend.

Riding in September

We will be riding in the Great Cycle Challenge this September. Our goal is to ride 200 miles. This ride was originally scheduled for June but was postponed. We are riding in memory of our friend, Greg Harden, that we lost this year to cancer. Please consider sponsoring our ride and helping us to fight cancer. You can also follow along with us on our page. Click here for more information.

We hope that you are doing well. If you have any questions or appraisal needs please feel free to reach out to us at https://www.dwslaterco.com/.

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