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August Newsletter-Slowing Down

Beach
Enjoying a Corpus Christi Beach

As summer begins to wind down and we enjoy those few days of sun and beach, fall is just around the corner. Most schools in our area have started back and life is trying to settle into some sense of normalcy. Since we are still dealing with the pandemic and the delta variant has hit our area, the sense of normalcy is fragile at best. That said, the housing market is still very strong in North Texas. We are starting to see a few signs of slowing in our markets as the supply has increased from the prior month, although it be slight and volume has decreased. The frenzied markets have let off the gas pedal a bit, but have not yet put on the brakes. The markets typically do cool a bit this time of year so this is not surprising.

WalletHub just published their Best Real Estate Markets in 2021 report. There are five cities in Texas in the Top Ten and four of those are in North Texas. Frisco (located in both Collin & Denton County is named #1, McKinney (Collin County) is #4, Denton (Denton County) is named #5 and Allen (Collin County) is named #6. Fort Worth (Tarrant County) is also listed at #26. This report looked at both affordability and the economic environment. You can read the full report here or click on the interactive map below.

Source: WalletHub

New Construction

New Construction is beginning to help with the lack of supply. Builders are definitely building in our markets and sometimes it is hard to get an accurate number of new construction numbers through the MLS. We have taken a look at the number of building permits and all four counties have increased construction. Most significantly is Denton and Collin Coutnies. Here is a look a the number of building permits for our four counties:

Here are the numbers for sales in July:

Median Sales Price

JULY 2021
 

Denton County
$405,950 | +20.8%

Collin County
$450,000 | +23.3%

Dallas County
$320,000 | +14.3%

Tarrant County
$315,000 | +21.2%

Price Per Square Foot

JULY 2021
 

Denton County
$180 | +23.3%

Collin County
$184 | +28.7%

Dallas County
$182 | +21.3%

Tarrant County
$162 | +22.7%

Day on Market

JULY 2021
 

Denton County
5 | -73.7%

Collin County
5 | -77.3%

Dallas County
7 | -61.1%

Tarrant County
6 | -57.1%
 

Months of Supply

JULY 2021
 

Denton County
1.1 | -45.0%

Collin County
1.1 | -47.6%

Dallas County
1.4 | -48.1%

Tarrant County
1.2 | -33.3%
 

Volume

JULY 2021
 

Denton County
1,583 | -23.7%

Collin County
1,822 | -17.4%

Dallas County
2,484 | -15.3%

Tarrant County
2,701 | -18.9%
 

Percentage of Original Sales Price

JULY 2021
 

Denton County
104.5% | +6.1%

Collin County
105.2% | +7.1%

Dallas County
100.6% | +2.8%

Tarrant County
103.0% | +3.9%

Takeaways

The market is still very hot in North Texas, especially when you compare the home prices with what they were a year ago. Homes are still selling at or above list price. Prices are still trending upward from last month with the exception of Dallas County. There is a slight increase in inventory from the previous month and there is a decrease in the number of sales from the previous month. Mortgage Rates are still at record low and the area is still poised for growth. The job market is strong and the demand for housing is still high. It remains to be seen what will happen when some moretoriuams on evictions and foreclosures expire or if demand for work from home continues as the virus continues to impact our markets.

We will continue to keep watch and report our local markets. As always, if you have a question or need appraisal services please do not hesitate to reach out to us at DW Slater Company

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