September Newsletter- It’s Fall Ya’ll
Few Signs of Cooling
Fall is always an interesting time here in North Texas. Although we do not experience some of the beautiful fall colors or temperatures as other states, the weather does begin to change, leaves do begin to change their color and fall. There is typically only about 1-2 weeks of pretty fall color so I always try to notice it before a big gust of wind comes through and blows all of the leaves to the ground.
Just as we are experiencing a few signs now of the cooling of Fall, we are also seeing some, ever be it so slight, signs of cooling in the real estate markets. We have been experiencing rapid appreciation in our markets due to very high demand for housing and very low supply. The month of July showed a slight decline in the median sales prices in our 4 counties with the exception of Denton County. Marketing times remain very low around 6 days and supply is relatively flat at around 1 month of supply. Are the bidding wars cooling? When you look at the charts, you will see that this has cooled some from last month, however, homes are still selling over list price in all of these counties.
Mortgage rates continue to remain flat and historically low. The 30 year fixed rate has been flat since August 12th. Low-interest rates continue to drive the demand for housing.
Median Sales Price
AUGUST 2021
Denton County
$410,000 | +22.4%
Collin County
$440,000 | +18.9%
Dallas County
$317,000 | +13.7%
Tarrant County
$310,230 | +19.3%
Days on Market
AUGUST 2021
Denton County
6 | -60.0%
Collin County
6 | -66.7%
Dallas County
8 | -50.0%
Tarrant County
6 | -45.5%
Percent of Original Price
AUGUST 2021
Denton County
103.0% | +4.3%
Collin County
103.4% | +5.1%
Dallas County
100.0% | +1.9%
Tarrant County
102.2% | +2.9%
Volume
AUGUST 2021
Denton County
1,558 | -14.7%
Collin County
1,744 | -8.3%
Dallas County
2,461 | -1.4%
Tarrant County
2,792 | -3.2%
Supply
AUGUST 2021
Denton County
1.0 | -41.2%
Collin County
1.0 | -44.4%
Dallas County
1.4 | -44.0%
Tarrant County
1.1 | -31.3%
Appraiser Corner
We wanted to have a section in our newsletter specific to other appraisers, we can share information relevant to real estate appraisers
Free Webinar – Appraisers, we recommend the free webinars that George Dell has been offering. Here is the next one he is offering with Peter Christensen of ValuationLegal.com
Another Free Webinar – Bradford Technologies is offering a free webinar on October 7th covering “Appraising in a Rapidly Changing Market”
Finding Comps in Non Disclosure States
What is Critical Appraisal Theory?
7 Tips to Avoid Appraisal Problems in Today’s Crazy Real Estate Market
Infestations That Nibble Away Home Value
I Appraised Housing Down By The River
This September, we have been riding our tandem bike in the Great Cycle Challenge to help fight cancer, 200 miles. This will be our 6th year to participate in the Great Cycle Challenge. This year we are riding for a very special girl in our son’s youth group, Addison Graham. Every hill we climb and every mile we pedal will be to honor those lives we’ve lost and stand with those brave kids still fighting to survive.
If you’d like to help or just want to see our journey, you can click this link: Great Cycle Challenge
Want to Be on
TV?
We have a friend that is casting a renovation TV show in the Dallas Area. Would you or someone you know be interested? Please feel free to share this link and information with others.
Thank you for reading our newsletter. Let us know if you have any questions or suggestions. We will continue to watch the markets to keep you informed of any changes we see.
About The Author
Shannon Slater
Shannon is a Certified Residential Real Estate Appraiser and serves as the Vice President of the DW Slater Company. She joined David at the DW Slater Company in 2006. Shannon graduated Cum Laude from the University of North Texas with a BA degree. Prior to joining the DW Slater Company, she was an Elementary School Teacher for the Pilot Point Independent School District. Shannon is an FHA Certified Appraiser. Shannon is a designated member of the National Association of Appraisers and a member of the Association of Texas Appraisers. In her free time, Shannon enjoys spending time with her family, singing in a local church choir, and tandem cycling with her husband.
I am also seeing slight changes in the Birmingham market. While working on an appraisal today I noticed slightly more listings than earlier in the year and the months of supply were creeping up a little also. Of course, the sale price to list price ratio is still slightly over 100%. It will be interesting to see how things pan out for the rest of the year.
Yes, it is always surprising to me that so many markets are experiencing very similar trends. There’s no question that our markets are higher than they were a year ago due to the rapid price appreciation but these slight changes definitely indicate a slight cooling off. The future is very difficult to predict at this point but I too think it will be interesting to see how the year ends.
Your visuals are looking very similar to my market. It’s nice to see a bit more normalcy even though things are still moving fast. Congrats on your bike event too. Way to go!!!
Thank you, Ryan! Yes, we were a bit concerned that we might not be able to finish the cycling challenge but thankfully the rain held off in the morning the past 2 days. It’s a great cause and we love doing it each year.
Hi Shannon,
Always happy to read your posts. I second your recommendation that appraisers should check out George Dell’s classes. I’ve learned so much from him over the years….
Great job on finishing the challenge. The smoke has taken a break here in NorCal so hopefully I can get some miles in too. We’re fortunate to have a great fall season in the mountains, especially in the Eastern Sierra near Mammoth. This is the go-to website if you ever want to see a western version of fall. https://www.californiafallcolor.com/
Joe, thanks for the link to the fall color! Wow! I mean we do have some here but I am not going to say it compares to anything on either the east or west coast!
And yes, I have been so appreciative of George’s free webinars that he has been offering! I am listening to the recording of the last one as I type this. I do believe that you are scheduled to make an appearance at some point. I do plan on taking his classes, once I have finished everything for the CG… it’s a process!
Enjoy riding out there and thanks again for your support!