March Newsletter- Spring in North Texas
March Newsletter- Spring in North Texas
The signs of spring are here in North Texas. The weather is beginning to warm and there are buds on the trees, like this redbud tree outside our office window. Not only do we see new growth, but we also see weather instability and more severe storms that we must watch out for. Last week our area experienced severe weather and a tornado outbreak. Many of the areas where we appraise sustained damage, most notably the town of Jacksboro in Jack County.
The housing market historically begins to also heat up in the spring, with the exception of March 2020, the beginning of the pandemic. As we have been sharing, our markets have been appreciating at an unprecedented rate in North Texas as the high demand for housing, limited supply, and low mortgages have all fueled this appreciation. Mortgage rates are beginning to rise which may cause a slow down in home prices but we aren’t seeing it yet. The numbers here are from last month. The only sign of slowing we are seeing is in the number of showings per listing is up. Volume is down but that could be due to supply. Prices are still up, supply is still down and homes are still selling over list price. Here is a look at the markets:
Median Sales Price
Months Supply of Inventory
Days on Market
Median Percent of Original Price
Median Shows to Pending
Check out this month’s information just for real estate appraisers. If you have information that you think would be good here, please let us know.
Here are some links to some great reads for appraisers
- Hocus Pocus Magic Focus– George Dell
- Who Said I Agreed To Be An Expert?– Claudia Gaglione, LIA
- Uniform Appraisal Dataset– Freddie Mac
- Uniform Appraisal Dataset & Forms Redesign Initiative– Fannie Mae
- Fannie Mae Measuring Guideline ANSI -Fannie Mae
- Is farmland set to deflate?-Michael Lauher
- How to Achieve a Better Work-Life Balance: Tips for Appraisers– McKissock
- 8 Signs of a Possible Real Estate Bubble or Burst– McKissock
- Starbucks cups & price per sq ft in real estate– Sacramento Appraisal Blog
- The Ups and Downs of Stairs– Cleveland Appraisal Blog
- Floor Plans for Desktop Appraisals– Bradford
- 2022 FHA Appraisal Policies, Principles and Practices for Appraisers– FHA
- The Move to ANSI Standards- Valuation Review
- Feeling ANSI about Fannie Mae’s new measurement requirement?– RAC Let’s Talk Appraisals with John Brenan and Jeff Allen – CubiCasa
- The Importance of Market Analysis– George Dell
What did I miss? What is happening in your market? Do you think housing prices will soon slow? We will continue to watch the markets and provide monthly updates. Let us know how we can provide appraisal services and information for you!
About The Author
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 always love seeing your market update. From an outside perspective, these stats are blazing. I find my market is very similar in that the stats are on steroids. Though we are also watching things closely to discern if there is any difference in temperature. Lots of agents are reporting the market is ultra competitive, but they are getting a bit less offers though (so 5 offers instead of 10). But I think it also depends on the price point. So much competition at entry-level prices.
Thanks, Ryan. Absolutely. They are on fire and any signs of slowing are very slight at this time. Mortgage rates are definitely on the rise and I suspect they will begin to impact the demand, but not seeing it yet. You are right about the competition at the entry-level prices.