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

Volume

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Appraiser’s Corner-

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

Webinars


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! 

 

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