Fall is officially here!– But it sure doesn’t yet feel like it in North Texas. It is still so very hot. Today David was headed to his last appraisal appointment. He looked at his device to see the temperature outside felt like 106 degrees. Whew! We are well on our way to having the record for the hottest September in North Texas. Not only is it still hot, but it also does NOT look like the picture above. Everything is still very green. As I type, the cicadas are singing their summer song which has long since lost its appeal. I need a new playlist. It is time for the weather to cool, the cicadas to end their concert and the summer wardrobe to change from summer sandals to boots & sweaters. I love the fall. I love the cooler, crisp weather. I love the fall colors and just that bit of change in the air. But, alas, I cannot rush it. It will eventually make its way here and my summer lamenting will be just a distant memory. Until then, I will keep cranking the A/C, and wait for the change. Speaking of change, do we see any change in our real estate markets?

Our markets started out the summer slowing and were almost flattening last month. However, prices are still rising- just at a much slower pace. In May we discussed the pace moving from a sports car to a tractor. We are maintaining this tractor pace as prices are still up 1-4 % YoY. This month, we are showing the seasonally adjusted charts for our main four counties. This better depicts the slowing pace of appreciation.

Median Sales Price

AUGUST 2019

Denton County
$315,000 | +0.3% 

Collin County
$339,990 | +1.5% 

Dallas County
$248,500 | +3.5% 

Tarrant County
$247,000 | +6.2%

Supply

Days on Market

Volume

Although prices are still rising, you can see the signs of slowing as days on the market are longer and supply is increasing. Volume has not declined yet. Mortgage rates continue to remain very low which has kept this train moving. Demand is still high. New construction is trying to keep up with the demand. is typical for the market to slow in the fall. We will be watching these trends for next month.

In the meantime, check out some of these interesting reads from this month:

• Differences Between A Home Inspection and An Appraisal Inspection – Cleveland Appraisal Blog

• The Brady Bunch House Renovation And Thoughts On Value- Birmingham Appraisal Blog

• When 1,000 square feet doesn’t count– Sacramento Appraisal Blog

• Supercar manufacturer McLaren is moving its U.S. base to Coppell – Dallas Morning News

• U.S. new-home sales surge in August on low mortgage rates– Housing Wire

As always, if you have a question about real estate appraisals or need appraisal services, please feel free to contact us at www.dwslaterco.com

It’s that time of year when the heat can really begin to bother you. Many parts of the country have been experiencing a heatwave. I am so very thankful to Willis Carrier, inventor of the modern-day air conditioner. I have lived in Texas my entire life but could not do it without AC! That being said, last week our AC stopped working. Yikes! Not when the heat index is over 100 degrees! Fortunately, the repairman was able to come quickly and get it up and running again. What was the culprit? What caused my AC to stop cooling? A gecko! I guess because of the more than usual rainfall we’ve had, there has been an abundance of geckos at our place. Four or five every night on our porch. Evidently, three of them decided to crawl into our outside unit and one of them crawled into a space that shorted out the system as well as himself. In fact, there were three gecko casualties found in our unit.

Just as that gecko caused problems with our AC, there are factors causing the North Texas markets to shift. The sizzling markets of rapid price appreciation, low supply and short marketing times are cooling with supply and marketing times on the rise.

What is impacting our markets? Mortgage rates are certainly not causing them to slow. Mortgage rates decreased all of throughout the month of June. But what about affordability? The demand in our area brought about by immense population growth has caused prices to rise at a pace faster than the wages have risen. A recent study reveals that only around half of Americans can afford an entry-level home. Affordability inTexas has historically been greater than the US. However, the gap has been closing in. Affordability is becoming more of an issue in many areas of Texas and especially in the DFW metroplex. Homes are beginning to stay on the market a bit longer, which is increasing the supply of homes available for buyers and in turn in bringing prices down. Sellers can no longer price to the sky and expect any and all to be able to afford it.

Today when I look at a snap snot of this area, the largest number is not the number of new listings or pendings but the number of price decreases. This means that sellers are having to come down a bit to meet the buyer. The slowing down of our markets do not indicate a crash but perhaps a more balanced market. Prices will need to match what buyers can afford.

So in our markets, median sales prices have increased nominally or are flat. Supply has increased as well as marketing times. Volume has decreased. All signs of a cooling market. Is affordability the “gecko” that is slowing down the markets? Take a look at this month’s numbers:

Feel free to click on all of the charts and get the numbers. You can see the changes that are occurring. They are not big, they are not drastic but they are enough to dampen the blazing markets that we have experienced the last five years. Of note, the Texas economy is very strong. Foreclosure rates are very minimal. People are staying in their homes longer than ever. We continue to grow as more jobs, homes, and people are headed our way. So, just maybe there is no “gecko” shorting out the system and making it unfunctional. Perhaps, home prices need to slow down and let wages catch up.

So I hope that your geckos are not shorting out your AC units and that you are able to find some great ways to cool off in the summer heat. In the meantime, if you have questions about our local real estate markets or appraisal services- reach out to us at www.dwslaterco.com

Summer is here! The summer equinox has occurred. June 21st was the longest day of the year, well it was still 24 hours, but it is the day with the most sunlight. This day was also special to us personally as we had a son marry his bride on this special day! The wedding was beautiful and they were able to capture some beautiful sunset pics. We appreciate our clients who were accommodating, understanding and sent us well wishes while we were out of the office a few days for the wedding.

So what is going on in our markets? Buyers are gaining a little more leverage in North Texas. Home prices are still rising but at a slower pace. We have been reporting this for the past few months. What is becoming apparent is that homes are staying on the market longer and the supply is increasing. Mortgage rates continue to decline. Check out the stats and interactive charts we have in the monthly market updates below.

We also wanted to share some exciting things going on in our area.

• Futuristic Flying in DFW– Did you know that Uber is going to having its first flying taxi service in DFW? The skyports are set to start flying in 2023. Are we going to be the first Jetsons?
• Blue Lagoon Time-The first crystal lagoon in Texas is now open in Denton County in the Windsong Ranch development. We will watch to see how this 5-acre pool/beach/lagoon impacts the prices in this development.
• Frank Lloyd Wright– Do you love Frank Lloyd Wright architecture? There are plans to renovate the historic Kalita Humphreys Theater in Dallas.
• Crazy Water- Speaking of renovations, the Baker Hotel in Mineral Wells has plans for renovations will substantial backing. Many have dreamed of this for years but this time it looks like it may actually happen. This famous historic hotel in Mineral Wells has the most stories of any hotel in the US located outside of a metropolitan area. Years ago famous people traveled and stayed there for the spa and a chance to get into the spring water from the natural wells referred to as “crazy water”.

Monthly Market Updates

Median Sales Prices

Median Price Per Square Foot

Months Supply of Inventory

Median Days on Market

Volume

Great Cycle Challenge

Last month we shared that we are participating in the Great Cycle Challenge. We are finishing up this month but there is still time to be a part. We were honored to be featured on the Great Cycle Challenge page. The Great Cycle Challenge has 80,270 riders this year and so far we have raised $7,741,337 to go to cancer research. If you would like to help this worthy cause see below:

We wish you a great start of your summer and look forwarding to reporting back to you in July. If you are in need of a residential or commercial appraisal service please contact us at www.dwslaterco.com

As we are now at the end of May, school is out and we are entering into summer. We hope that you had a meaningful and enjoyable Memorial Day weekend. The DFW markets are hot but flat. The spring and summer seasons are typically the hottest selling seasons compared to fall and winter. 2019 is no exception, however when comparing year over year numbers the markets are definitely slowing down. Prices were appreciating at sports car speed and now they are moving at “tractor pace”. When you live in the more rural parts of North Texas sometimes you get behind a tractor. You can’t pass and you wonder if you are moving at all. You can see the slowing pace of the YoY change in the median sales price for the month of April below.

Mortgage rates peaked in November and have been on the decline which has increased the number of refinances. Even with the lower rates, affordability becomes an issue as many buyers are becoming priced out of the market. Homes are staying on the market longer. The seller’s market is weakening and buyers are beginning to gain more leverage.

Median Sales Price

Median Price Per Square Foot

Days on Market

Months Supply of Inventory

Volume – Number of Sales

How to Prepare Your Home as You Age in Place

Check out our most recent blog post which is a guest post from Patrick Young. Do you know someone who is aging and might need some accommodations to their home? This post gives great tips on preparing your home as you age. If you would like to write a guest post for us, please email us at shannon@dwslaterco.com.

Great Cycle Challenge

This is our fourth year to participate in the Great Cycle Challenge for the month of June. We will ride 200 miles and are raising funds to help fight cancer. This year we are riding for our friend Mike who is in a very tough battle with esophageal cancer. We hate cancer and want to do what we can to help fight this disease. You can read more about our story and support our cause at with taxable donations to https://greatcyclechallenge.com/Riders/ShannonSlater

If you have questions or need appraisal services please contact us at www.dwslaterco.com.

Please note that the data above is from the NTREIS MLS database and Freddie Mac. Information is deemed reliable but not guaranteed. For appraisal services please contact us at www.dwslaterco.com.