December Newsletter- Goodbye 2020

A Christmas Wreath in Texas

We at the DW Slater Company want to send you our warmest wishes during this season. We know that this will look different for all of us as we try to stay safe. We have a large family of seven kids and this is always a special time, however, this year will be different for us. May you enjoy special time with family and friends, in whatever way it will be for you this year. We do pray for safety and health for you and send you this greeting:

Merry Christmas from the DW Slater Company

Goodbye, 2020! I think that we can all agree that this year has been unlike any that we have experienced and no one saw it coming. As real estate appraisers, we analyze markets, and this year has proved the difficulty of predicting what markets will do. As we were first experiencing the pandemic in March, many were predicting real estate market declines. However the demand for work from home space, limited supply, and historic low mortgage interest rates, really moved the markets up. In North Texas, we have seen just that. Here are the latest numbers for our main counties. Next month’s newsletter will have our year-end report as this is the data through November.

Median Sales Price Trends

NOVEMBER 2020
Denton County
$342,000 | +8.6%
Collin County
$363,500 | +10.8%
Dallas County
$280,000 | +12.9%
Tarrant County
$265,000 | +10.4%

Median Price Per Square Foot

NOVEMBER 2020
Denton County
$149 | +6.4%
Collin County
$150 | +8.7%
Dallas County
$155 | +14.0%
Tarrant County
$137 | +8.7%

Median Day on the Market

NOVEMBER 2020
Denton County
13 | -62.9%
Collin County
12 | -70.0%
Dallas County
14 | -50.0%
Tarrant County
11 | -56.0%

Months of Supply

NOVEMBER 2020
Denton County
1.0 | -65.5%
Collin County
1.0 | -67.7%
Dallas County
2.0 | -39.4%
Tarrant County
1.0 | -56.5%

Volume

NOVEMBER 2020
Denton County
1,371 | +28.0%
Collin County
1,449 | +28.6%
Dallas County
2,080 | +17.1%
Tarrant County
2,211 | +7.3%
 
 

As you can see from the charts, our markets have appreciated in 2020. There was a pause during the first of the pandemic and then prices started increasing in June. Prices have been leveling off since August but everything is up compared to the same time last year. All percentages are year over year. Supplies conitue to remain low as well as mortgage interest rates. We will continue to see what happens in 2021.

Christmas Recipe

What are some of your family seasonal recipes? We would like to share one. Enjoy this recipe for Christmas Chex Mix from Shannon.

Christmas Chex Mix

  • 6 cups of Rice or Corn Chex cereal
  • 2 cups of mini marshmallows
  • 1 cup of mini pretzels
  • 15 oz of vanilla candy coating (almond bark0
  • 3 tablespoons of red & green colored sprinkles
  • ¼ cup of powdered sugar
  • 1 cup of red & green coated M&Ms

Mix cereal, marshmallows, and pretzels in a large bowl.  Microwave the candy coating 60-90 seconds, stir until smooth. Pour into a large bowl with cereal mix and mix well.  Spread onto a waxed paper-lined cookie sheet and sprinkle with the red & green sprinkles. Cool completely ( approx 15 minutes). Break into bite sizes pieces and place into a 2-gallon zip lock bag with the powdered sugar.  Put back into the large bowl and mix with the M&Ms.  Enjoy!

We do sincerely wish you a special time during this holiday season. Please know that our offices will be closed on Christmas Eve and Christmas Day. We look forward to serving you the following Monday.. As always, if you have questions or need services please contact us at www.dwslaterco.com

Being Grateful – November Newsletter

Photo by Sasha Prasastika from Pexels

We hope that you had a wonderful Thanksgiving. In a year with so many challenges and uncertainties, it was good to spend time with family, although it be distanced or virtual, and reflect on all that we are thankful for on Thanksgiving Day.

“Gratitude unlocks the fullness of life. It turns what we have into enough, and more. It turns denial into acceptance, chaos to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend. Gratitude makes sense of our past, brings peace for today and creates a vision for tomorrow.” – Melody Beattie

One of the more surprising things of 2020 has been strong activity in the housing markets. We have seen the highest sales prices within the past three months in Denton, Collin, Dallas & Tarrant counties. Inventories have dropped and volume is up year over year. There has been a decrease in sale volume within the past month which is not uncommon heading into the winter season.

Market Reports

Median Sales Price

OCTOBER 2020
 
Denton County
$343,000 | +9.8%
Collin County
$366,700 | +11.1%
Dallas County
$285,000 | +17.5%
Tarrant County
$265,000 | +7.7%

Volume

OCTOBER 2020
 
Denton County
1,621 | +26.1%
Collin County
1,786 | +33.2%
Dallas County
2,320 | +13.8%
Tarrant County
2,613 | +10.0%

Months of Inventory

OCTOBER 2020
 
Denton County
1.2 | -61.3%
Collin County
1.3 | -62.9%
Dallas County
2.2 | -38.9%
Tarrant County
1.3 | -48.0%

Days on Market

OCTOBER 2020
 
Denton County
12 | -61.3%
Collin County
14 | -65.9%
Dallas County
14 | -46.2%
Tarrant County
11 | -56.0%

Mortgage Rates

Mortgage rates continue to be at record lows which has created a refinance boom. Per Freddie Mac, the current 30 year fixed rate is 2.72%. Rates have hit a record low 13 times this year.

Christmas Card Campaign

Looking on toward the holidays, what are some of your favorite traditions and activities? Do you send Christmas cards? We are supporting the Sending Love Christmas Card Campaign which is supporting sending cards to those in our local nursing homes. If you would like to send a few cards, please sign up here.

If you have any questions about real estate appraising or our markets please contact us at

www.dwslaterco.com.

Happy Thanksgiving

Happy Thanksgiving from Shannon Slater on Vimeo.

Happy Thanksgiving
from the DW Slater Company

It has been a very unexpected year for all of us and through it all, we are giving thanks. We believe in giving thanks in all things.  We give thanks to you, our clients that have trusted us for your appraisal service needs this year. 
 
Our Thanksgiving time with family will be different this year due to Covid19 concerns but through it all, we are thankful for our family and friends. We have learned to cherish all connections no matter how we are connecting.  We wish you the same as you connect with your family and friends, whatever it may look like this year.  

Give thanks not just on Thanksgiving Day, but every day of your life. Appreciate and never take for granted all that you have.”– Catherine Pulsifer
 
Happy Thanksgiving! 

October Newsletter-Happy Halloween!

Image by Peter H from Pixabay

Happy Halloween from the DW Slater Company! We do wish you a safe Halloween and end of October. This year has been unlike any other and that certainly includes the housing market. The markets in North Texas appeared to have paused when the pandemic began but the demand for home space combined with low inventory has put upward pressure on prices. Spring came in the fall. Typically our market trends up and peaks in June or July and then in August, when school begins, the market slows. With schools, delaying openings, virtual learning options, the market activity in August and September picked up. With more people working from home and learning from home, there is substantial demand for larger home space. We have all of the numbers and charts included in this newsletter but first a little Halloween fun.

Image by Peter H from Pixabay

Here are some fun Halloween related articles:

REMINDER! Tonight Daylight Saving Time ends so set clocks back! So if you have oven clocks or an old fashion battery operated clock turn them back an hour. Some don’t want to add any more time to 2020 but use that time to get some rest!

Adjusting to Daylight Savings is a problem for many as it impacts our regular sleep patterns and rhythms. This can impact our health. Add pandemic, economic stress, and natural disasters and this can lead to SAD (Seasonal Affective Disorder). Read here for some great suggestions to help us adjust.

Real Estate Market Charts

Here are the latest numbers in our markets

Median Sales Price

Denton County
$333,995 | +7.7%

Collin County
$363,995 | +11.0%

Dallas County
$284,900 | +15.3%

Tarrant County
$264,840 | +10.4%
 

Months of Supply

Denton County
1.4 | -56.3%

Collin County
1.5 | -58.3%

Dallas County
2.2 | -38.9%

Tarrant County
1.4 | -46.2%

Days on Market

Denton County
15 | -55.9%

Collin County
16 | -56.8%

Dallas County
15 | -40.0%

Tarrant County
12 | -42.9%

Volume

Denton County
1,627 | +29.8%

Collin County
1,758 | +26.5%

Dallas County
2,456 | +18.4%

Tarrant County
2,743 | +16.8%

The percentage numbers are all year over year trends and they are all up significantly. Sale price trends have dropped slightly from last month in Denton County but remain upward in Collin, Dallas & Tarrant counties. Supplies are at major lows with all but Dallas County at less than 2 months of inventory. The number of days on the market is down in all four counties and volume is up year over year in all four counties, although down from the previous months.

We will continue to watch the real estate trends. Mortgage rates continue at record lows. The demand for housing is strong. Here new construction has really been booming as builders are trying to keep up with demand. Economic uncertainty is still very much a factor for the future. DFW is slowing regaining jobs lost in the pandemic shut down. In September, North Texas gained 8,900 but it is still 131,400 jobs below where it was last year.

Have you been thinking about building or buying a barndominium? Do you know what a barndominium is? Check out our recent guest post on Barndominums by Don Lowe – 8 Reasons the Barndominium Is Gaining Popularity in North Texas 

Make sure to subscribe to our newsletter and we will keep you updated on how North Texas markets are impacted.


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8 Reasons the Barndominium Is Gaining Popularity in North Texas – by Don Howe

We wrote about barndominiums last year, as we have been seeing more and more of them in North Texas. These are a new concept to many. Enjoy this guest post from Don Lowe, creator of Barndominium Life, a barndo enthusiast who aims to educate, inform, and inspire you to take action and Build Your Dream Barndominium. So check out these 8 reasons why barndominiums are becoming popular in North Texas.

8 Reasons the Barndominium Is Gaining Popularity in North Texas

If you have driven in North Texas in recent years, you have likely seen an increase in the number of barndominiums. Designed to combine work and living spaces, these large buildings have become a popular choice for those in rural regions.

Before choosing a prefabricated home or a traditional home, explore the top eight reasons why the barndominium should be your next North Texas house.

1. Affordability

Price is a major factor for any type of new home construction and barndominiums tend to provide the best value. Traditional homes cost between $150 to $200 per square foot to build in North Texas.

The average cost of a barndominium in the same region is about $100 to $130 per square foot. Choosing a barndominium may save you tens of thousands of dollars.

The price varies based on a variety of factors, such as the general contractor that you hire, the type of foundation, and the size of the barndominium. You also need to consider the quality of the materials and the extra details, such as doors, windows, and special design features.

Obtaining a construction loan for any type of new home often requires excellent credit and a suitable down payment. By choosing an affordable barndominium, you may improve your chances of getting approved for a loan.

Even with a high-end barndominium, you are likely to save money compared to building a traditional home. The cost-savings may give you the ability to build the home of your dreams.

2. Protection

Barndominiums often feature post frame or steel frame construction. Both options provide increased structural support compared to the stud frame construction used for traditional homes.

North Texas is vulnerable to severe weather. The area around the Red River Valley is especially prone to tornadoes. A barndominium is better equipped to withstand strong winds and impact from debris.

The roof is also supported by the entire frame, including the columns and horizontal girts. This increases the load-bearing strength and overall durability of the roof for dealing with extreme conditions.

Adding a basement to a barndominium may offer even more protection. A full or partial basement can provide a safe place to wait out tornadoes.

3. Open Floor Plans

A traditional home has limited design options, due to the need for load-bearing walls. Creating a wide, open living area without adding columns or supporting walls is difficult.

The frame of a barndominium allows you to use large open designs. You do not need interior walls for support. This provides more versatility when choosing the layout of the rooms and hallways.

Barndominiums were originally intended to add living space to barns and workshops. If you live in a rural area, you may find it convenient to combine these spaces.

The open design allows you to add almost any type of space to your home. Along with a barn or a workshop, you could add a studio or a garage. You can even add vaulted ceilings and other interesting design features with less of a hassle compared to a traditional home.

4. Energy Efficiency

Compared to steel frame buildings, post-frame barndominiums have thicker wall cavities. The thicker cavities create more of a barrier from the outdoors, helping to improve the energy efficiency of the design. The extra space inside the walls also provides more room for insulation.

The wood posts used for the columns of the frame are natural insulators, which makes a post-frame more efficient compared to stud frames.

Choosing a barndominium with an open design may also aid air circulation. There is more room for the air to circulate uninterrupted by walls. These features could significantly cut your North Texas energy bills throughout the year.

5. Large Homes

Thanks to the affordability of barndominiums, you may be able to build a home with more square footage. For example, $250,000 is likely to pay for a much larger barndominium compared to a traditional house.

The extra space that you gain may be used to add bedrooms or increase the size of rooms. You could also add dedicated rooms, such as a den or a family game room. With two-story ceilings and rooms that run the length or width of the barndominium, you have endless design options.

6. Room to Grow

Adding on to a home is a costly process, especially with a traditional home. The studs are often spaced 16 to 24 inches apart. This creates a challenge when adding windows or doors after construction.

Barndominiums provide more flexibility for future renovations and additions. The frames allow support columns to be spaced six to eight feet apart, instead of two feet or less. With more space between the columns, it becomes easier to add bay windows, double doors, and other specialty design elements.

7. Long Lasting

A barndominium may last for generations, whether you choose a post frame or steel frame construction process. Steel is one of the most durable materials available. When using a post-frame, the timber is protected from rot and decay.

The frame also features support beams and girts for increased structural integrity, which protects against shifting and settling.

With increased strength, your barndominium is less prone to damage and natural wear and tear. If you hire a reliable contractor, it should offer a comfortable place to live for the rest of your life.

8. Lower Taxes and Insurance

Building a barndominium may help you pay lower property taxes. In North Texas and most of the United States, barndominiums are taxed at the same rate as a traditional residential property.

Fortunately, some counties make distinctions between living quarters and workspaces. Workspaces are typically considered the non-heated areas of the property, such as a garage, barn, or workshop.

If the county where you choose to build your barndominium does not count non-heated areas, you are likely to have your property assessed for a lower value. This results in lower taxes and insurance.

The bottom line is that barndominiums are becoming a popular site throughout the country, including in Northern Texas. If you want an affordable new home with open floor plans and endless design possibilities, a barndominium may be the right choice.

Don Lowe runs BarndominiumLife.com and became inspired to do so after becoming infatuated with barndominiums and the barndo lifestyle. BarndominiumLife.com was created with the intent of learning more about barndos. Our 138 page eBook is the #1 new release in Home Design on a little website called Amazon.com

September Newsletter- Inventory Falling with the Leaves

 

 

“Autumn is a second spring when every leaf is a flower.” -Albert Camus

 

 

 

Photo by Irina Iriser from Pexels

The weather is just slightly starting to cool here in North Texas. It is officially the season of fall and the leaves have started to change, ever so slightly. Soon we will be pulling out our sweaters and jackets! Even though I have lived in Texas my entire life, I have never been a fan of the heat. So understandably, I love it when the weather begins to cool down. For us, fall means football games, sweaters, pumpkins, sips of hot chocolates, cool crisp walks or bike rides, and a time to slow down and enjoy the cool crisp air. What does it mean for you?

As we know, this year has been unlike any other that any of us has experienced. The housing market, typically begins to cool off during the fall season, however, it took a pause during the pandemic and then took off the past month. Sale prices are up, year over year, in all counties and inventory has drastically fallen. The pandemic pause created high demand for housing, low inventory and low mortgage rates have all pushed prices upward. Housing starts have not been able to keep up with demand.  Confidence among single-family homebuilders increased to a record high in September. Builders, however, remained concerned about rising costs for materials and delivery delays, especially for lumber.

Our rural markets have also been showing price increases for some of the same reasons. There has been an increase in the demand to move out of the urban and suburban areas to more rural settings since the pandemic. We will share some stats from our more rural counties in this newsletter. Many are adjusting to this more country life. Think ” Home on the Range” like this gem from Gene Autry ( we are located only five miles from his birthplace)

Let’s first take a look at our main four counties:

Median Sales Price

AUGUST 2020

Denton County
$335,000 | +6.3%
Collin County
$370,000 | +8.8%
Dallas County
$280,000 | +12.9%
Tarrant County
$260,175 | +5.3%

Price Per Square Foot

AUGUST 2020

Denton County
$148 | +5.7%
Collin County
$146 | +5.8%
Dallas County
$152 | +11.8%
Tarrant County
$133 | +5.6%

 

Months of Inventory

AUGUST 2020

Denton County
1.6 | -52.9%
Collin County
1.7 | -55.3%
Dallas County
2.3 | -37.8%

Tarrant County
 1.5 | -42.3%
 

Volume

AUGUST 2020

Denton County
1,809 | +9.6%
Collin County
1,881 | +14.6%
Dallas County
2,465 | +4.6%
Tarrant County
2,811 | +3.1%

 

Rural Markets

This month, we are adding some of the numbers for our more rural counties as we have seen significant increases in them as well. It is noted, however, that since the rural markets have fewer numbers of sales, the markets tend to fluctuate more erratically.

Median Sale Price

AUGUST 2020

Cooke County
$246,250 | +17.3%
Grayson County
$205,000 | +11.7%
Wise County
$252,000 | -14.2%
Parker County
$325,000 | +12.9%

 

Months of Inventory

AUGUST 2020

Cooke County
2.9 | -50.0%
Grayson County
2.7 | -42.6%
Wise County
3.1 | -26.2%
Parker County
2.7 | -38.6%

 Volume

AUGUST 2020

Cooke County
74 | +29.8%
Grayson County
245 | +20.1%
Wise County
99 | -14.7%
Parker County
326 | +8.7%


So as you can see from the charts, our rural markets have seen a lot of activity and price appreciation, with the exception of Wise County which had a low number of sales for the past month. As stated previously, the rural markets fluctuate more frequently this could just be a mild fluctuation. Here are the price trend numbers, seasonally adjusted:

AUGUST 2020

Cooke County
$220,000 | +4.8%
Grayson County
$191,967 | +3.8%
Wise County
$250,000 | +2.5%
Parker County
$312,000 | +9.2%

All four counties are showing upward price trends when seasonally adjusted. 

Fall Recipe

Shannon’s Easy Pumpkin Bread Recipe:

1 box white or yellow cake mix 

1 15-ounce can pumpkin puree

1 teaspoon cinnamon (or 1.5 teaspoons pumpkin pie spice)

1-3 eggs (see cake mix directions for amount) Vegetable oil (see cake mix directions for amount)

Preheat oven to 375 degrees and grease a loaf pan. Consult your cake mix box to find the number of eggs and oil as directed on the box. Combine cake mix, eggs, and oil in a bowl and mix on medium speed until smooth and well-blended. Add pumpkin and cinnamon. Mix on low until incorporated. Pour mixture into prepared loaf pan. Bake at 375 for 50 minutes. Cool and serve with butter or frost with cream cheese frosting.

Please share with us some of your favorite recipes! We’d love to give them a try!

Great Cycle Challenge Completed!

We completed our Great Cycle Challenge. Thanks to all that sponsored us! We reached our goal of $1,000 towards cancer research and 200 miles in September. You can read about our journey here:

In case you missed it, we had a guest blog this month –5 Things You Should Research Before Downsizing During the Pandemic

We will continue to cover the North Texas housing market for you in our monthly newsletter! Please let us know if you have any questions or need appraisal services.

5 Things You Should Research Before Downsizing During the Pandemic

This is a guest post from blogger Mike Longsdon with Elder Freedom. Elder Freedom is an organization of advocates working for the older adults of our community. It is our mission to help locate resources, events, and engagement opportunities to help enrich the lives of seniors. Thank you for providing this important information for older adults.

Even under normal circumstances, downsizing your home can be a complex and stressful transition. With COVID-19 still a public health threat and seniors most at risk, downsizing in the coming weeks and months can be even more complicated. However, finding the perfect home for your golden years doesn’t have to be so challenging. You can keep yourself protected from coronavirus and undue stress by researching these downsizing essentials.

COVID-19 Rules and Precautions

If you’re like most seniors, COVID-19 is at the front of your mind even when it comes to downsizing. That’s because COVID-19 has impacted nearly every aspect of life, including purchasing property. So, if you are looking for a new home for your retirement, know that you can use 3D walkthroughs, video-conference tours, and virtual open houses to stay safe. You should also check in with your state’s current COVID-19 updates before you begin downsizing. Pay special attention to reopening plans, as this can impact your home search and move.

Housing Market Prices and Trends

Real estate in some parts of the country shuddered at the beginning of the COVID-19 outbreak, but the market is picking up steam in many states. Still, you should check in with your real estate agent or check online to see what current housing trends look like in your particular area. Better yet, you can hire DW Slater Company for reliable and expert home appraisal services.

In terms of housing prices, seniors looking to downsize may be in for a bit of sticker shock when it comes to their new homes. That’s because despite being in a recession, housing prices in the US are not expected to fall as drastically as they did back in 2008. So you may end up paying quite a bit more for a smaller home than you were originally expecting.

Aging in Place Home Modifications

Your new home should be perfect for you now and in the future. So as you begin thinking about what sort of features you would like to have in your new home, also start thinking about what sort of home design features will help you age in place. Keep in mind that you can DIY many updates, but some projects will require a professional. Having your cabinets lowered, floors updated or a stairlift added are all modifications that should be completed by a pro Just be sure to take the necessary precautions to protect yourself from COVID-19 when scheduling projects. This can include asking contractors about their exposure to coronavirus and requesting they wear protective gear, including shoe covers and masks, while they work inside of your home.

Local Cost of Living Statistics

Comfort and stability are key to preserving your quality of life in retirement and this is why you should calculate costs of living for your desired location. Your housing expenses are bound to make up the bulk of your costs of living, but things like groceries and transportation costs should also be considered. Healthcare costs can be a major expense for seniors as well, so make sure you have the right healthcare plan and will be able to afford the care you need in retirement. Most retirees spend an average of $6,700 out of pocket each year for their healthcare costs, but this total can vary according to your insurance or Medicare coverage and your individual needs.

Downsizing and Moving Guides 

Last but certainly not least, you will want to create a plan for downsizing your household. Since things are already so stressful right now, consider using a downsizing guide to help you check each essential task off of your list. For instance, this downsizing guide has some helpful tips for coping with the emotions that often come with decluttering and downsizing your personal possessions. In addition to researching tips for downsizing your home, you should also look for moving guides that include special precautions and considerations for reducing COVID-19 risks.

Downsizing can free up a lot of time, money, and stress for your retirement. So don’t let worries about coronavirus put a damper on your downsizing plans. With a few added precautions, you can keep your move safe and then you can settle into your golden years even sooner!

Photo Credit: Rawpixel

Author: Mike Longsdon with Elder Freedom. Elder Freedom is an organization of advocates working for the older adults of our community. It is our mission to help locate resources, events, and engagement opportunities to help enrich the lives of seniors. You can find more about Elder Freedom at their site: http://elderfreedom.net/

Low Supply, Huge Demand, Prices Climb-August Newsletter

Photo by Dorothy Castillo from Pexels

August has been a blur for us. Historically low-interest rates + Low Inventory + Pent Up Demand = High Activity in the Housing Market. We have been very busy and we are not alone. The DW Slater Company and appraisers have a high demand for their services at this time. We are thankful to our clients for trusting us to continue to provide quality appraisal services in a timely manner.

The housing market in North Texas has been very active. The number of houses sold is up double digits from last year in all four counties. Prices have increased in July. This is amid the pandemic. Many are wondering how this can be. With so many job losses due to the pandemic, wouldn’t that cause the prices to go down? The pandemic has caused many to rethink their current situation. Many are anticipating and hoping those jobs come back. We are seeing many that are moving out of the cities to the suburban and more rural areas. Some are moving to different homes to better accommodate work from home space.

There are some headwinds that are troubling. As we see many jobs in jeopardy, such as the airline industry, the retail industry, and many more, this will threaten homeowners ability to pay their mortgages. We will continue to watch the numbers, particularly the number of foreclosures going forward.

Let’s take a look at the numbers:

Median Price Trends

JULY 2020
Denton County
$337,380 | +4.6%
Collin County
$365,000 | +6.2%
Dallas County
$281,250 | +13.4%
Tarrant County
$260,000 | +5.7%

Inventory

JULY 2020
Denton County
1.9 | -45.7%
Collin County
2.0 | -48.7%
Dallas County
2.5 | -32.4%
Tarrant County
1.7 | -34.6%
 

Price per Square Foot

JULY 2020
Denton County
$146 | +3.5%
Collin County
$143 | +2.1%
Dallas County
$150 | +7.9%
Tarrant County
$132 | +3.9%
 

Volume

JULY 2020
Denton County
2,040 | +21.5%
Collin County
2,172 | +23.1%
Dallas County
2,882 | +18.1%
Tarrant County
3,267 | +14.8%

Days on the Market

JULY 2020
Denton County
19 | -24.0%
Collin County
22 | -31.3%
Dallas County
18 | 0.0%
Tarrant County
13 | -7.1%

As you can see, there has been a lot of activity in our markets. The inventories continue to decline, sale volume has increased and marketing times decrease.

Foreclosure Sales:

REO sales reported in the NTREIS MLS in Denton, Collin, Dallas, Tarrant Counties.

At this time were are not seeing an increase in distressed sales. We will continue to watch this trend.

Riding in September

We will be riding in the Great Cycle Challenge this September. Our goal is to ride 200 miles. This ride was originally scheduled for June but was postponed. We are riding in memory of our friend, Greg Harden, that we lost this year to cancer. Please consider sponsoring our ride and helping us to fight cancer. You can also follow along with us on our page. Click here for more information.

We hope that you are doing well. If you have any questions or appraisal needs please feel free to reach out to us at https://www.dwslaterco.com/.

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Summer Heat Amid a Pandemic-July Newsletter

Cows cooling off at a ranch in Wise County

We are now into the very hot months of summer in North Texas with average temperatures of 96 degrees (not factoring in heat indexes in the triple digits). The housing market has been on a pandemic pause but last month has moved upward. As this pandemic is lasting longer than many had hoped or expected, there is now a pent up demand for housing in North Texas.

After spending more time at home, the need for a home office and a desire to be in a less dense area, are making a move to different housing more appealing for many. As a result, the number of sales for the month of June has surged. Supply is down and volume is up. New home starts are up 17.9% from last year as supply is trying to keep up with demand. The more rural markets are also seeing lots of activity. We will share some of the data from the rural counties this month so make sure to scroll down for the interactive charts!

The Texas economy is still struggling but recovering some during the pandemic. According to the latest report from Texas A&M Real Estate Center:

The Texas economy continues to recover from the COVID-19 pandemic. The state’s economy lost 696,200 nonagricultural jobs from June 2019 to June 2020, an annual decline of 5.4 percent, smaller than the nation’s employment decline of 8.6 percent. The nongovernment sector lost 610,300 jobs, an annual decline of 5.6 percent, also lower than the nation’s employment decline of 9.1 percent in the private sector. Texas and U.S. annual job loss rates last month were both smaller than their May rates, making June the second month of economic recovery from the COVID-19 pandemic.

Added to the mix of factors impacting real estate, mortgage rates are at their lowest in 50 years, with rates dipping below 3 % with a 30 year fixed rate at 2.98%.

These low rates have certainly encouraged many to buy or refinance a home. However, the longer the pandemic and uncertainty exist, the more job losses will impact the purchasing power of many. Recent job losses reported in our area- JC Penney with 1,000 jobs cut and American Airlines is laying off and furloughing 25,000 jobs. Both of these companies are headquartered in North Texas and the impacts of these job losses have yet to be seen.

Let’s look at the numbers for our main four counties:

Median Sales Price

Denton County
$325,000 | +1.2%
Collin County
$360,000 | +1.6%
Dallas County
$270,000 | +1.5%
Tarrant County
$255,000 | +2.0%

Median Price Per Square Foot

Denton County
$144 | +2.9%
Collin County
$144 | +4.3%
Dallas County
$147 | +2.8%
Tarrant County
$131 | +4.0%

Days on Market

Denton County
20 | -20.0%
Collin County
25 | -10.7%
Dallas County
20 | +25.0%
Tarrant County
14 | +7.7%

Months of Supply

Denton County
2.0 | -42.9%
Collin County
2.2 | -45.0%
Dallas County
2.5 | -30.6%
Tarrant County
1.7 | -34.6%

Volume

Denton County
1,772 | +17.9%
Collin County
1,864 | +8.8%
Dallas County
2,436 | +7.9%
Tarrant County
2,847 | +6.0%

Rural Markets

Now, let’s take a look at some of our less dense and rural market areas. We have included Cooke, Grayson, Wise, and Parker Counties. These, of course, are not all of the more rural counties around the DFW market but they are some of the counties we most often serve.

Median Sales Price

Cooke County
$248,200 | +10.9%
Grayson County
$195,298 | -5.4%
Wise County
$273,900 | +9.6%
Parker County
$341,000 | +11.8%

Months of Supply

Cooke County
3.4 | -42.4%
Grayson County
3.2 | -30.4%
Wise County
3.1 | -26.2%
Parker County
3.0 | -25.0%

Volume

Cooke County
42 | +7.7%
Grayson County
244 | +34.1%
Wise County
113 | +18.9%
Parker County
313 | +19.5%
 
 

These markets are seeing double-digit growth in the number of sales, as well as a large dip in the supply and an increase in the median sales price. This uptick in activity in the more rural markets has been attributed to the uncertainty in the more densely populated areas. Some are really just wanting to get away from it all and are looking to the rural areas for the respite.

Life Goes On

Although we are in the midst of a pandemic, which has cause much disruption in the world, we are reminded that life still goes on. People are still buying houses, getting married and having babies. We are proud to announce the birth of our fourth grandson! He was born this month and is doing well.

“In three words I can sum up everything I learned about life: Life Goes On”

Robert Frost

As always, if you have any questions about real estate appraising or need services, please do not hesitate to contact us. Stay safe and well!

Interesting Real Estate Related Reads & Recommendations

Two Kinds of Bedrooms and Bathrooms– Cleveland Appraisal Blog

Five Ways To Identify An Increasing Real Estate Market– Birmingham Appraisal Blog

Best Home Equity Loans of 2020 – Money

Listen Closely to the Housing Narrative– Jonathan Miller, Housing Notes

5 Excel Resources and How-To Guides for Appraisers McKissock Blog

Wisdom of Crowds and 108 Year Old House– Scott Cullen, Working RE

5 Lessons Learned About Giving and Business– Michael Perry, Appraisal Buzz

June Newsletter-Summer Time is Here while Supply & Volume Show Big Declines in Housing Market

Turner Falls, Oklahoma

Today is the official first day of summer. Can you believe it? Spring just really meshed into summer since all of the stay home orders. Nothing this year is normal as we are still in the midst of this pandemic. We hope that you are able to find a safe place to stay cool and enjoy your summer time.

We recently took our kids to visit Turner Falls in Oklahoma which is the cover picture. It is a waterfall from a natural spring in the Arbuckle Mountains. We love the area and were able to spread out , social distance, hike, swim and enjoy the beautiful geologic formations.

The housing markets have so far not seen big declines in prices during the pandemic but the supply and volume show drastic decline during the pandemic. Both the supply and inventory have double-digit declines YoY but prices have remained relatively flat. So why haven’t prices declined? As we discussed last month, the supply and demand both decreased in tandem. Typically if the demand decreased but supply remained the same, a lowering in price would occur. During this pandemic, the supply has also decreased, keeping the supply/demand ratio similar to prior to the pandemic.

Predictions during this time are difficult. Texas is currently experiencing a “double whammy” as low oil price and a pandemic are impacting the economy. Texas has been reopening but as we have, covid19 cases have been climbing. This threatens a strong economic recovery, which would then impact the housing market.

Mortgage rates remain at record lows.

Let’s dive in to the numbers:

Median Sales Price

Denton County
$322,000 | -0.3%

Collin County
$345,000 | 0.0%

Dallas County
$250,000 | -3.8%

Tarrant County
$247,000 | -0.2%

Months Supply of Inventory

Denton County
2.4 | -31.4%

Collin County
2.5 | -34.2%

Dallas County
2.8 | -20.0%

Tarrant County
1.9 | -24.0%

Volume

Denton County
1,245 | -24.8%

Collin County
1,266 | -31.1%

Dallas County
1,694 | -36.0%

Tarrant County
1,953 | -31.4%

Median Days on Market

Denton County
24 | +20.0%

Collin County
25 | -3.8%

Dallas County
20 | +5.3%

Tarrant County
16 | +23.1%

New Listings

Denton County
2,071 | -9.0%

Collin County
2,151 | -15.5%

Dallas County
3,340 | -7.9%

Tarrant County
3,210 | -17.9%

As we move forward, we will continue to watch the housing market and economy for North Texas. As we are still in the middle of this pandemic, we do wish you all safety and health. As always, please let us know if you have questions or comments about real estate appraising or need appraisal services.

Happy Father’s Day to all of the dads and those who are like fathers to us. You will never know how important you are. We celebrate you!

Interesting Reads or Listens

Don’t hold your breath for a Covid discount– Sacramento Appraisal Blog

Unintended Consequences of the Coronavirus Pandemic– Birmingham Appraisal Blog

The economy is tanking. So why aren’t home prices dropping?-Curbed

Appraisal Terms That Are Out of This World-Cleveland Appraisal Blog

Hundreds of new homes coming in Royse City northeast of Dallas– Dallas Morning News

Equestrian apparel company Ariat could bring hundreds of jobs to Fort Worth– Dallas Morning News

The Lockdown Has Relegated Housing To Background Noise– Housing Notes

Does My Neighborhood Really Need to be Analyzed? -The Appraiser’s Advocate