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.
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%
$363,995 | +11.0%
$284,900 | +15.3%
$264,840 | +10.4%
Months of Supply
Denton County 1.4 | -56.3%
1.5 | -58.3%
2.2 | -38.9%
1.4 | -46.2%
Days on Market
Denton County 15 | -55.9%
16 | -56.8%
15 | -40.0%
12 | -42.9%
Denton County 1,627 | +29.8%
1,758 | +26.5%
2,456 | +18.4%
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.
“And now we welcome the new year. Full of things that have never been.”
Rainer Maria Rilke
We hope that your 2020 is off to a great start! As we enter another year, we wanted to look back at 2019 and review the year. We went a little more in-depth with some of the statistical data and have some different graphs for you. This year we continued to see population growth as inventories are beginning to increase. Some interesting stats of note:
Tarrant County had the largest number of sales in 2019
All four counties show slight price increases in 2019
All four counties have increased supply
All four counties have bank-owned (foreclosure) of less than 1%.
Here are the numbers and stats for 2019:
Overall the markets are flattening with slight increases for the year. We are not in a down cycle. As the Texas economy remains strong and population growth continues we do not anticipate a market decline. That said, unforeseen things can impact the market, thus we will continue to provide you with monthly updates and information.
**Please note that these statistics are general market trends and are not considered to be used to determine the value of your specific home**
Please let us know if there is are other metrics or information you would like us to cover for North Texas.
Lake Kiowa is a private gated community located on the southeastern section of Cooke County. It has a private lake, 18 hole golf course, a community center, parks, tennis courts, and trails. The area is served by the Callisburg Independent School District. It is located 11 miles southeast of Gainesville, the county seat of Cooke County. It is 70 miles northwest of Dallas and 72 miles northeast of Fort Worth where international and national amenities can be found. The community was constructed in 1968. There are a large variety of homes of various sizes, ages and designs. We appraise in this community often. As a part of the appraisal process, we analyze the market. Here is a recent analysis of the Lake Kiowa community.– Make sure to scroll across the graphs as they are interactive!
Lake Kiowa and Cooke County Data
The current median sales price for Lake Kiowa is$343,750 which is up +20.6% YoY. The current median sales price for Cooke County is $215,000 which is up +10.5% YoY. You can see that Lake Kiowa median sales price is appreciating ,particulary within the past 2 years.
The current median price per sq. ft. is $145 which is up +18.9% YoY. The current median price per sq. ft. is $117 which is up +13.6% YoY. The price per sq. ft. also shows the appreciation seen in Lake Kiowa within the past 2 years.
Lake Kiowa currently shows a 5.3 month supply which is an increase +35.9% YoY. Cooke County currently has a 4.6 month supply which is -8.0% YoY. You can see that as the supply decreased, the median sale prices increased. There are many recent newly constructed homes in Lake Kiowa, as a result, the supply is now increasing. As the supply increases, the rate of price appreciation will most likely decrease since these are typically inversely related to each other.
The number of days on the market for both Lake Kiowa and Cooke County have both decreased with Lake Kiowa at 28 days ( -22.2% YoY) and Cooke County at 30 days ( -18.9% YoY)
Overall Lake Kiowa community is showing strong growth with new construction increasing and very limited foreclosure rates. We hope that you found this market analysis helpful. Please remember that these are general trends and should not be applied to your specific property. If you need assistance for a specific property in Lake Kiowa please feel to contact us at www.dwslaterco.com