Thawing Out- February/March Newsletter

Pilot Point, TX in the Texas Winter Storm

We have been publishing this monthly newsletter since 2016. We apologize as we did not get last month’s newsletter out as we were hit with unexpected challenges related to the Texas Winter Storm that impacted our entire state as well as other parts of the US.

Fireplace cooking

We, like many, others were without power while temperatures plunged as low as minus 6 degrees in our area. We survived with a fire in our fireplace and using our camping gear indoors, including cooking in the fireplace. Unlike, other power outages, there was nowhere to go. Grocery stores, gas stations, restaurants were all closed and everyone was doing their best to stay warm.

It was a catastrophic failure of our Texas Power Grid and the death toll is still being calculated. The latest number is 70 and it rivals the death toll from Hurricane Harvey. We have friends that have been without water until today. That is 17 days without running water. These were some of the coldest temperatures Texas has seen and our homes are not built to keep heat in. On the contrary, we deal with trying to keep our homes cool during the heat. As a result, frozen pipes burst in many homes and businesses. Plumbers have been unable to keep up with the demand. Texas even granted emergency permits for retired and out-of-state plumbers to assist in getting pipes repaired.

We are thankful that our pipes survived but the power outages, as well as phone and internet connectivity issues, resulted in four days we were unable to operate. Once operational, we have been working diligently to get appraisal work to our clients as expediently as we can without compromising quality. We appreciate our clients that have been understanding. Thank you! This newsletter will be a combination of February and March market updates. We typically like to wait about 2 weeks into the month so that most of the data has come into the system. If there are dramatic changes in the numbers we will make an update.

We may have been frozen for a time but the markets are not. The North Texas real estate markets are still seeing upward price trends as supply continues to be low and demand high. Marketing times and supply are down and volume is down year over year. Here are the charts for February:

Median Price Trends

FEBRUARY 2021
Denton County
$350,000 | +13.2%

Collin County
$375,000 | +10.9%

Dallas County
$315,000 | +28.6%

Tarrant County
$280,000 | +15.2%

Median Price Per Square Foot

FEBRUARY 2021
Denton County
$159 | +13.6%

Collin County
$160 | +14.3%

Dallas County
$168 | +20.9%

Tarrant County
$144 | +13.4%
 

Days on Market

FEBRUARY 2021
Denton County
7 | -82.9%

Collin County
6 | -87.0%

Dallas County
16 | -50.0%

Tarrant County
8 | -69.

Months Supply of Inventory

FEBRUARY 2021
Denton County
0.7 | -70.8%

Collin County
0.7 | -72.0%

Dallas County
1.3 | -51.9%

Tarrant County
0.8 | -60.0%

Volume

FEBRUARY 2021
Denton County
876 | -20.4%

Collin County
957 | -18.1%

Dallas County
1,579 | -12.8%

Tarrant County
1,520 | -20.2%

Freddie Mac Housing Price Index

Thanks to an excellent post from an appraiser colleague, Joseph Lynch, we have decided to include the Freddie Mac Housing Price Index for the DFW area. Freddie Mac publishes these monthly and they go back as far as 1975. The FMHPI provides a measure of typical price inflation for houses within the United States. Here is the current Housing price index for DFW compared to the US.

http://www.freddiemac.com/research/indices/house-price-index.page

You can see a steady increase in the FMHPI and DFW intersected the US FMHPI in 2015.

The Texas Real Estate Center also publishes a Home Price Index for DFW. This also gives a look and how much it has increased since 2014. This is something we will continue to watch in our markets.

https://www.recenter.tamu.edu/data/home-price-index/#!/MSA/Dallas-Fort_Worth-Arlington

Looking Back- Home Price Appreciation

As the Home Price Index data indicates, we have been experiencing great price appreciation. Here is a look at the median sales price in our region comparing today to 2012.


Looking Ahead to Spring

Tulips from our local tulip farm

Typically the markets pick up in spring but as you know, last year our markets paused from March to June as we were dealing with the onset of the pandemic. We will look forward to reporting to you what happens as we thaw from the frozen winter into a budding spring. The picture above was taken at a local Tulip Farm near us, Texas Tulips, which just opened up today. We will also report to you the lasting impacts from the pandemic and the winter storm.

As always, thanks for subscribing, and let us know if we can assist you in any way. Just contact us at www.dwslaterco.com

January Newsletter – 2020 Recap

Now that 2020 is in our rearview mirror, we can take a look back and review it. I think we can all agree that this time last year, we had no idea what we were in for. We couldn’t have predicted a pandemic that would disrupt everything in our world. In Texas, March was when the impacts of the virus began as the governor issued a disaster declaration on March 13th. It was interesting how, when it first began, many were predicting declines in the housing market. This did not happen. As you can see in our charts and data, our markets seemed to pause from March to June and then in July they all began trending upward. Texas is losing some of its affordability as the home price index continues to climb.

With supplies so low and the increased demand for work at home space, prices have continued to rise in our markets. New construction cannot keep up with the demand and millennials are now ready to purchase homes. Home price trends and demand are projected to continue to climb with this lack of supply and high demand. We do have concerns about the lack of affordability and the disappearance of the “starter home”.

Here are the stats and charts for our markets. Note the data points are 12 months of data rather than one month.

Median Sales Price

DECEMBER 2020
Denton County
$329,900 | +4.7%

Collin County
$357,000 | +5.6%

Dallas County
$270,000 | +9.3%

Tarrant County
$257,000 | +6.2%

Average Price Per Square Foot

DECEMBER 2020
Denton County
$149 | +4.9%

Collin County
$148 | +5.0%

Dallas County
$172 | +7.5%

Tarrant County
$137 | +5.4%

Months of Supply

DECEMBER 2020
Denton County
1.9 | -38.7%

Collin County
2.0 | -41.2%

Dallas County
2.5 | -24.2%

Tarrant County
1.7 | -29.2%

Volume

DECEMBER 2020
Denton County
17,720 | +12.0%

 

Collin County
18,690 | +10.3%

 

Dallas County
26,226 | +4.0%

 

Tarrant County
29,216 | +3.0%
 
These price trends are for entire counties.  Please know that if prices are up 12% that may or may not mean your home price is up 12%.  Each home will be specific to its more immediate market.

Home Price Index


https://www.recenter.tamu.edu/data/home-price-index/#!/MSA/Dallas-Fort_Worth-Arlington

Looking Forward

As we look forward, we will continue to watch our markets and provide monthly reports. As we are still in the midst of this pandemic, we continue to wish you safety and health. May we be encouraged by the words of Will Rogers:

Don’t let yesterday take up too much of today.

-Will Rogers

Last month, we celebrated our 33 year anniversary. We are thankful to have been able to provide services to you for the past 33 years.

We will continue to watch the markets to see what happens in 2021. As always, we are here for your real estate appraisal needs. Please contact us with questions or inquiries at www.dwslaterco.com.

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.

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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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.

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

May Newsletter- Finding our Way in These Times

North Shore, Oahu, Hawaii

As Dickens penned, “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.” The last two months have been times like none of us have ever seen. I was able to visit with my grandmother who is 91 and in a nursing home. While Facetiming, I asked her if she ever experienced anything like this pandemic. She said, “No, not anything can compare”. She was a nurse during WWII and lived through the depression. She has been around but she said nothing can compare. I think that is certainly true.

Times have been hard and these hard times are not over, but there have been some good things to happen as some families have been able to spend more time together and prioritize what is most important. I have seen courageous frontline workers and many appreciating all of those jobs that are essential for supply chains. As I type this newsletter, we just launched astronauts in space with a reusable rocket.

Our apologies for the delay in getting this newsletter out as we are now at the end of the month, but we have been busy and most importantly we had our son’s wedding this month (pic at the end of the newsletter). There were many adjustments and last-minute decisions that had to be made. The wedding went from a large to a very small gathering and then from an outdoor wedding to indoor due to the weather. They have been together 8 years so we agreed with not delaying it! We will have a large celebration later but in the meantime, we are very happy they started their married life together and wish them the best of times!

In regards to the housing market, some have tried to compare it to 2008 or 1980s S& L crisis but a forced shut down during a pandemic of epic proportions is not like any of those things. Many are thinking that the market should be tanking but what many do not understand is when we are looking at a market, we are looking backward. There is usually around 30 days, sometimes more from the time buyers and sellers have a contract and then the sale is actually closed. The numbers shown on the charts below are up to April, so many of these sales began in March. Next month’s numbers will be more telling of what occurred during the shutdown. We can get a glimpse of the future by looking at the pendings and number of listings of which were down.

In many ways, the market appears to have hit a pause button. It seems that the supply and demand both retracted in tandem, meaning that overall prices, as of yet haven’t seen significant declines. As we shared in our January & February newsletters, the market was really heating up before the pandemic. We see prices either slightly up or flat for the month of April. The supply has decreased as many were taken off the market during the shutdown. Sale volume is also down, which is not surprising during the shutdown.

Let’s take a look at the numbers:

Median Sales Price

APRIL 2020
Denton County
$314,000 | -0.3%
Collin County
$347,500 | +2.8%
Dallas County
$260,000 | +4.4%
Tarrant County
$255,992 | +6.7%

Average Price Per Sq. Ft.

APRIL 2020
Denton County
$145 | +2.1%
Collin County
$145 | +2.1%
Dallas County
$164 | +0.6%
Tarrant County
$134 | +3.9%

Months Supply of Inventory

APRIL 2020
Denton County
2.4 | -25.0%
Collin County
2.6 | -27.8%
Dallas County
2.7 | -18.2%
Tarrant County
2.0 | -13.0%

Volume

APRIL 2020
Denton County
1,190 | -14.9%
Collin County
1,217 | -19.9%
Dallas County
1,679 | -28.7%
Tarrant County
1,890 | -25.1%

Days on Market

APRIL 2020
Denton County
18 | -21.7%
Collin County
22 | -12.0%
Dallas County
20 | 0.0%
Tarrant County
16 | +6.7%

New Listings

APRIL 2020
Denton County
1,608 | -25.8%
Collin County
1,576 | -34.8%
Dallas County
2,391 | -32.7%
Tarrant County
2,623 | -23.9%

Looking Ahead

Looking ahead , since Texas is now in various stages of reopening, we will see if these trends begin to change. Mortgage interest rates are at all time lows but lending has tightened. If some jobs don’t come back, the economy will be impact and the available pool of buyers will decline and impact the market.

Celebrations & Anniversaries!

This is our 5th year of doing our monthly newsletter. The very first newsletter was sent out 5 years ago this month. We have changed the format a bit but we hope you enjoy it. Please give us feedback, questions or topics you would like us to cover.

We also want to celebrate Shannon Slater for 14 years of working at the DW Slater Company. Shannon joined the company in May 14 years ago making this a husband and wife appraiser team. Shannon thought, if it didn’t work out, she would go back to being a school teacher. After 14 years, we can safely say that it has worked out. Happy Work Anniversary!

Now for that wedding picture we promised! We are so very happy for our son and his new bride. We wish them the best in their future together!

As we look forward to the summer months, we will continue to provide you with monthly updates and information on the housing market. We also love being your appraisal service provider. If you have any questions about real estate appraisals, please don’t hesitate to contact us. We will get through these times. The beach picture we took a year ago in Hawaii. It was a peaceful place and a peaceful time. We will find our way back. This too shall pass. Until then, enjoy a little bit of Styx, The Best of Times.