June Newsletter

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.

Freddie Mac Mortgage Rates
Current Mortgage Rates Per Freddie Mac http://www.freddiemac.com/pmms/

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

Monthly Market Updates

Median Sales Prices

MAY 2019
 

Denton County
$313,050 | +3.3%

Collin County
$335,000 | +3.1%

Dallas County
$241,500 | +2.8%

Tarrant County
$235,000 | +5.1%
The price appreciation has increased between 2.8% and 5.1% for all four counties.  

Median Price Per Square Foot

MAY 2019
 

Denton County
$138 | +3.0%

Collin County
$137 | +2.2%

Dallas County
$134 | +3.9%

Tarrant County
$121 | +6.1%
The price per square foot data is similar to the median sales price showing slight price appreciation in all four counties. 

Months Supply of Inventory

MAY 2019
 

Denton County
3.1 | +29.2%

Collin County
3.5 | +25.0%

Dallas County
3.0 | +25.0%

Tarrant County
2.3 | +15.0% 
As homes stay on the market longer, buyers gain a little more leverage in their ability to obtain more affordable housing. 

Median Days on Market

MAY 2019
 

Denton County
26 | +44.4%

Collin County
30 | +50.0%

Dallas County
19 | +35.7%

Tarrant County
16 | +23.1%
The number of days on the market has increased by double digits in all four counties. 

Volume

MAY 2019
 

Denton County
1,616 | +2.6%

Collin County
1,804 | +2.8%

Dallas County
2,600 | +3.4%

Tarrant County
2,792 | +1.6%
The number of sales has only increased nominally when compared to last year. 
 
 

Great Cycle Challenge

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

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May Newsletter- from Sports Car to Tractor

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.

Freddie Mac Chart

Median Sales Price

APRIL 2019
Denton County
$315,000 | +0.6%

Collin County
$339,000 | +3.4%

Dallas County
$250,000 | +2.8%

Tarrant County
$240,000 | +2.1%
The median sales prices are just up slightly YoY- hence the “tractor pace”. 
 

Median Price Per Square Foot

APRIL 2019
 

Denton County
$140 | +1.4%

Collin County
$139 | +0.7%

Dallas County
$140 | +5.3%

Tarrant County
$124 | +4.2%
The price per square feet metrics are also showing nominal increases YoY. 

Days on Market

 
 
APRIL 2019
 

Denton County
51 | +18.6%

Collin County
59 | +25.5%

Dallas County
42 | +31.3%

Tarrant County
38 | +15.2%
The average number of days on the market has increased YoY, forcing sellers to lower their prices in order to sell. 

Months Supply of Inventory

APRIL 2019
 

Denton County
3.1 | +29.2%

Collin County
3.5 | +29.6%

Dallas County
3.1 | +29.2%

Tarrant County
2.1 | +10.5%
 
The supply is increasing moving us to a more balanced market.   Supply is between 2 and 3.5 months. 

Volume – Number of Sales

APRIL 2019
 

Denton County
1,367 | +6.8%

Collin County
1,503 | +4.9%

Dallas County
2,311 | +4.5%

Tarrant County
2,476 | +5.2%
The number of sales for April is still strong and increasing in all four counties. 

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.
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April Newsletter

a picture of bluebonnets in North Texas
North Texas Bluebonnets

April showers bring May flowers- or so we’ve heard. This year it appears that our wet winter has brought beautiful April wildflowers to North Texas. The picture above is was taken in Pilot Point. The blooming of the bluebonnets in our area has been spectacular. If you are not from Texas you may not know that bluebonnets are the official state flower or the annual tradition of bluebonnet pictures. It seems that everyone seeks out the best fields of bluebonnets to take pics of the family or kids or pets and this year even the police got in on the tradition.

Speaking of traditions, it is springtime which is traditionally the strong selling season for our real estate markets. This year is no exception as the markets have heated up since last month. That said, when looking at the charts from the same time last year, we have definitely slowed down the pace. With the large population growth we’ve had (we’ve gained over 1 million in less than a decade) the large demand and limited supply caused prices to increase rapidly. That rapid pace has begun to slow as affordability has now become an issue for buyers. Mortgage interest rates which had dropped are now increasing again.

According to the Texas Housing Insights,
Texas housing sales increased 5.2 percent from January amid lower mortgage rates and decreased price pressure. Supply indicators were mixed with single-family construction permits and total housing starts stabilizing after a shaky end to 2018, but single-family private construction values continued to slide. On the demand side, the typical Texas home continued to average just 60 days on the market and sold above 95 percent of the original list price. Lower mortgage rates provided incentives for prospective purchasers, but housing affordability remained a challenge across the state. Overall, the healthy labor market, population growth, and the economic expansion supported strong housing demand.

Here are our numbers for this month. Remember to hover over the chart to see the numbers and trends:

Market Data

MARCH 2019
 
Denton County
$315,000 | -1.3%
Collin County
$335,875 | +0.1%
Dallas County
$245,000 | 0.0%
Tarrant County
$239,000 | +4.8%
Overall YoY trends are slightly down for Denton County, flat for Collin and Dallas County and slightly up for Tarrant County. 
 
 
 
MARCH 2019
 
Denton County
$138 | +1.5%
Collin County
$137 | +0.7%
Dallas County
$134 | +1.5%
Tarrant County
$122 | +4.3%
The price per square foot trends are also showing less of an increase YoY than previous years. 
 
 
MARCH 2019
 
Denton County
1,289 | +3.6%
Collin County
1,322 | -11.0%
Dallas County
2,075 | -4.5%
Tarrant County
2,356 | +3.2%
The number of sales is down for Collin and Denton Counties and just slightly up in Denton and Tarrant Counties.   Slower volume is a trend for a slower market. 
 
 
MARCH 2019
 
Denton County
2.8 | +27.3%
Collin County
3.3 | +32.0%
Dallas County
2.9 | +31.8%
Tarrant County
2.0 | +17.6%

The months supply of inventory is up from the same time last year in all four counties. It is noted that this is still an under supply as a more balanced market has 4-6 months of supply. This appears to be a trend to a more balanced market.

MARCH 2019
 
Denton County
30 | +87.5%
Collin County
37 | +94.7%
Dallas County
22 | +69.2%
Tarrant County
19 | +46.2%
The YoY trends are definitely up for all four counties for the number of days on the market.   It is noted that the median number of Days on the Market (DOM) is around one month and they are down from last month.  This is typically one of the months when properties move the fastest. 
 


Commercial Corner

Industrial or Retail? As we have seen the effects of online retail impact the brick and mortar stores, the demand for industrial space for online retailers continues to grow. This was an interesting read –Self-Storage: A Little Bit Industrial, A Little Bit Retail.

If you need an appraisal for industrial property, this is a service we provide. Contact us for more information.

In summary, our markets are still appreciating just at a slower pace. With demand still strong as a result of population growth and a strong economy the housing market is still strong. As interest rates begin to rise again and affordability prices some out of the market, the slowing has occurred.

We hope that you are enjoying your spring and we look forward to sharing you more real estate news and trends next month.

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March Newsletter

Image by The_Smell_of_Roses from Pixabay

March, when days are getting long,
Let thy growing hours be strong
To set right some wintry wrong.
~Caroline May, 1887

The signs of seasonal change are here. Many of the trees have buds or flowers appearing. Our local Tulip Farm is open as some of the tulips have emerged. If you are in North Texas we highly recommend taking a trip to see the tulips. If you enjoy nature you will be thrilled as the bluebonnets are to be spectacular this year because of our rainy winter. Here is a list of great placed to see bluebonnets: 5 Great Places to See Beautiful Bonnets in Texas.

What about our real estate markets? Well as we have been reporting the DFW markets are slowing down. The median sales prices have moved up slightly or are flat. Prices have been appreciating at such a fast rate that the market is starting to become more balanced. There are more listings and they are staying on the market longer. This is good news for buyers.

Affordability has been declining since 2012, thus a slow down will help some who have been getting priced out of the market. We do not think that we are headed for a crash just a slow down as the rapid price appreciation we’ve seen in the last five years was unstainable. What goes up must eventually come down. Mortgage interest rates, which had climbed in November, then dropped are starting to trend back up.

Market Updates- Denton, Collin, Dallas & Tarrant Counties

** Make sure you hover over the charts to see all of the data**

FEBRUARY 2019 (YoY Trends)
 

Denton County
$304,990 | +1.7%

Collin County
$325,000 | +1.6%
Dallas County
$235,000 | -3.1%
Tarrant County
$230,886 | +4.9%

The median sales price for single-family residences are almost flat in Denton and Collin Counties, they have decreased in Dallas County and had on a modest increase from the same time last year in Tarrant County.

FEBRUARY 2019 (YoY Trends)
 

Denton County
$137 | +1.5%

Collin County
$135 | +0.7%
Dallas County
$130 | 0.0%
Tarrant County
$121 | +6.1%

The price per square foot metrics are also trending the same. They are flat in Dallas County, slight in Denton and Collin County and up 6.1% in Tarrant County. All of these trends are compared to the same time last year. There are slight increases from last month which is typical as prices begin to pick up as we head into the spring selling season.

FEBRUARY 2019 (YoY Trends)
 

Denton County
2.8 | +40.0%

Collin County
3.1 | +34.8%
Dallas County
2.8 | +33.3%
Tarrant County
2.0 | +25.0%

A definite indicator of a market slow down is an increase in supply. The increase has been double-digit percentages in all four counties. The supply is still three months or less- which is an undersupply. A four to six month supply is a more balanced market. The market is trending to a more balanced market as the supply increases. New construction has helped with the increase in supply.

FEBRUARY 2019 (YoY Trends)
 

Denton County
894 | -7.9%

Collin County
993 | -12.8%
Dallas County
1,573 | -4.0%
Tarrant County
1,789 | -2.6%

Volume in down in all four counties. It is typical for sale volume to be down in the winter months, however, these are down compared to last year.


Rolling Stone article about the real estate appraiser of the world's most gruesome murder sites

Did you know that real estate appraisers are Rock Stars? Well at least this one is. Check out this fascinating read about appraising stigmatized properties in Rolling Stone Magazine.


2019 Happiest Cities in America per Wallet Hub

Congratulations to the city of Plano, TX in Collin County. They were selected as the #1 Happiest City in America per Wallet Hub. Have you been to Plano lately? We certainly are happy when we visit Plano.


Commercial Corner

Since we also provide commercial appraisals as well as residential, we thought we would add a section to cover a little bit of commercial real estate news.

  • CRE Nationally – Growth in U.S. commercial property prices slowed to the weakest annual pace in eight years in January, reported Real Capital Analytics, New York. Industrial properties were strong keeping it from slowing more. Just as we are seeing slowing in residential markets, the same holds true for CRE. Read more here.
  • CRE Texas -The overall strong performance in the Texas economy translates into a positive outlook for the commercial real estate sector. The outlook for 2019 appears to be positive for commercial real estate due to the strength of the U.S. and Texas economies. According to Texas Real Estate Center Overall, the dollar volume of mortgage originations in the office sector has stabilized since 2015. While industrial borrowing showed little movement from the first half of 2017, dollar volume of mortgage originations increased sharply from 2016 to 2017. Over the long term, retail borrowing has declined in dollar value of mortgage originations; new loans on retail properties measured 70 percent lower than 2007. You can read the full report here.
  • Industrial Strength– E-Commerce has supercharged the industrial sector. This was just one of the four takeaways From Marcus & Millichap’s 2019 Office and Industrial Forecast

We hope that you enjoyed this new format for the newsletter. Please let us know what you think! Also while you are here check out our latest posts:

  • The Problems with the Price Per Square Foot Method– Do you use this method when determining the price or value of a home? Read this to find out how this method can lead you astray.
  • A Market Advantage- Tips for Selling a Home in Winter– This is a guest post from contributor Patrick Young who is an advocate for people with disabilities. If you would like to submit a guest post just contact us at www.dwslaterco.com and let us know what you would like to write about and if it is relevant to our readers we will consider it.

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February Newsletter


“Groundhog found fog. New snows and blue toes. Fine and dandy for Valentine candy. Snow spittin’; if you’re not mitten-smitten, you’ll be frostbitten! By jing-y feels spring-y.” ― The Old Farmer’s Almanac 

Here in North Texas, February is typically a mix of cold weather with a few “spring-like” days.  It is a shorter month and it just seems to go by very quickly.  We all enjoy some love for Valentines Day and some get an extra day off for President’s Day.  We hope that you were able to enjoy both.  As far as real estate markets, the word is slow. Not crashing, not breaking but definitely slowing the pace it has been at. The numbers we are giving you are from January as we wait each month until all of the data comes in.   Sale prices are just slightly up or even flat from the same time last year and down from last month.  Marketing times are lengthening and supplies are beginning to increase- moving to a more balanced market.  It is typically slower in the winter months as prices and volume pick up in the spring.  Spring looks to be slower than what we have had in the last 3-5 years.  The market has just let off of the accelerator in DFW.  Here’s a look at the current numbers as well as recent some snapshots of the market. 
MAKE SURE TO HOVER OVER THE GRAPHS AS THEY ARE INTERACTIVE

The median sales price for single family homes for all four counties is down from last month but slightly up when compared to the same time last year.  Here are the YoY stats:


JANUARY 2019
Denton County
$299,990 | +2.0%
Collin County
$314,990 | +1.6%
Dallas County
$215,000 | 0.0%
Tarrant County
$220,000 | +3.3%

The median price per square foot for single family homes in all four counties is up from the same time last year.  Collin, Dallas & Tarrant counties are down from last month and Denton is flat month to month.   Here are the YoY stats: 

JANUARY 2019
Denton County
$136 | +2.3%
Collin County
$135 | +1.5%
Dallas County
$126 | +4.1%
Tarrant County
$119 | +7.2%

The supply of inventory for all four counties is increasing.  All but Collin county increased month to month.  There has been an increase in construction which has helped with the inventory.  The official numbers for building permits is not yet available due to the delays in the government shutdown.  We will share those next month if they are available.  Here are the YoY stats for supply in all four counties: 

JANUARY 2019
Denton County
2.8 | +47.4%
Collin County
3.0 | +36.4%
Dallas County
2.7 | +35.0%
Tarrant County
2.0 | +25.0%

The volume is slowing down.  In all four counties, the number of closed sales was down from the month before and all four counties are posting double-digit declines from the same time last year.  Here are the YoY stats: 

JANUARY 2019
Denton County
686 | -14.7%
Collin County
773 | -12.1%
Dallas County
1,270 | -14.0%
Tarrant County
1,393 | -12.8%

 
Current Market Activity –  We thought we would share a little insight into what is currently occurring in the markets.  This is a 24-hour snapshot of each county.  You can see that all of them have just as many price decreases as listings with Collin and Denton counties showing more decreases than the number of new listings.  This may be even more telling of a slower spring selling season ahead.  


DALLAS COUNTY
TARRANT COUNTY
COLLIN COUNTY
DENTON COUNTY
We hope that you found this helpful. A reminder that these are general market trends and metrics.  These may not apply to your specific property as there are so many different factors that impact the value of individual properties.  
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