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

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.