Luxury Home Sales in Denton County
It's been a very busy Spring for North Texas markets and we decided to take a look at the upper end of the market at homes that sold for $1 million or more in Denton County.
To really understand markets it is good to not just look at recent sale data but to look at the history of sales to get a good understanding of the "big picture". A 10 year history of sales of homes that sold for $1 Million or more shows last year was the highest number of sales at 65 and second highest number was 2013 at 61 sales. The lowest number of sales occurred in 2009 at 27 sales. The number of sales from 2009 to 2014 increased 140%. The number of sales in 2015 is currently at 11. The largest year to year increase occurred from 2012 to 2103 at 38.6 % It is also interesting that 2010 and 2011 had the exact number of sales at 37.
It is also of note to see how these sale are financed. The majority of the purchases were financed from conventional financing. Of the 364 sales, 228 were financed from conventional financing which is 86% of all sales. The second financing terms were cash sales at 112 sales making up 31% of all sales. Two sales were FHA, three were owner financed and 19 were other/not disclosed.
Looking at the median number of days each sale was on the market, we find that the longest marketing times occurred in 2011 at 184 days and then 2013 at 162 days. It is not uncommon for homes at the luxury market to be on the market longer than homes in the mid-range price range.
This chart shows the actual sales within the past ten years. As you can see the majority of sales were in the $1-$2 million range with a few above $5 million and one sale at $35 million in 2012.
This graph shows the median sale price for each year for homes sold at $1 million or more. The largest median sale price occurred in 2005 at $1,400,000. The second highest median sale price was in 2007 at $1,399,000. The median sale price for 2013 was $1,395,000 and 2014 was $1,250,000. The lowest median price occurred in 2010 at $1,175,000 The range of median sale prices for each year is from $1,175,000 to $1,400,000 with a mean of $1,301,386 and a median of $1,320,000.
The last thing we will look at is the percentage of list to sale price percentage. This is the difference between what the property was listed for and what it actually sold for as few listings actually sale for 100% of the list price.
Conclusions: The number of homes sold for $1 million or more has increased substantially in the past two years. The overall median price of sales that sold over a million has decreased but overall the million dollar market is increasing in Denton County. There are currently 100 active listings over $1 million, with a mean list price of $1,900,458. All data is from the North Texas Real Estate Information Systems, Inc and is deemed reliable but not guaranteed.
Disclaimer: All information deemed reliable but not guaranteed. The information is meant entirely for educational purposes and casual reading only and is NOT intended for any other use. This information is NOT intended to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or other potential real estate or non real estate purpose. If you’d like to obtain additional information or order an appraisal for your specific needs, please contact us at www.dwslaterco.com.