Market Update for Collin and Denton Counties
Allen Event Center in Collin County
The North Texas markets have been experiencing population growth, especially the Collin and Denton County markets. Collin and Denton County are neighboring counties north of Dallas and Tarrant counties in the DFW area. The population of Collin County has increased 71% since 2000 with a current estimated population of 854,778. The popluation of Denton County has increased 66% since 2000 with a current estimated population of 728,799 (US Census Data). Toyota is relocating its North American Headquarters to Collin County , in fact the construction is currently under way and is set for completion by early 2017 bringing 4,000 jobs to North Texas.. In addition , Liberty Mutual is bringing 5,000 to Collin County by 2017 and construction is currently under way. Last month JP Morgan Chase Bank announced that it will be moving 6,000 employees to a Plano's Legacy West development. Just those three employers brings 15,000 jobs to Collin County alone Growth is here and projected for the future. Here is a current look at the Collin and Denton County markets:
The Median Sales Price in Collin and Denton Counties have increased dramatically since 2013. The Median Sales Price in Collin County rose 8.26 % YOY from $248,000 December 2014 to $268,500 December 2015. In Denton County the Median Sales Price rose 10.67% YOY from $225,000 December 2014 to $249,000 December 2015.
The number of closed sales for Collin County has been steady since 2013 but have not reached the height of 2006. Denton County has had record number of sales since 2013. It is easy to see the seasonality of the markets each year.
When we take a look at the Months of Inventory for Collin and Denton County, you can see that the supply increased to almost 8 months in 2011 but quickly dropped off in 2013. As supply is low, prices will continue to increase. As more new construction enters the market this should balance out the supply
. The Number of Foreclosure Sales have been on a significant decline since 2013. As the number of foreclosures have declined, the median sale price have appreciated.
One more thing we wanted to look at was rental data. According to Apartment List, Texas median rents have increased 3.5% from last year. This chart is from their rentanomics data:
As you can see , rents are up nationwide, with a little dip this month. Collin County rents are up 6.1% from last year with median rent for 1 bedroom at $1,000 and 2 bedroom at $1,360. Denton County median rents are up 3.6% from last year with 1 bedroom rent at $910 and 2 bedroom rent at $1,190. We will continue to watch the markets this year, as Rents are outpacing wage growth.
We hope this look at Denton and Collin County markets was helpful. Data is from the NTREIS MLS Database, US Census, and Apartment List.
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
