Taking a Look at the Luxury Market for Denton & Collin Counties
Are you in the market for a million dollar home? Are you interested in what the top of the real estate market is doing in Denton & Collin Counties?
We have been seeing home price appreciation in both Denton County and Collin County markets within the past 2 years. Here is a look at the Luxury Market where we have looked at all sales of homes of $1 Million or more. The data we have looked at is reported sales in the NTREIS MLS database.
When we look at the median sale price for sales above $1 million, looking at a 12 month data point, both Collin and Denton Counties median sale price range from $1,246,986 to $1,300,000.
Here is a look at the same data of median sale price for sales over $1 Million for the past 10 years. You can see that the median sale price peaked in 2008-2009 around $1,400,000 but has stayed around $1,300,000 with one large drop in 2013 for Collin County.
As you can see from the graph above, the months of supply has decreased consistently with Denton County sales, however Collin County has seen an increase in inventory for the first part of this year.
This chart shows the number of sales that were listed at$1 million or more. There has been an increased in the number of listings so far in 2016. It will be interesting to see what the number will be by the end of 2016.
The price per square foot decreased for both Collin and Denton counties for 2015, however, they have both increased so far in 2016. Median Sale Price Per Square Foot ranges from $186 to $232.
These charts show the different types of financing reported in the MLS. It is always interesting to see how much of the financing is conventional compared to cash sales or other. Texas is a non-disclosure state thus we other is typically sales where financing was not disclosed. The largest difference in 2006 to 2015 is there is a much larger percentage of owner financing in 2006 compared to 2015.
The last chart we will look at is all sales over $1million plotted. As you can, there were a very few sales above the $5 million mark and one sale in 2012 for $35 million. The majority of the sales are $1 to $3 million.
Although we have been seeing large price appreciation in Denton & Collin Counties, we are not really seeing large appreciation at the top of the market. If you are interested in keeping up with North Texas markets or Appraisal Information please consider subscribing to this blog. We hope this information has been helpful. If you have any questions about appraisals or need appraisal services please contact us at www.dwslaterco.com.
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.