Denton County Market Update
Low inventory, short marketing times and price appreciation are what we are seeing in Denton County. Here is a more in-depth look at the market for May 2016. Here are the key points:
It took an average of 33 days to sell a home in May. This is one day less than in April
The median sale price for May is $279,500 which is up 5.5% from April and up 5.5% from the same time last year
The average sale to list price ratio was 100%
The number of sales, or volume was up 1.55% from the same time last year
There is currently only a 2 month supply of inventory. down 4.76% from the same time last year
The average price per square foot is $123 which is up 1.65% from last month and up 7.89% from the same time last year
Here are some graphs from the market data in Denton County:
The median sale price has increased 71.61% over this 10 year period.
The average sale price is higher than the median sale price.
The number of REO (foreclosure) peaked at 2008 and has been experiencing steady decline since 2010 and 2011.
The supply of homes was at its highest at 8 months in 2011
We have had many new developments and new construction in the Denton County, however, the number of new homes is still not what it was in 2006.
We will continue to watch the Denton County market as it has been experiencing growth. Mortgage rates continue to be low at 3.68% for a 30 Year fixed rate. You can also look up current mortgage interests along with vacancy rates and median sale price for Denton County at our website at: http://www.dwslaterco.com/
All information is from the North Texas Real Estate Information Systems. It is deemed reliable but not guaranteed.