It is September, which means the temperatures are starting cool off just a bit. In Texas, it also means the start of football season. The picture above is a team of 7th graders just starting to learn the game. Just as the temperatures are starting show signs of cooling so are our housing markets. It is typical for the market to slow down at this time. Overall our markets are still showing price appreciation when compared to the same time as last year. Here is a look at Denton, Collin, Cooke and Grayson Counties:
You can see from this chart that Denton and Collin Counties continue to show appreciation. Denton County is up 8% YoY; Collin County is up 10.9% YoY; Grayson Countty is up 7.7% YoY; Cooke County is the only market showing decline as it is down 26.1% YoY. You will see from the volume chart included below, that Cooke and Grayson counties will have larger fluctuations due as they have much lower volume.
Taking a look at inventories, you can see that Denton and Collin County have inventories that remain at less than a 3 month supply. Grayson and Cooke County inventories have been decreasing. It is important to look at inventories and how they impact supply and demand. A balanced supply is typically around 6 months of inventory.
We thought it would also be helpful to look at volume. This chart shows the number of sales each year. The volume for Denton and Collin counties has been fairly stable. You can also see that Grayson and Cooke counties have much less volume, although both show an increase YoY.
In case you missed our Blog Post last month, we wrote about the use of drones for real estate appraisers. Are Drones in the Future for Real Estate Appraising? We had a survey asking appraisers what they thought about using drones for their business. The overall response is that many do not see the need or think there is too much liability or privacy concerns with using a drone. If you are an appraiser, we would love to have your input. Here is a link to our survey:
Drone Use for Real Estate Appraisers
Click Here to Read Blog Post
We hope you all had a wonderful Labor Day Weekend. Things have been very busy for appraisers recently. There has been a surge in refinances post Brexit which has all appraisers busier than normal. This is why this newsletter is a bit later than usual coming out. Here is a great read from the Sacromento Appraisal Blog to help out: Tips for working with appraisers when they are really busy
If you have questions about real estate appraising or are in need of appraisal services please contact us at www.dwslaterco.com If you enjoy this newsletter then please share and subscribe.
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