Fall is our favorite time of year. The leaves begin to turn colors painting beautiful scenes to enjoy. Pumpkins and squash decorate door fronts. The temperatures begin to cool and eventually the leaves will fall. It's the seasonal changes we experience every year. The housing markets are seeing changes and median sales prices are falling. Is this a typical seasonal trend or is the continually upward trend beginning to change? Here is a look at our North Texas Markets:
The median sales price:
Denton County- $263,789 + 9.9% YoY; -2.28% from last month
Collin County- $295,000 +9.35 YoY; - 3.89% from last month
Cooke County- $134,500 + 19.4%; - 11.07 from last month
Grayson County- $146,000 + 13.6% YoY; - 2.6% from last month
The median sales price for all four counties is dowm from the prior month, however all four counties have higher median sales price that the same time last year. This does appear to be more typical of a seasonal cooling trend.
Months of Inventory
Denton County- 2.2 Months
Collin County - 2.4 Months
Cooke County- 5.3 Months
Grayson County- 3.8 Months
When looking at the months of inventory,it is easy to see that all four markets peaked around 2010 and 2011. Denton and Collin Counties are started too see an slight increase in the supply of available homes in the market. There has been an increase in new construction for these counties which has helped to increase the number of homes available.
Balance- Is it Acheivable?
In case you missed it, our latest blog post discusses what is a stable and balances market and whether it is achievable.
As always, if you have questions about appraisals or appraising please contact us at dwslaterco.com. If you would like to receive our monthly newsletter sign up below. Enjoy your October!