Tax Values Update:
If you own property, you should be receiving your updated 2018 Appraised Value in the mail from the taxing districts. Ours went up 26% on two of our properties compared to 2017. While we appreciate the tax department’s confidence in the real estate market, we feel quite that these numbers don’t need to be “this high.” We will be sending out tips to lower your taxes next week. In the meantime, please let us know your real estate plans in the next 2 years so we can help you strategize on your tax planning.
As with previous weeks, homes going under contract is continuing to tick up while “solds” are lower. In residential real estate it’s not uncommon for a buyer to want to close after the 6-8th of a month so their first monthly payment is delayed 2 months instead of 1 month. This is why closing numbers usually spike later in the month versus the beginning.
There was a great article by Steve Brown in the Dallas Morning News that gave a Q1 summary of the North Texas real estate market. Here is the article and quick bullet points in case you are a skimmer like we are. 🙂
- Real Estate home prices and selling times vary by neighborhood, home condition, and by sales price. So, if you have a specific need, it’s best that we run individual numbers for the neighborhood.
- The Median home sales price in DFW at end of March 2018 is at a new record high of $260,000, this is up 8% from 1 year ago.
- This upward trend has slowed somewhat from the 13% increase in 1st quarter of 2017 versus a year earlier (2016).
- DFW median housing prices have gone up 90% since March 2009.
- This means a home investment is a very good investment, both as a personal home or as a rental property.
- The Median “New Build” Home sales price is $344,000 which is almost $100,000 more than a mid-priced Re-sale home. The reasons for higher “New Build” pricing are increased costs for land, construction materials, and labor.
- On average, it is taking 52 days to sell a home which is 7% more time than it took last year at this time.
- There are 8% more homes on the market than a year ago, but we currently have only a 2.2 month supply of homes on the market. Depending on the price point, it is still generally a Seller’s Market. And we are still seeing some multiple offers depending on location, price, and condition.
- For homes priced above $500,000, we are seeing more homes for sale so there is more competition to get the home sold. This means it is taking longer to sell in higher price ranges.
Our population is still on pace to grow, North Texas is still being projected as one of the strongest markets in the country. If you are planning a move or are interested in any of these opportunities, please let us know.