Denton County Real Estate Roundup March 2010

March 2010 Jay Myers – REALTOR® Keller Williams Realty –Dallas Metro North Flower Mound, TX Website: www.MyDentonCountyRealEstate.com email: [email protected] Cell: (972) 510-7800 Serving North Texas Buyers, Sellers and Investors Specializing in Denton County March 2010 Market analysis and statistics for New Listings, Pending and Sold properties in Denton County Texas
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March 2010 Jay Myers – REALTOR® Keller Williams Realty –Dallas Metro North Flower Mound, TX Website: www.MyDentonCountyRealEstate.com email: [email protected] Cell: (972) 510-7800 Serving North Texas Buyers, Sellers and Investors Specializing in Denton County REAL ESTATE STATISTICS ANALYSIS AND TRENDS FOR DENTON COUNTY TEXAS The following statistics are gathered from the North Texas Real Estate Information Systems (NTREIS) the information herein deemed reliable but not guaranteed. This analysis is based solely on:  Single Family Residences  Resale or Pre-Owned homes  Denton County  Based on a 1 or 2 Year Analysis It Does NOT Include • New Construction • Condominiums • Farms and Ranches • Vacant Land All interpretation and commentary is that of Jay Myers and not necessarily shared by the National Association of REALTORS® (NAR) the Texas Association of REALTORS® or my brokerage Keller Williams Realty. Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Average SOLD Properties by Month 1,000 800 600 400 200 0 Jan 2008 415 2009 285 2010 307 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 553 636 665 841 843 864 800 649 532 403 479 430 528 574 684 821 878 709 641 697 591 503 406 617 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Median Price for SOLD Properties by Month 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Jan Feb Mar Apr May Jun 2008 157,400 159,000 170,500 160,000 168,000 170,000 2009 150,000 161,000 160,126 160,500 171,400 Jul 171,850 Aug Sep Oct Nov Dec 184,450 169,400 165,872 157,000 165,000 172,500 175,000 175,750 167,000 165,500 162,700 166,500 2010 166,000 168,000 170,000 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Average Days on Market for SOLD Properties 80 70 60 50 40 30 20 10 0 Jan 2008 77 2009 71 2010 74 Feb Mar 73 70 76 71 66 70 Apr May Jun 66 62 62 67 65 60 Jul 60 67 Aug Sep 60 69 68 62 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Oct 67 66 Nov Dec 68 70 70 79 Homes For Sale vs. SOLD 6000 5000 4000 3000 2000 1000 0 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Units Under Contract by Month 900 800 700 600 500 400 300 200 100 0 Jan 2008 581 2009 451 2010 490 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 661 671 803 842 817 826 676 539 453 404 361 526 606 733 772 832 778 667 673 685 435 353 636 868 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Median Under Contract Price 185,000 180,000 175,000 170,000 165,000 160,000 155,000 150,000 145,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 169,000 168,000 167,400 169,900 172,250 173,000 184,900 173,000 174,500 159,900 160,200 159,900 2009 162,450 164,900 169,430 175,000 174,500 179,095 175,000 175,000 169,000 165,000 167,900 171,500 2010 174,900 169,900 169,862 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Average Days on Market Under Contract 90 80 70 60 50 40 30 20 10 0 Jan 2008 73 2009 71 2010 67 Feb Mar Apr May Jun 71 63 64 62 58 74 64 66 62 67 66 65 Jul 63 66 Aug Sep Oct Nov Dec 65 70 66 71 72 68 64 71 80 83 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com New Listings by Month 1,600 1,400 1,200 1,000 800 600 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep 2008 1,194 1,206 1,274 1,419 1,364 1,389 1,233 1,140 957 2009 1,023 1,011 1,279 1,301 1,209 1,331 1,264 1,191 1,047 2010 1,192 1,220 1,563 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Oct 903 Nov 766 Dec 675 970 756 638 Median Price for New Listings 200,000 195,000 190,000 185,000 180,000 175,000 170,000 165,000 160,000 155,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 179,900 179,900 184,900 189,900 194,155 189,900 192,500 187,650 179,900 174,939 184,945 170,500 2009 188,000 199,500 197,900 192,500 199,900 197,000 189,000 189,900 184,900 184,950 189,000 173,250 2010 179,975 187,500 200,000 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Number of Active For Sale Properties 6,000 5,000 4,000 3,000 2,000 1,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 4,380 4,520 4,669 4,986 5,086 5,173 5,116 4,928 4,655 4,507 4,200 3,951 2009 4,029 4,127 4,519 4,792 4,877 5,020 4,991 4,909 4,731 4,531 4,043 3,785 2010 4,087 4,351 4,912 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Median Price for Actively Listed 250,000 200,000 150,000 100,000 50,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 180,000 184,900 189,900 194,900 199,900 200,000 207,000 205,000 199,967 199,900 199,900 199,000 2009 197,000 199,900 208,450 209,900 216,950 219,500 219,500 216,488 214,939 216,500 224,900 219,000 2010 205,000 200,000 209,900 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Average DOM for Actively Listed 200 180 160 140 120 100 80 60 40 20 0 Jan 2008 172 2009 184 2010 142 Feb Mar Apr May Jun 169 164 159 158 160 179 172 166 162 159 122 96 Jul 165 159 Aug Sep 172 179 158 157 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com Oct Nov Dec 182 189 192 156 159 154 Expired Listings by Month 700 600 500 400 300 200 100 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 486 464 431 461 460 473 502 554 512 620 520 586 2009 463 361 419 395 416 462 493 557 497 557 462 536 2010 472 366 401 Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com IN CLOSING: I believe the only thing that is perfectly clear after looking at the statistics for February is that the real estate market for Denton County is beginning to change. With median prices for under contract properties down over $5,000, and sold properties median price only increasing $2,000 these are numbers I don’t believe anyone expected to see while the tax credit was still in effect, even for the winter month of February. I have talked a lot, and I mean a lot about the first time home buyer tax credit and it’s expiration on my site, with my clients, and those who call me with questions. I am sticking with my earlier opinion or prediction that I expect to see prices fall by up to 3% by mid to late summer; which will be most of the appreciation in values we have seen in the last year and a half. SELLERS It is always important for sellers to price their properties appropriately. Do not chase the market, or wait for the market to catch up to you when it comes to setting a price if you are serious about selling. BUYERS It is equally important for buyers to not believe they can come in and low-ball a house with a offer 10% less than the market suggest, not the seller or their agent. Work with an agent that tells you what you need to hear, not what you want to hear. Jay Myers (972) 510-7800 www.MyDentonCountyRealEstate.com