Denton County Real Estate Rundup March 2010

March 2010

Jay Myers – REALTOR®

Keller Williams Realty –Dallas Metro NorthFlower Mound, TXWebsite: www.MyDentonCountyRealEstate.comemail: [email protected]: (972) 510-7800

Serving North Texas Buyers, Sellers and Investors Specializing in Denton County

http://www.mydentoncountyrealestate.com/

mailto:[email protected]

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

0

200

400

600

800

1,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2008 415 553 636 665 841 843 864 800 649 532 403 479

2009 285 430 528 574 684 821 878 709 641 697 591 503

2010 307 406 617

Average SOLD Properties by Month


0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008 157,400 159,000 170,500 160,000 168,000 170,000 171,850 184,450 169,400 165,872 157,000 165,000

2009 150,000 161,000 160,126 160,500 171,400 172,500 175,000 175,750 167,000 165,500 162,700 166,500

2010 166,000 168,000 170,000

Median Price for SOLD Properties by Month


0

10

20

30

40

50

60

70

80


2009 71 76 71 67 65 60 67 68 62 66 70 79

2010 74 66 70

Average Days on Market for SOLD Properties


0

1000

2000

3000

4000

5000

6000

Homes For Sale vs. SOLD


0

100

200

300

400

500

600

700

800

900


2009 451 526 606 733 772 832 778 667 673 685 435 353

2010 490 636 868

Units Under Contract by Month


145,000

150,000

155,000

160,000

165,000

170,000

175,000

180,000

185,000


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

Median Under Contract Price


0

10

20

30

40

50

60

70

80

90


2009 71 74 64 66 62 67 66 68 64 71 80 83

2010 67 66 65

Average Days on Market Under Contract


0

200

400

600

800

1,000

1,200

1,400

1,600


2008 1,194 1,206 1,274 1,419 1,364 1,389 1,233 1,140 957 903 766 675

2009 1,023 1,011 1,279 1,301 1,209 1,331 1,264 1,191 1,047 970 756 638

2010 1,192 1,220 1,563

New Listings by Month


155,000

160,000

165,000

170,000

175,000

180,000

185,000

190,000

195,000

200,000


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

Median Price for New Listings


0

1,000

2,000

3,000

4,000

5,000

6,000


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

Number of Active For Sale Properties


0

50,000

100,000

150,000

200,000

250,000


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

Median Price for Actively Listed


0

20

40

60

80

100

120

140

160

180

200


2009 184 179 172 166 162 159 159 158 157 156 159 154

2010 142 122 96

Average DOM for Actively Listed


0

100

200

300

400

500

600

700


2009 463 361 419 395 416 462 493 557 497 557 462 536

2010 472 366 401

Expired Listings by Month



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.

SELLERSIt 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.

BUYERSIt 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.

http://www.mydentoncountyrealestate.com/

Denton County Real Estate Rundup March 2010

Real Estate

Transcript of Denton County Real Estate Rundup March 2010