Tuesday, March 31, 2015
Home prices up in January
Home prices rose in January, despite seasonal weakness: S&P/Case-Shiller
http://www.cnbc.com/id/102548825
Monday, March 30, 2015
Allen, TX Residential Sales Report for February
Single-Family:
Sales were off by 7% in Allen for the month of February. The average sales price climbed 17% while the median sales price jumped by 27%. The pending listings increased by 8%. There was an 11% decline in the number of new listings while the active listings increased by 7%. The months of inventory rose slightly to 1.5 months. Demand is still strong but sales are being affected by the shortage of inventory. About half on the active listings are builders new homes so if you are looking for an existing home in Allen you only have about 80 spread across all the price ranges to choose from.
Sales: 84
Average Sales Price: $356,857
Median Sales Price: $335,380
Pending Sales: 82
New Listings: 122
Active listings: 179
Months of Inventory: 1.5
Condos and Townhouses:
There are not enough condos and townhouses in Allen to create a statistically valid report.
Leases:
Leases were off by 44% in February. The average rent increased by 75 and the median rent by 3%. Pending leases jumped 31%. The number of new listings increased by 2% and the active listings by 7% The months of inventory did increase to a whopping 1.1 months meaning you will have just a hard a time finding a home to lease as you will finding a home to buy.
Leases: 23
Average Rent: $1,776
Median Rent: $1,700
Pending Leases: 17
New Listings: 42
Active listings: 47
Months of Inventory: 1.1
Information provided by the Real Estate Center at Texas A&M.
Sunday, March 29, 2015
Saturday, March 28, 2015
Friday, March 27, 2015
No slowdown in growth
Only one U.S. city has seen more population growth than Dallas-Fort Worth http://news360.com/article/284934523
Thursday, March 26, 2015
Spring Time in North Texas = Hail and Insurance Claims
It’s spring time in North Texas and that means hail damaged roof and insurance claims.
The latest trend is for insurance companies to increase wind/hail deductibles to 1 ½% to 2% on new policies and renewals as well as depreciating the value of a roof based on the age. The companies that are depreciating the value of the roof based on age are doing this based on a scheduled percentage. An example would be:
$15,000 roof replacement on a 7 year old roof for a $200,000 dwelling. Company would only pay 79% of 7 year old roof with a 2% deductible.
$15,000 x 79%=$11,850.
$200,000 x 2%= $4,000
$11,500 - $4,000 = $7850.
The company will pay $7,850 and the homeowner pays $7,150.
The older the roof the more the homeowner will pay!
You might want to check your wind/hail coverage and see if you can find a better deal.
If you are shopping for new coverage and are getting different quotes from the agent, be sure to ask them what the wind/hail coverage is. This is probably one of the reasons for the different quotes. You might be better off paying a slightly higher price if you are getting better wind/hail coverage.
Wednesday, March 25, 2015
Plano, TX Residential Real Estate Report for February
Sales for February in Plano were flat. The average sales price increased 17% and the median sales price was up by 9% compared to a year ago. Pending sales were off by 4%. The number of new listings actually increased by 9% but this did not help the active listings which dropped by 26%. The months of inventory had a corresponding decline to 0.9 months.
It’s really tough to find a good house in Plano to buy!
Sales: 230
Average Sales Price: $336,660
Median Sales Price: $272,020
Pending Sales: 209
New Listings: 295
Active listings: 265
Months of Inventory: 0.9
Condos and Townhouses:
There are not a lot of condos or townhouses in Plano so the numbers can be volatile.
Sales were off by 19% in February. The average sales price jumped 109% and the median price by 170%. These huge increases were caused by several sales in the $700,000 to $900,000 price range that are not typical for this area. Pending Sales were off by 10%. The new listings declined by 33% but we did get an increase in the number of active listings by 67%. The bad news is there is only a 0.7 months supply. It’s harder to find a condo or townhouse in Plano that it is to find a single-family home.
Sales: 17
Average Sales Price: $327,873
Median Sales Price: $270,000
Pending Sales: 19
New Listings: 18
Active listings: 15
Months of Inventory: 0.7
Leases:
Leases were down by 11%. The average rent increases by 7% and the median rent by 8%. Pending leases jumped by 139%. The new listings were up by 1% while the active listings increased by 19%. The months of inventory climber a little bit to 1.3 months.
Leases: 117
Average Rent: $1,838
Median Rent: $1,720
Pending Leases: 74
New Listings: 163
Active Listings: 203
Months of Inventory: 1.3
Information provided by the Real Estate Center at Texas A&M.
Mortgage applications jump
Mortgage applications at highest level since January
http://www.cnbc.com/id/102531887
Tuesday, March 24, 2015
We need more inventory
Here's the backstory on the bounce in new home sales
http://www.cnbc.com/id/102530839
Dallas job growth doing well
Schnurman: Amid low oil prices, Dallas is bright spot http://news360.com/article/284402731
Monday, March 23, 2015
Lake Highlands/ Northeast Dallas Area Residential Sales Report
Single-Family:
Sales were up 7% in the Lake highlands/Northeast Dallas Area in February. The average sales price increased by 7% while the median price was up by 6%. Pending sales were off by 16%. The number of new listings declined by 8% and the active listings by 18%. The months of inventory fell to 1.2 months. As in other areas sales are being held back by the shortage of homes on the market.
Sales: 47
Average Sales Price: $341,424
Median Sales Price: $315,380
Pending Sales: 54
New Listings: 73
Active Listings: 78
Months of Inventory: 1.2
Condos and Townhouses:
Condo and townhouse sales were up a strong 44% in February. The average sales price declined by 28% and the median price by 44%. These declines are caused by a large number of sales being concentrated in the lower price range. The pending sales were up by 100%. The new listings increases by 14% and the active listings by 22%. The increases in the active listings brought up the months of inventory to 2.3 months.
Sales: 26
Average Sales Price: $50,267
Median Sales Price: $39,000
Pending Sales: 34
New Listings: 18
Active listings: 56
Months of Inventory: 2.3
Leases:
New leases in this area fell by 46%. The average rent increases by 13% and the median rent by 24%. Pending leases were flat. The number of new listings declined by 30% and the active listings by 22%. The months of inventory dropped to 1.3 months. As in other areas, it’s pretty hard to find a good property to lease.
Leases: 20
Average rent: $1,119
Median Rent: $920
Pending Leases: 14
New Listings: 28
Active Listings: 36
Information provided by The Real Estate Center at Texas A&M.
Hume sales up
http://www.forbes.com/sites/erincarlyle/2015/03/23/existing-home-sales-up-1-2-in-february-on-tight-supply-as-prices-rise/
Saturday, March 21, 2015
Friday, March 20, 2015
Foreclosures continue to decline
http://realtormag.realtor.org/daily-news/2015/03/20/foreclosure-rates-near-significant-milestone?om_rid=AACAVe&om_mid=_BVDGcuB9AGT$$W&om_ntype=RMODaily
Potential closing problems
http://m.rismedia.com/article.php?permalink=/2015-03-04/new-consumer-financial-protection-bureau-forms-may-mislead-consumers-complicate-lending/&utm_source=newsletter&utm_medium=email&utm_campaign=eNews
Thursday, March 19, 2015
Richardson, TX Residential Real Estate Report for February
Single-Family:
Sales were up by 9% in the Richardson area in February. The average sales price increased by 12% and the median sales price by 13% as compared to last February. Pending sales jumped 24%. Looks like March will continue to see good sales. We did see an 8% increase the new listings but the active listings fell by 40%. The months of Inventory now stands at a new low on ½ month. This is really getting to be unbelieveable!
Sales: 83
Average Sales Price: $227,832
Median Sales Price: $219,000
Pending Sales: 88
New Listings: 85
Active listings: 53
Months of Inventory: ½ month
Condos and Townhouses:
There are not a lot of condos and townhouses in the richardson area so the numbers tend to be volatile.
Sales were off by 31%. The average sales price jumped by 132% and the median price by 122%. Has some sales in the upper price ranges to pull these averages up like this. Pending sales were down by 41%. The number of new listings dropped by 11% and the active listings by 17%. The months of inventory fell to 2.1 months.
Sales: 9
Average Sales Price: $147,375
Median Sales Price: $120,000
Pending Sales: 10
New Listings: 17
Active Listings: 29
Months of Inventory: 2.1
Leases:
Leases were down by 31%. The average rent increased by 12% while the median rent was up by 13%. Pending leases were flat. the number of new listings increased by 12% but this was not enough to keep the active listings from falling by 12%. The months of inventory is now at 1.2 months.
Leases: 27
Average Rent: $1,522
Median Rent: $1,470
Pending Leases: 14
New Listings: 37
Active Listings: 44
Months of Inventory: 1.2
Most homes are affordable
Realtor.com: Most Housing Today is Affordable http://news360.com/article/283764676
Tuesday, March 17, 2015
Homeowners with lower priced homes trapped
Millions of 'underwater' homeowners are trapped
http://www.cnbc.com/id/102512102
Not good numbers for housing!
Housing data adds to string of disappointing stats
http://www.cnbc.com/id/102511804
Monday, March 16, 2015
How muvh do you need to make to buy a home in Dallas?
Here's the annual salary required to buy a median-priced home in Dallas http://news360.com/article/283056361
Sunday, March 15, 2015
Thursday, March 12, 2015
Far North Dallas Residential Sales Report for February
Single-Family:
Sales were up by 1% in the Far North Dallas area in February. The average sales price had a slight drop of 1% but the median sales price increased by 10%. Pending sales climber by 9%. The new listings fell by 16% and the active listings also by 16%. The months of inventory is now at 1.3 months. Really no change from the previous months. Very low inventory and prices continuing to climb.
Sales: 75
Average Sales Price: $368,626
Median Sales Price: $350,000
Pending Sales:83
New Listings: 94
Active listings: 133
Months of Inventory: 1.3
Condos and Townhouses:
Sales were up by 8%. The average sales price declined by6% while the median price was off by 11%. Looks like were has some additional sales in the lower prices ranges pulling the averages down. Pending sales were up by 64%. New listings were flat and the active listings declined by 41%. The months of inventory is now at 1 month. Tuff to find a condo or townhouse.
Sales: 42
Average Sales Price: $143,973
Median Sales Price: $109,780
Pending Sales: 41
New Listings: 47
Active Listings:46
Months of Inventory: 1
Leases:
Leases were down by 32% in February. The average rent increased by 2% and the median rent by 10%. Pending leases jumped by 82%. New Listings fell by 6% and the active listings declined by 15%. The months of inventory is at 1.5 months. It’s just as hard to find a homes to lease as it is to find one to buy.
Leases: 26
Average Rent: $1,415
Median Rent: $1,450
Pending Leases: 20
New Listings: 50
Active Listings: 66
Months of Inventory: 1.5
Information provided by The Real Estate Center at Texas A&M
Wednesday, March 11, 2015
Dallas Area Residential Sales Report for Febuary
Single-Family:
The sales of single-family homes were flat in February. The average sales price increased by 8% while the median sales price was up by 9%. Pending sales rose by 9%. The number of new listings dropped by 1% but the active listings declined 16% causing the months of inventory to fall to 3.2 months.
Sales of homes below $170,000 are just terrible with declines in every price range in double digits due to the low inventory. Yesterday I heard an agent with a nice home in Allen priced at $150,000 recieved 70 offers. Homes above the $170,000 number for the most part are seeing double digit increases in sales with home in the $200,000 to $400,000 range being most in demand.
Sales: 5,593
Average Sales Price: $249,715
Median Sales Price: $191,000
Pending Sales: 6,239
New Listings: 8,358
Active Listings: 16,140
Months of Inventory: 3.2
Condos and Townhouses:
Condo and townhouse sales were up by 9%. The average sales price jumped by 11% and the median price by 16%. Pending sales increased by 17%. The new listings fell by 2% and the active listings by 21%. The months of inventory dropped to 3 months.
Sales: 420
Average Sales Price: $228,498
Median Sales Price: $172,200
Pending Sales: 461
New Listings: 575
Active Listings: 1,075
Months of Inventory: 3
Leases:
There was a sharp drop of 15% in the number of signed leases in February. The average rent increased by 5% and the median rent was up by 6%. The number of pending leases increases by 148%. New listings fell by 8% but the active listings increased by 1%. there is some obvious gyrations going on this month in the leasing market.
Leases: 2,546
Average Rent: $1,475
Median Rent: $1,380
New Listings: 2,643
Active Listings: 3,529
Information provided by The Real Estate Center at Texas A&M.
Saturday, March 7, 2015
Frisco Texas Residential Sales Report for January
Single-Family:
Sales were off by 9% in Frisco for January. The average sales price increased by 14% while the median sales price was up by 11%. As in other areas, the sales were down because buyers are having a hard time finding a house to buy due to the extremely small inventory. this small inventory is also the reason prices are continuing to climb. The pending sales were of by 13%. The number of new listings dropped by 16% and the active listings by 8%. The months of inventory fell to 1.3 months.
Sales: 163
Average Sales Price: $366,931
Median Sales Price: $335,000
Pending Sales: 200
New Listings: 279
Active listings: 421
Months of Inventory: 1.3
There are not enough condos and townhouses in Frisco to make a meaningful report.
Leases:
Leases were down by 5%. the average rent was flat and the median rent increased by 1%.
Pending leases jumped by 92%. the number of new listings increases by 33% and the active listings by 50%. These increases really did not help because the months of inventory is still very low at 1.3 months.
Leases: 135
Average rent: $1,870
Median Rent: $1,800
Pending Leases: 73
New Listings: 177
Active Leases: 189
Months of Inventory: 1.3
Tuesday, March 3, 2015
McKinney, TX Residential Sales Report for January
Single-Family Homes:
Sales in January were up by 11% in McKinney. The average sales price jumped 19% while the median sales price climber by 27%. While prices are surely go up, these large increases in the averages are caused by the lack of sales in the lower price ranges. There was an 8% drop in the number of pending sales. We continue to see declining new and active listings. New listings were off by 22% and active listings by 21%. The months of inventory now stands at 1 month.
Sales: 153
Average Sales Price: $290,055
Median Sales Price: $262,000
Pending Sales: 137
New Listings: 181
Active Listings: 236
Months of Inventory: 1
There are not enough condos and townhouses in McKinney to report numbers on.
Leases:
Leases were off by 7% in January. The average rent declined by 2% and the median rent by 3%. It looks like just the opposite of sales with a few more rentals in the lower price ranges pulling the averages down. Pending leases jumped by 231%. We did see the new listings increase by 14%
and the active leases by 46%. even with these nice increases the months of inventory is a 1.4 months. Not a lot to chose from!
Leases: 75
Average Rent: $1,621
Median Rent: $1,550
Pending Leases: 42
New Listings: 97
Active Listings: 123
Months of Inventory: 1.4
Information provided by The Real Estate Center at Texas A&M.
Monday, March 2, 2015
Single Family:
Sales were up by 16% in Allen for January compared to last January. The average sales price increased by 27% while the median sales price jumped by 26%. As in other areas these large increases in the averages are caused by more sales occurring in the upper price ranges. The number of pending sales declined by 1%. The new listings dropped by 15% but the active listings increases by 22%. The months of inventory remains very low at 1.4 months.
Sales: 64
Average Sales Price: $331,764
Median Sales Price: $280,950
Pending Sales: 80
New Listings: 93
Active Listings: 167
Months of Inventory: 1.4
Condos and Townhouses:
There are not enough condos and townhouses in Allen to report the data in any meaningful way.
Leases:
Leases increased by 15%. The average rent increased by 22% and the median rent by 15%. As in residential sales these increases are caused by more properties leasing in the upper price ranges. Pending leases jumped by 157%. New listings were flat and the active listings declined by 21% dropping the months of inventory to 1.1 months.
Leases: 30
Average Rent: $1,809
Median Rent: $1,750
Pending Leases: 18
New Listings: 47
Active listings: 48
Months of Inventory: 1.1
Information provided by The Real Estate Center at Texas A&M.
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Renters are looking to leave New York, Chicago for Dallas.
Renters are looking to leave New York, Chicago for Dallas. Start spreading the news. They’re leaving today…for North Texas
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Renters are looking to leave New York, Chicago for Dallas. Start spreading the news. They’re leaving today…for North Texas -
Firefly Run 5K/10K Photo courtesy of Yow Midia The Firefly Run is a cool, eye-dazzling, illuminated nighttime 5K/10K race.