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April Housing Data Across Texas

5,727 Views | 37 Replies | Last: 1 yr ago by Red Pear Realty
Red Pear Luke (BCS)
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CPI was 8.3% for April

PPI was 11% for April

https://www.bls.gov/cpi/

https://www.bls.gov/ppi/

Good News:
- Texans' overwhemingly voted to approve raising the homestead exemption limit from $25K to $40K now. Collectively saving the average Texas Homeowner about $175/year in property taxes. (Link: https://www.texastribune.org/2022/05/07/texas-property-tax-constitutional-amendments-proposition/)

Interesting Articles:

- Will Higher Interest Rates Finally Cool The Market?

- WHAT THE?! MY PROPERTY TAXES ARE HOW MUCH?

- Advice on Protesting Property Taxes in This Market


Examples of Crazy in the DFW Market?
- One of my buyer's put an offer on a 3bd/2bth home in Frisco listed at $495K. We offered 12% (that's a $555K purchase price) over asking with strong downpayment, waiving appraisal, etc, etc,. We did not win. In fact here was the competition layout for that house
  • 28 offers received
  • 14 offers over 10% asking
  • 4 offers over 20% asking
  • Winning bid was north of 25% over asking. That means someone offered to pay at least $618K for a 3/2bth generic home.


***Friendly reminder that most property tax protests are due on Monday May 16th***
***Dont forget about also filing for your homestead exemption***
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Red Pear Luke (BCS)
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North Texas Overall:



Collin County:



Dallas County:



Denton County:



Rockwall County:



Tarrant County:

Red Pear Luke (BCS)
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AggieDruggist89
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Surprised to see active listing is up in Rockwall. Does it mean they're just building more houses in Rockwall?
Red Pear Luke (BCS)
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Just means a bit more supply (either new or existing homes) is hitting the market there. A few new developments/builders are opening up their inventory over there.
Red Pear Medina
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On trend with other major counties in Texas, Bexar County average home prices are up 16.4% to $364,275, and median price increased 18.5% to 314,000.

As a whole, the SA area is showing an average home price up 20% from last year at $395,847.

The New Braunfels area report shows homes staying on market 30 days, with an average price of $395,377.





Statistics provided by San Antonio Board of REALTORS

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p_bubel
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Happy to see Bexar included in the results.
Red Pear Realty
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p_bubel said:

Happy to see Bexar included in the results.


Breanne is our new agent in the San Antonio / South Texas markets. She will continue doing these for those areas and if you're looking to buy or sell there, she's got you covered!
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Ribeye-Rare
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Luke,

I'm curious about something and was hoping you could provide a little insight.

When one is selected a listing agent in one of these super competitive home sales markets (e.g. Austin, others) where there can be multiple bids, all of which are at a premium to the listing price, how do you make it clear to the agent that you don't want to jump on the first offer you get, but rather you'd like to see what shows up in say 45 days time?

I'll have a situation in the future where I anticipate being responsible for getting some heirs the best price possible on an inherited house in one of those markets and am worried about two things, really:

(1) listing the home at an agent-recommended price that may not be high enough, but rather is priced for quick and easy sale from the agent's standpoint; and,

(2) not keeping the offer period open long enough to see what's out there.


OTOH, I'm not one of those guys who demands an agent list a $1MM home for $3MM, but I would like to know I'm doing my job for the heirs.

Thanks. I have absolutely zero experience listing a home for sale, so I'm dealing in the dark here.
Red Pear Felipe
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I'll be putting up Austin's information as soon as ABOR releases it.
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Red Pear Luke (BCS)
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Ribeye-Rare said:

Luke,

I'm curious about something and was hoping you could provide a little insight.

When one is selected a listing agent in one of these super competitive home sales markets (e.g. Austin, others) where there can be multiple bids, all of which are at a premium to the listing price, how do you make it clear to the agent that you don't want to jump on the first offer you get, but rather you'd like to see what shows up in say 45 days time?

I'll have a situation in the future where I anticipate being responsible for getting some heirs the best price possible on an inherited house in one of those markets and am worried about two things, really:

(1) listing the home at an agent-recommended price that may not be high enough, but rather is priced for quick and easy sale from the agent's standpoint; and,

(2) not keeping the offer period open long enough to see what's out there.


OTOH, I'm not one of those guys who demands an agent list a $1MM home for $3MM, but I would like to know I'm doing my job for the heirs.

Thanks. I have absolutely zero experience listing a home for sale, so I'm dealing in the dark here.


Great question Ribeye,

I would say that it always comes down to setting expectations accordingly, making sure the agents who view the listing on MLS understand and convey the sellers desires back to their buyers. Just would be very important in explaining to agents so they are aware of you're timing.

But given the current state of the market - My biggest advice to clients, particularly with interest rates, is selecti the offer with the greatest certainty of execution. Someone may offer $10K higher but is financing with 5% down and you have another offer for $10K less but they offer cash and a 10 day close. Which would you be more likely to chose? Would it be worth it to roll the dice for $10K?

Plus when someone submits an offer, they want to find out sooner rather than later if they had their bid accepted. Especially when you've made multiple offer's trying to nab a home and been unsuccessful. There's also the psychology of people thinking something is wrong the longer a home has been on the market. That's not to say different segments having different averages for time it takes to sell. Usually, the higher the home price, the longer time it takes to sell but not always the case (Aka a $2.5M home on lake Travis going in a weekend).

Overall, I think it would just be important to discuss with the various agents about your goals and hopes and select the one that best aligns with your interests. I'd love a chance to talk and better understand what you're looking for!
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Ribeye-Rare
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Red Pear DFW Luke said:

Overall, I think it would just be important to discuss with the various agents about your goals and hopes and select the one that best aligns with your interests. I'd love a chance to talk and better understand what you're looking for!
Thanks. Having read your posts for a long while, I will contact you when the time is appropriate, but frankly, I hope that is not anytime soon.

This Austin neighborhood, which I'm sure you'd know, is one of those that has never seemed to lack for buyers, even in down markets. I have been simply astounded by both the relative and absolute price increases I've seen there over the past 10-15 years. It defies logic.

Anyway, knowing that the heirs-to-be are continually approached by multiple agents, and that they will likely be anxious to sell, I need to make sure I make the decision to select an agent based on the agent's competence, rather than on just someone that the heirs-to-be have become familiar and friendly with.

My judgment is that there will be no need for fire sale pricing when there is no fire, and no immediate need to have the property sell in the twinkle of an eye, although I suspect that is exactly what will happen, even if the general real estate market cools. Again, that defies my sense of logic, but I don't live in Austin.

Since I'll have the responsibility to make the proper decision, I'd like to have my ducks lined up, as I'm sure you can understand.
Red Pear Felipe
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Hey Ribeye! I'm Felipe and I'm Luke's counterpart here in Austin. Let me know when you'd like to meet up for a cup of coffee when it's time to sell. As I mentioned in a previous post, I'll be putting up Austin's housing info as soon as ABOR releases it. Would you mind sharing the Austin neighborhood you were referring to? Thanks!
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CS78
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B/CS numbers out?
Ribeye-Rare
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Red Pear Felipe said:

Would you mind sharing the Austin neighborhood you were referring to? Thanks!
Sure Felipe. Would you prefer I contact you through the form on your website or instead use your direct email address?
Red Pear Felipe
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felipe@myredpear.com


Thanks!
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MAS444
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Where's Houston?
Red Pear Realty
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CS78 said:

B/CS numbers out?

Not yet
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Red Pear Realty
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MAS444 said:

Where's Houston?

Houston

  • Inventory ticked up ever so slightly (by 0.1 months). Obviously, 0.1 months isn't super exciting when deals are getting 10+ offers, but it could be a start to a shift in momentum.
  • Pricing is still up more than 15% year over year
  • Anecdotally, I offered $51,000 over asking price, all cash, on a just under $300,000 property in Houston this weekend, and didn't get it. Good times.




https://www.har.com/content/newsroom?pid=1858
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Red Pear Realty
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Penske recently released their top 10 moving destinations in the US and all four of the largest Texas markets made the list, with Houston sitting at #1:

1. Houston, TX
2. Las Vegas, NV
3. Phoenix, AZ
4. Charlotte, NC
5. Denver, CO
6. San Antonio, TX
7. Dallas, TX
8. Orlando, FL
9. Austin, TX
10. Chicago, IL

https://www.gopenske.com/blog/rental/penske-top-ten-moving-destinations
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Kenneth_2003
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Red Pear Realty said:

MAS444 said:

Where's Houston?

Houston
  • Anecdotally, I offered $51,000 over asking price, all cash, on a just under $300,000 property in Houston this weekend, and didn't get it. Good times.


  • W...O...W!!!

    What's skewing the average so much higher than the median in Houston?
    Red Pear Realty
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    Check out that post immediately above yours.
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    one MEEN Ag
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    Red Pear Realty said:

    Penske recently released their top 10 moving destinations in the US and all four of the largest Texas markets made the list, with Houston sitting at #1:

    1. Houston, TX
    2. Las Vegas, NV
    3. Phoenix, AZ
    4. Charlotte, NC
    5. Denver, CO
    6. San Antonio, TX
    7. Dallas, TX
    8. Orlando, FL
    9. Austin, TX
    10. Chicago, IL

    https://www.gopenske.com/blog/rental/penske-top-ten-moving-destinations
    This is looking straight out of the post '08 recession moving trends.
    one MEEN Ag
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    Red Pear Realty said:

    Penske recently released their top 10 moving destinations in the US and all four of the largest Texas markets made the list, with Houston sitting at #1:

    1. Houston, TX
    2. Las Vegas, NV
    3. Phoenix, AZ
    4. Charlotte, NC
    5. Denver, CO
    6. San Antonio, TX
    7. Dallas, TX
    8. Orlando, FL
    9. Austin, TX
    10. Chicago, IL

    https://www.gopenske.com/blog/rental/penske-top-ten-moving-destinations
    Denver would be higher but every new addition to menver is moving themselves up in just a mid sized SUV and is gonna couch surf and wait tables until they can get a ski resort job. Not too many of them appear on the penske radar.
    Red Pear Felipe
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    Median price rose 19.6% to a new all-time record of $550,000!!




    April 2022 Central Texas Housing Report
    Quote:

    Last month across the MSA, residential home sales declined 6.2% year over year to 3,280 closed sales as the median price rose 19.6% to a new all-time record of $550,000. Sales dollar volume grew 11.6% to $2,231,215,686, new listings dipped 0.2% to 4,653 listings, and homes spent an average of 18 days on the market, unchanged from April 2021. Active listings jumped 52.5% to 2,763, causing housing inventory to increase 0.3 months to 0.8 months of inventory as pending sales declined 5.6% to 3,630 transactions.


    "We are far from a healthy number of homes for sale in our market, so any increase in housing stock, no matter how small, is a welcome sign for people looking to buy. Our area continues to really be influenced by companies targeting the Austin area for job creation and expansion, and that relocating workforce needs a place to live. Austin continues to be a demand-driven market."





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    SquanchyAg
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    the quiet Texas hill country is going to be a thing of the past in no time. going to be so many houses out there. I saw a report that Johnson City is booming now. Johnson City used to be the cozy, quiet town we went to where no one was at. not any more.
    Red Pear Felipe
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    Bastrop County


    Caldwell County


    City of Austin


    Hays County


    Travis County


    Williamson County
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    The Fife
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    The central TX prices are nuts! I'm not familiar with death or estate taxes but it's starting to look like that'll be a thing to contend with someday.
    Red Pear Felipe
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    Yes, I'd recommend getting a good estate lawyer to help out with the process.
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    The Fife
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    Absolutely, they definitely had one when taking care of my grandma. It's been a single line from my grandma -> dad -> I'm the only surviving child. Both parents are in great health, thankfully.
    Red Pear Medina
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    SquanchyAg said:

    the quiet Texas hill country is going to be a thing of the past in no time. going to be so many houses out there. I saw a report that Johnson City is booming now. Johnson City used to be the cozy, quiet town we went to where no one was at. not any more.
    You are spot on. Texas is exploding, and the major hubs can't sustain all of the transplants. If you're within 2 hours of a major hub, I bet you're going to be seeing a lot of new developments and price hikes.
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    Red Pear Realty
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    SquanchyAg said:

    the quiet Texas hill country is going to be a thing of the past in no time. going to be so many houses out there. I saw a report that Johnson City is booming now. Johnson City used to be the cozy, quiet town we went to where no one was at. not any more.


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    RockOn
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    A&M REC showing for Tyler in April:
    Median $280,000 (+11.6%)
    Average $333,096 (+10.8%)

    Sales down 4.6% and listings down 17%.
    1. month supply


    # of sales seems constant but supply is about a fourth of what it was from 4-5 years ago.

    https://www.recenter.tamu.edu/data/housing-activity/#!/activity/Local_Market_Area_(LMA)/Tyler_(Greater_Tyler_AoR)
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    Red Pear Felipe
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    Just to give you an example of the market in the Austin area…

    One of my buyers put an offer on a 3BR/2BA home in San Marcos listed at $399K. That house recently sold for $550,000! That's just insane.
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