DFW MLS Statistics – June 2023
Vague Specifics – July 2023
Every now and then something good comes from a governing body.
Last week, 3 bills were sent to Governor Abbott’s desk for his signatures, amounting to the greatest property tax cut in Texas history… which is really nice because Texas has had one of the most punitive property taxes (7th highest) in the United States.
Going into effect beginning during the 2024 tax period, The premier item is the expansion of the state’s homestead exemption from $40,000 to $100,000, which will save taxpayers an average of $1,300/year. In addition, there are cuts for seniors and property owners with disabilities, a 20% appraisal cap for non-homesteaded properties, and a reduction in the maintenance and operations tax rate. In total, this is a tax cut of $18 billion. Fortunately, last year the State of Texas enjoyed a gargantuan $32.7 billion tax surplus, so don’t worry, the state government is still eeking by. Also, schools will not receive any diminished funding. A raise for teachers didn’t make into the bill, although Governor Abbott has said he’ll call a special session to address that.
I always like to include a graph on Vague Specifics. Some might suggest I do this because I run out of things to type, others that I might consider visual images showing trends over time helpful to you… perhaps the truth lies somewhere in between… Regardless. below is a graph representing sales prices compared to original list prices.
Following the unpleasantries of Great Recession, the DFW market returned to normalcy at the end of 2012. For the next 7 years, prices relative to original list followed a pretty predictable wave pattern cresting in late spring and troughing in the winter. Then came the crazy market of 2020-2022 (technical term), bringing sales prices WAY over original list and resulting in a trough in late 2022 that resembled 2012. What will 2023 look like when all’s said and done? I don’t know, probably something resembling 2014, which was a pretty good year. Interest rates will be dropping towards the fall, paving the way for buyers who just couldn’t justify the monthly payments, we’re just not sure to what extent.
May 2023 MLS Statistics
Architectural Corner: Brutalist
Emerging from the Modernist Movement of the 1950’s, Brutalism is characterized by massive, monolithic, blocky shapes with a rigid geometric style, predominately made of poured concrete.
Using rough, unfinished surfaces and exposed structural elements, brutalism is certainly an acquired taste, often being called “cold & soulless”. Called a reaction against the nostalgia of 1940’s architecture, brutalist architecture can be seen in both Europe and the Americas.
Interestingly enough, impressions of brutalism has changed over the years. Low-cost brutalist housing originally symbolized socialist principles, and (fittingly enough) began to decline, eventually being associated with totalitarianism and urban decay.
Great Summer Vacations Destinations in the US
I am absolutely not a travel agent. In fact, I do not wish upon anyone the experience a trip planned by John Angell would provide. That said, I have done my fair share of traveling and know plenty of people who do as well.
(I will not be recommending anything in California, Chicago or New York.)
Glacier National Park – Montana – My pro-Montana agenda has been clear since first visiting in 2020. You will never see the sky as it looks in Glacier National Park (hence the term Big Sky Country), and although it is popular, Glacier is sparsely populated when compared to Yellowstone. The Going-to-the-Sun Road is a marvelous drive.
North Lake Tahoe – Like an accretion disc traversing the event horizon of a black hole, North Lake Tahoe lies perilously close to California. That said, Tahoe is simply beautiful. This time of year temperatures range from 43 to 8, with very little rain. With tons of hiking trails and proximity to Reno Airport, it’s a fantastic place to take in scenery.
South Dakota Black Hills – Having taken a trip here several times in my youth (my mom is from South Dakota), I wish I had been old enough to truly appreciate it. Littered with pioneer natural beauty, history and the magnificent Mount Rushmore, it’s a great off-the-beaten path trip. A little warm in July and August, yes, but nothing like the pressure cooker we experience every day.
Michigan – (insert Detroit/Flint joke here.) Michigan, particularly northern Michigan, is beautiful in the summer with weather that’s second-to-none. With tons of things to do around Lake Michigan and quaint little towns surrounded by forests, Michigan is a wonderful place to visit (insert second Detroit/Flint joke here).
Vague Specifics May 2023
Summer is approaching, and with it the “mid-summer” real estate lull that results from kids being out of school and subsequent vacations. 2023 has been similar to the late 2010’s so far, namely solid but not spectacular, we’ll see how the next few months go.
April is normally a high point for new listings, but last month’s new inventory was 11% below April 2022. This is what happens in a recession (and with higher interest rates), and it would appear we’re in the early stages of one. We had one in the technical sense last year with 2 quarters of economic contraction, but chances are this will be more prolonged. Housing affordability remains near an all-time low, but it’s at least leveled the last 11 months or so. Despite a soft April, inventory is more than double what it was this time last year, giving buyers more options. It remains a great time to sell despite there being more competition, as we’re still averaging just 50 days on market.
I went to the Arboretum the other day. Just a reminder it’s a wonderful time to go there before the temperature skyrockets. It’s really impressive what they’re able to do with such a small staff.
Thanks to everyone who made it such a great Client Appreciation Party. It’s a pleasure to hold them, and to thank people for their business, referrals and continued support. I’m my own worst critic when it comes to brisket, but it was obliterated regardless of my personal feelings. Also, congratulations to Benjamin Menke (pictured below, top left) for winning the 1st Annual CAP Disc Golf Putting Competition.
MLS Statistics: April 2023
DFW MLS Statistics: March 2023
Architectural Corner: Spanish Revival
A classic architectural style found all over the world, Spanish Colonial first appeared in the Americas in the 1600s when Spanish settlers arrived, using local resources like adobe with a stucco finish for both interior and exterior walls, and clay tile roofs. While the Colonial period ended in the 1800s, the style was revived in the 1900s, becoming very popular with homebuilders.
Best suited for warm climates due to their adobe/stucco construction, Spanish Revival also features small and infrequent windows which facilitate airflow, wooden support beams, very few (if any) decoration, and typically an interior or exterior courtyard complete with an outdoor kitchen that prevents unduly heating the home’s interior.
A great many higher-end new construction homes in Dallas’ most premier neighborhoods are Spanish Revival.
