Value of homes in Murphy decreasing?

Asked by BuyingTips, Dallas, TX Sun Feb 10, 2013

I looked at the assessed value of the homes built in Murphy in 2003 and later. Every year, the assessed value of the home is decreasing. Is it because so many homes are built in that area? If that trend continues, seems like we may have another real estate bubble in that area?

Help the community by answering this question:

+ web reference
Web reference:


Bruce Lynn, Agent, Coppell, TX
Wed Feb 13, 2013
Bubble?.....that's when the prices get over inflated and then the bottom falls out....

Think CA and Las Vegas....Hong Kong.

There is no great way to accurately predict prices increases or decreases. Just too many variables in the economy that can change things. For example what happens to interest rates if Freddie and Fannie get out of mortgage repurchase business and it goes to private investors. I would think interest rates would double at minimum. So if interest rates double what does that do to housing market?
0 votes
T.E. & Naima…, Agent, Dallas, TX
Mon Feb 11, 2013
Murphy median sales prices peaked in January 2008 at $300k. They had risen from $265k in January 2007.
From the peak in January 2008 median prices fell most months until June 2010 when they hit bottom at $250k.

From that low in June 2010 median prices rose over the 18 months to January 2012 over 6% annually to $271k.

From last January (2012) until today median sales prices have slumped a little (2.6%) and now stand at $263k.

The supply of homes for sale rose steadily over the period above (Jan 2007 - today) from 70 homes until it peaked in December 2008 at 140 homes. It fell at a lesser rate to 110 homes in February 2011. Since that time the supply rose slightly and then decreased to about 100 homes today.

Months of supply (homes available versus rate of sales) rose steadily over January 2007 to November 2011 from 2.5 months to 6.5 months. In the last 14 months supply has dropped from 6.5 to almost 4 months.

This decreasing backlog with a steady supply indicates a certain degree of healthiness, especially compared to October 2009 when sold price to listed price had fallen to 88%. Today the ratio of sold to listed price rest above 95%.

It appears the bubble, if any, burst in 2009 about 9 months after the previous Presidential election.

Not to be overly critical of mass appraisals conducted at the appraisal district, they do seem to lag the market by at least 2 years.
0 votes
You have the numbers. Thank you Sir.
Flag Tue Feb 12, 2013
Melissa Hail…, Agent, Plano, TX
Sun Feb 10, 2013
The real estate market from 2003-2011 was an entirely different market than what we are seeing today. In 2012 we saw home prices stablize and increase....and so far for 2013 the prices have done nothing but increase. Our supply is down and our demand is up (partly due to low interest rates). By the sheer law of Supply & Demand, the prices are going up.

Most homes that are priced at the current market value are seeing multiple offers within just days of being listed for sale. Many of these homes are selling for higher than list price. This is happening across the Collin County area as I have seen it personally in Wylie, Murphy, Plano, Allen, etc.

This is also the same thing we are seeing with rental homes. Multiple applications, and landlords being able to get full price rent from the best choice of tenants.

If you want further specifics about these markets, please feel free to call/text/email me.

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
0 votes
David Hock, Agent, Richardson, TX
Sun Feb 10, 2013
The real question is the difference in Market for the two communities. All housing values in tax roles for the most part have gone down and when you have upper end property such as Murphy and 15 to 20% decline in property on tax roles is a lot! However it's simply across the board in all real estate. This is the first time in several years values have gone UP! Instead of just staying steady. Let's take the housing values in sales of the two towns Murphy and Wylie and their aveages from Aug 2012 to now according MLS.

Number of home Sold 152 - ftage per home 3381 - List Price 296,793 - Sold $289,109 = $85 per ft 72 days on Market
Wylie Sold 340 - ftage per home 2004 - List Price 141,691 - Sold $138,798 = $69 per ft 60 days
on Market

Shows the differenc in Murphy and Wylie as to average price range and a greater number of homes in the Wylie Market were involved in the Foreclosure Market. The Wylie inventory at this point has greatly decreased as has Murphy's

One last set of numbers to give you some idea of just how hot the Murphy and Wylie areas are. The stats off MLS for Wylie Dec 2012 thru Feb 9th 2013 are.
Home Sold 96 thats 58 more homes in 1 qtr more than average of above 2012 number
List Price 170,829 - Sold $166,849 a change of 17% in average sales value
Average Per Ft. Price $73 per ft. 63 days on Market An increase fo $4 per ft.

If you in the market or going to be in the market shortly this should be your call to action!
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more