As we go through this year, inventory has grown but is still extremely tight. In Collin County there s about 2.2 months of inventory. A balanced market is considered to be about 6 months of inventory. Low inventory means higher prices. Low mortgage rates makes home buying better but finding the home you desire might be a challenge. New home construction is on the rise and is difficult to track how much that is having on the ease of getting a home, but we have noticed more new home purchases over the past couple of years. So lets take a look at the statistics for a May to May comparison starting with May 2013 and then the May's leading up to and ending in May of 2016.
Homes For Sale: May 2013=2,872, May 2014=2,621, May 2015=2,303, May 2016=2,881* Highest May Inventory
New Listings: May 2013=2,012, May 2014=2,097, May 2015=1,966, May 2016-1,909* Lowest May New Listings
Median Pendings: May 2013=1,647, May 2014=1,644, May 2015=1,598, May 2016=1,131* Lowest May Median Pendings
Median Closings: May 2013=1,597, May 2014=1,540, May 2015=1,477, May 2016=1,377* Lowest May Median Closings
Median Sales Price: May 2013=$235,000, May 2014=$250,000, May 2015=$289,000, May 2016=$309,000* Highest May Median Sales Price
Months Supply of Homes: May 2013=2.4 Months, May 2014=2.1 Months, May 2015=1.8 months, May 2016 2.2 Months* Second Highest May Months Supply
The figures illustrated are for all construction types: New Construction, Pre-Owned, Condos & Townhomes, Farm and Ranch
*All numbers derived from and were compiled by the North Texas Real Estate Information System NTREIS. (MLS)
Conclusion: The market remains tight due to inventory and prices remain high. No relief probably this year from this situation until inventories rise.