Every month I put together information for the following cities in Collin County, Allen, Frisco, McKinney, Plano, and Wylie. I use these cities as a benchmark to see how the overall market is progressing as we go through the year and hopefully it helps home sellers and buyers get more information about the market in general. Comparing March of 2018 to March of 2017 there is some very distinctive things that have popped out at me. First and maybe to no surprise is that the Median Home Prices in all cities except Allen increased. Allen was lower this March than last year but not by much. This means that more homes under the median number was sold and that pulled down the median sales price number. Homes are continuing to sell fairly rapidly and the numbers confirm this. The median days on market in Allen was 9 days in March and the high was in McKinney at 15 days for the median days on market. Homes are selling a little bit lower than asking price in most cities except Allen where they were getting 100% of the Median % of the Original Price. Most of the other cities were receiving a Median % of the Original Price around 98.6%. Remember, these are for cities and not your individual neighborhood which could be much different. Month's Supply of homes increased in all of these cities and some more than others. However there are more homes for sale in all of these cities. In March of 2018 vs March of 2017 new listings were lower. This does not bode well if we are going to get to a "balanced" market". It has been a "sellers market" for quite sometime in all of these cities. What happened in March of 2018 is that the demand for homes has slowed which has elevated the inventory to some degree. All cities had less "pending sales" this March than in March of 2017. Also, "closed sales" were down in all cities except McKinney which was up slightly over March of 2017. The first quarter overall was not as strong as it was in 2017 in these cities and if this continues then I think inventory will continue to build slowly and prices may come under pressure. We have also noticed an uptick in interest rates and that too may have some effect on home sales. If I was looking to purchase a home then I would think now is a good time based on the market getting more competitive and interest rates still being favorable but starting to escalate.
Remember that each persons individual neighborhood could be much different than the city that they live in based on the demand for homes in the area. It is always good to get an expert opinion when considering to buy or sell a home in a particular neighborhood. If you need any advice in this are please call Roxanne DeBerry at 214-676-8040 and she will be happy to assist you.