The Plano Area-January Numbers Are In For Resale Homes!

Posted by Larry DeBerry on Wednesday, February 14th, 2018 at 3:42pm.

As most of you know the Plano real estate market for resale homes is usually a busy one year after year. However, we started to see some changes starting to happen in the Plano market around mid 2017 and it seems to be continuing into the first of this year. Looking at January 2017 versus January 2018 here are some very interesting facts provided by the North Texas Real Estate Information System (MLS). The median sales price in January 2017 was $329,450 and starting in January 2018 it is $323,000. As you see prices have continued to move upward but not a huge amount. One of the significant things we noticed that in most areas the median days on market has increased. Plano is better off than some of the other cities but they too have seen a increase in this days on market. It has moved from 22 days on market in January 2017 to 29 days on market in January of 2018. One of the things we also watch is how much, as a percentage, are people getting for their original asking price. In January of 2017 sellers were receiving approximately 97.8% of the Original List Price. In 2018 they are receiving approximately 1% less in 2018 or 96.8%. Plano months supply of homes remained constant at 1.3 months supply of resale homes. This is a extremely tight market which means original list prices may remain high. The amount of homes for sale did not differ much from January 2017 to January 2018. There is approximately 375 homes for sale in January 2018 compared to 365 in January 2017. So the difference here is not much. One of the other key factors we watch is the desire to put homes up for sale or new listings. January is not always a strong month as an indicator of what the year will be like. However, looking at what happened in January of 2017, where we had 298 new listings come on the market compared to this January of 2018, where we saw only 269 new listings come on the market. This will not improve our inventory in Plano and it also does not give people more choices in the resale home area. What I see is the lack of inventory could be having an effect on demand for resale homes. Here is why I feel this way. Looking at Pending homes for sale in January of 2017, there were 298 pendings. In January of 2018 there were only 269. Another indicator that I look at is Closings. Closing in January of 2017 in Plano for resale homes was 160 closed homes and in January of 2018 there was only 148. So based on Pendings and Closings, there is a lowering of demand from one January compared to the other January for resale homes. In Collin County over all, I saw this trend starting in the middle of the year where inventory actually increased and then the inventory fell back down to lower levels by the end of the year. One of the other things that is starting to worry both sellers and buyers is the potential for increased interest rates on mortgages. My suggestion is that if you are looking to buy or sell then it would be smart to start your process now. If you ever need any help with your real estate needs please call The DeBerry Team at 214-676-8040.

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