Well 2016 has started off with a bang here in Collin County. Median home prices started at $280,000 in January and at the end of February they trended upward to $290,000. Days on Market went from 22 days in January to 17 days so the trend show that homes are moving very fast in the county. I also noticed that homes were selling at or even above list prices in some cases. In January the Months Supply of Single Family homes was listed at 1.4 months of supply. and in February the months supply went up to 1.6 months supply of single family homes. The trend is heading upward but at a crawl. This means prices will remain on the high end for some time in the future since it takes about 4.5 months of supply to get to back to a relatively balanced market. In January there were only 865 new listing and in February there was 1,406 new listings. This is a good trend that we need to continue to see. In January we saw 1,033 Pending Sales and in February we saw a drop down to 964 Pending Sales. This is not unusual for this time of year and I expect this number to start rising in the following months. Showing an opposite trend is Closed Sales. In January we had 787 Closed Sales and in February we had 885 Closed Sales. Normally, activity in home sales start progressing at higher levels starting in March through the next 6 months and then we may see some slowing in October time frame. Basically, we are just starting to warm up, kinda like the weather, for more home sales and more inventory.
I want to make sure that everyone know that if you are a first time home buyer, I know it is harder to find what we call starter homes. However, my son has started a development in Princeton that may fit that need. If you want to know more about this development, please give me a call at 214-676-8040.