Here we are in December and wondering where did the year go? As we all get ready for the holidays things like this go through our heads. With that said, our team has been helping both buyers and sellers with their real estate needs. November stats for single family resale homes have shown what I have been talking about in previous posts. Demand is down from the past 2 1/2 years and inventory, interest rates have increased. This time of year is typical to see demand dropping and the interest rates has had some cooling effect as well. However, we are still selling homes. There was 621 single family resale homes closed in November in Collin County. In perspective that beats years 2011, 2010, 2008, and 2003. On average over the past 18 years the average for homes closed was 727 homes closed in November and that makes 621 only 106 homes short of that number. Overall, this is not to bad with low inventory and higher interest rates. The median sales price in November of 2021 for single family homes in Collin County was $460,000 and this November it was $495,000 which is up from last year. However, we are seeing a downward trend. The median days on market has increased to 25 days before a home sells. In November we had 1,831 single family resale homes for sale compared to only 660 homes in 2021.
As you can see things have started to change and that change will give buyers a lot more opportunity to purchase the home they desire. Yes, sellers won't be getting the way over list offers that the pandemic and short inventory caused. However, prices still have not come down a lot compared to the previous November. The good news there are homes on the market and there are buyers out there looking to purchase. This continues to spell good news for our real estate market in Collin County.
We at The DeBerry Team wish you all "Happy Holidays" and remember we are here to help you with your real estate needs when you are ready. May you all have a wonderful 2023!
From All Of Us At The DeBerry Team of KW
Ann, Ragen, Karissa, Ann, Kimberly, Juliann &
Larry & Roxanne
Merry Christmas!!Posted by Roxanne DeBerry on