April Showers brings May flowers! In Texas it is the bluebonnets showing up in our state. The real estate market was showing some real positive signs in Collin County. The DeBerry Team tracks stats for both resale homes and new construction that is listed through our local MLS. What did we see in April compared to April of 2023? Sellers should be feeling pretty good since the medium price of resale homes increased 3.4% over the same time last year. These homes had a median day on market at 10 days which was exactly the same amount of time as last year.
Due to the increase in the amount of inventory of 1.6 months last April to 2.9 months this April home price offers have been coming in slightly below list at 99.4%. This is only about a half a percent less than last year when offers were coming in at 100% of list. As inventory grows this might change further. In Collin County there were 2,334 homes for sale this April and last April there was 1,434 homes for sale. Big change, but still not enough to have a huge impact on home prices. In Collin County we had the 2nd highest number of new listings coming on the market in the last 5 years. This means confidence is growing for sellers to put their homes on the market. This is good for buyers since having more competition keeps prices in check.
This April was very unusual for pending sales compared to past Aprils over the last 5 years for resale homes. This might be a reflection of many factors that could have impacted buyers such as higher interest rates or just not enough of inventory of lower priced homes for them to consider. However, closed sales for resale homes were up from last April. This means that the activity 30 to 45 days before the end of April there were more resale homes pending that closed. There is always a delay between pending to closing and this is definitely reflected in April’s numbers. Showings were down in April compared to last April but since the new listings of resale homes was much less than last year this makes sense. We can’t show more homes when they are not on coming on the market. Simple math.
Remember that each market with Collin County has it own unique statistics and whether you are buying or selling a home you need to know what they are to help you make the decisions for achieving your goals. If you would like our help, contact The DeBerry Team of KW Legacy at 214-676-8040.
Posted by Roxanne DeBerry on
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