I always like to share what took place in Collin County over the past year and give you and idea of what we might expect in 2018. Remember, when reading this information that it does not pertain to your specific neighborhood. The only way to find out that information is to send me an email to email@example.com with your name, home address, and your city. Let's look at the stats for 2017 in Collin County for "Single Family Pre-Owned homes. I am going to use "Median" numbers to illustrate different aspects of what took place. Here we go! Overall North Texas saw about a 5% increase in closed sales of all type of homes over 2016. However, when you look at the sale of pre-owned homes in for 2017 over 2016 there is some distinct differences. When you look at the Median Sales Price of Single Family Pre-Owned Homes it increased by 7.8% over 2016 Median Sales Prices. The average Medium Sales Price for the year for Collin County was $317,533 which is up from 294,629 in 2016. Even though listing prices went up people received almost the same percentage on the sale of their home as they did in 2016. Since prices went up that means home sellers received more for their home overall due to the increase in Median Sales Prices however, the percentage received was approximately the same as 2016. The Months Supply of single family pre-owed homes on the market has increased over 2016. In fact, this category of homes, Median Month's Supply of single family pre-owned homes, made a significant increase. 2017 Medium Months Supply increased by 21.3% over 2016. Even though this sounds like a dramatic increase it really is not. The reason is that inventory of single family pre-owned homes was very low in the first place. In 2016 we had approximately 1.5 months of inventory in Collin County and in 2017 we ended up with about 2 months of inventory of single family pre-owned homes. The total amount of single family homes for sale increased about 19.6% which was about 350 more homes than in 2016. Looking at how many "New LIstings" of homes that came onto the market compared to 2016 also shows it remains very competitive. There was about a 8.6% new listings in 2017 over 2016. Not a dramatic increase but it does show that we had a stable competitive market. What is very interesting is that even though North Texas had an increase in overall sales of all property types in Collin County there was a reduction of both "Pending Sales and Closed Sales" of single family pre-owned homes. It wasn't a significant decrease The "Pendings" were down approximately 1.4% and "Closed Sales" were down .2%.. So I would say it was almost the same in 2017 as it was in 2016. Both of these years were considered highly productive years for sales for single family pre-owned homes. Remember, this report is for Pre-Owned Single Family Homes only
What do I personally think of the market and where it is going. Based on inventory this is considered a "Seller's Market". I do believe we will see home prices go up this year as well but not as much as the previous year because the demand may remain at about the same level or less. This means that the inventory of single family pre-owned homes on the market will be under pressure to negotiate more to attract the prospective buyers. In the beginning of 2017 in Collin County for Pre-Owned Single family homes, home sellers were receiving 98% to over 99% or more of the Original List Price. Later in 2017 we saw a decrease to down to 97% to 96% of Original List Price. This means the market is telling home sellers that even though there is low inventory I am not willing to pay for the increased List Prices. For those who need to get their homes sold quickly you need to take that into consideration. Again, each neighborhood is different so it is good to check with a realtor, such as myself to find out the accurate information to make the best decisions. For buyers, you need to understand that each neighborhood is different in the types of homes available, prices and their willingness to negotiate. Our Buyer Specialist are experienced, know the market and can assist you with finding the right home at the right price.I do believe we will see an increase in mortgage rate but not significant enough that it will affect the demand for homes.
I would like to offer anyone that needs information to help them in making a decision to sell or purchase a home to give us a call. There is no cost to get this information and it may make a major difference in you home selling or buying decision. We look forward to being of assistance.