North Dallas & Plano Real Estate Blog

In Collin County and Texas in general the weather has been hot! However, we haven’t set a record yet since the most days over 100 degrees was something like 70 days over 100 degrees in a row! Wow that is hot! Is it possible to describe the single-family resale market in the same terms as our present weather? Yes and no. Median home prices were up about 2.3% in August compared to August of 2022. Median days on market was the same as last August. Even though prices have gone up slightly, offers on homes are down from August of 2022. Offers are coming in at 98.1% of list compared to 98.8% last year. Not a big difference, right? August 2022, we had only 2.1 months of inventory and this August we had 2.4 months of inventory of resale homes in Collin County. Again, more but definitely too low to effect home prices to a large degree. August can be a low month for activity in real estate due to school coming back in. Both pending sales and closed sales were down from August of last year. However, the showing per listing was the same as it was last year at that time.

What does this information mean? It means that the market has been undergoing a readjustment from the past 2 ½ years that experienced very low interest rates compared to the historical norm. This fact, has kept some home sellers of resale homes from putting homes on the market. Home buyer’s face this fact as well as increased home prices. These dynamics dampened, even further, new home buyers from entering the market. The DeBerry Team has actually seen an increase in activity over the past couple of months. A large part of our business comes from our large past client list that want either a smaller home or want to purchase a larger home for their growing family. We have also received many referrals from out-of-town realtors who have clients moving to our area. This has kept our team very busy. We have also seen an increased activity of those searching on our website for homes. This leads us to believe there is still a growing demand for housing and we are proud to be of service when we are called upon. Want information about your specific area? Contact us at 214-676-8040 The DeBerry Team of KW