At the second quarter’s end this year, real estate trends in Frisco, Texas were on the move. By the end of June 2017, Frisco showed 1063 sales, up from 921 in 2016. Median sales price also leveled up from 393,500 to $400,565. However, sales and closing contracts are on the decline, and there’s plenty of inventory, sustaining a buyer’s market.
A Look at Housing Stats
In Frisco, Texas, there’s a 3.1 month supply of inventory an ample supply in contrast to times past. By June’s end, there were 1043 active listings and 664 new listings. In June, 508 homes closed, leaving 439 sales pending.
Average sales price for homes in Frisco, Texas in June 2017 is listed at $438,966 and an average of $143 per square foot. Sellers succeeded a receiving 98 percent of the original asking price and did so within an average of 40 days from list to close. So, although it’s still a buyer’s market and inventory is high, the length of time on market is just over a month, and the success rate with list-to-sales price is 98 percent.
What Does this Data Mean
North Texas is seeing a positive shift where the market is leveling out with sufficient inventory as opposed to a recent shortage of homes for sale. North Texas real estate agents sold $5,627 via the MLS, five percent more than the last half of 2016. In the first half of 2017 in North Texas, 13 percent more houses sold in 2017 than 2016, and an 8 percent increase in sales price.
With many corporate businesses such as Toyota, Liberty Mutual, Boeing, and other small businesses relocating to the area, population expands, economy flourishes and the real estate market trends shift with supply and demand.
What does this mean if you’re selling a house in Frisco?
With summer nearly over and students preparing to return to school, the market slows, hunkering down for a holiday season, and waiting for the next spring when the weather is warm, the days are long, and home-shopping again goes on the rise. But there’s still time for sellers to list their homes, especially homeowners with the intent to upsize before the season passes. As autumn 2017 approaches, fewer people are considering buying, which makes this an ideal time to sell.
There haven’t been any significant quakes in the real estate market of North Texas including Frisco and Plano. Although sales and sales prices are on the rise, so are new homes being listed, which creates more competition between sellers and less amidst buyers.
What does this mean if you’re buying a house in Frisco?
There are more homes for sale in Frisco, Texas at June’s end than there are buyers interested in purchase. With more houses to choose from and less competition, potential people have a more relaxed approach to shopping for houses. This relaxed attitude means you have more time to make your decision when choosing the home that’s right for your needs.
Catching the tail end of the summer season of sales is good for both sellers and buyers. With a healthy economy and real estate on the rise, Frisco and Plano in North Texas are set to continue experiencing a healthy real estate market with the right proportions of buyers and homes for sale.
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