So…Is it a Buyer’s Market or a Seller’s Market? You decide…
I just ran several reports this morning. These reports are furnished to local Realtors by the Collin County Association of Realtors and are produced from the MLS. Our market is getting HOT again.
It is reported that in August 2012 in Frisco, Texas there has been a +19.1% change in new listings, and a +25.1% change and closed sales. What does this mean…demand. If we all look at the laws of economics, when the demand out weighs the supply, we get upward pressure on the market causing increases in price. In 2012 the average sales price in Frisco is up 5.2% (year to date). Frisco (Frisco Independent School District) was Named One of the 100 Best Communities for Young People in September 2012.
In McKinney, Texas there is a +24.5% increase in listings and -2.2% in closed sales in the month of August. However… the new listings for the year is up 2.4% and closed sales up 18.5%. The overall, year to date market in McKinney the average sales price has gone up 2.3%. Go McKinney! McKinney is No. 2 on Money Magazines Best Places to Live List.
In Little Elm, Texas in the month of August the was a -3.9% reduction in listings, and a +58.0% increase in closed sales. The average sales price year to date is up 5.9%. This town is known for affordable housing and a great master plan. It is one of the towns in the Dallas Metroplex that qualifies for USDA financing.
Allen, Texas has hit the map. This is full of things to do, shopping, dining, sports and entertainment establishments in Allen have grown tremendously in the last two years. These types of changes in the infrastructure of a city make it a sought after place to live. In August 2012 Allen experienced a 16.5% increase in listings and a 16.4% increase in closed sales. The average sales price has gone down slightly, year to date at -2.7%, however the median price has gone up .8% over the last year. No, this is not overwhelming growth over the last year. I see an increase coming soon in this town. With the commercial growth, I can see Allen becoming a HOT spot.
When I talk about Prosper, Texas, I am going to talk about the year of growth they are having over all as well as the month of August. Prosper has seen a -5.7% change in new listings in the month of August, and a +2.3% change in closed sales in the month of August. Year to date there has been a +7.4% change in new listings and a +26.0% change in closed sales. The average sales price in the month of August was up +8.5%, where the overall year to date is down -2.0%. What do all of these numbers tell me about Prosper? They tell me that the town had a sluggish start to the year and is now experiencing growth. Like Allen, Prosper will see tremendous growth in the next few years. I hear Jerry Jones may even have a development being planned in the area. This town is a diamond in the rough.
Like the other cities we focus on, The Colony, Texas has had paralleled home sales. This town on the lake is in an excellent location for commuters. It is close to 121, 35 and The North Dallas Tollway. In the month of August new listings were down -17.7% and the closed home sales were up +14.9%, The average price year to date is up +2.5%. I see this town as a hidden gem for first time homeowners with its location and affordable home prices.
As I said, you call it…Is it a buyer’s market or a seller’s market? Let me know your opinion. I will give you one hint though…The new home builders are not negotiating as much and the new home prices are going up (and FAST)!