Luxury homes in Collin County priced from $300,000 to $500,000 are staying on the market an average of 10 days less compared to a year ago and homes are selling at slightly higher prices over the same period. The median sales price at the end of July 2013 was $364,000 compared to $366,912 in 2014 (12 months of activity).
Homes in Collin County priced between $300,000 and $500,000 are continuing to face a supply and demand problem. As of July 2014 there were 798 homes on the market between $300,000 to $500,000, which is a -4.3% decline from only a year ago in July.
Data from NTREIS indicates a 2.6 months supply at the end of July 2014 which is a -16.1% decline from a year ago which was at a 3.1 months supply of inventory.
In July, the number of active listings – 553 – has remained fairly constant for months and is +13.3% higher than July 2013.
In July, 461 properties sold — down from 491 the previous month, but considerably higher since January at 151 sales. From January to June there has been a rapid rise in home sales.
The average price per square foot was $113, $6 more per square foot than the previous year in July.
$300,000 to $500,000 properties spend a median average of 19 days on the market, 3 days less than in July 2013.
If you have any questions regarding financing, real estate or market question, feel free to submit your question below or call me at (214) 770-1499.