By Elaine Harper, McKinney Real Estate Team
Hello again fellow McKinney-ites!!!! So happy to be here to report the real estate happenings for April 2012 in McKinney. Lot’s of good news to share this time. So let’s get right to it…
As always, I will be comparing the month of April year-to-year (2010-2012) so that you are able to see the progress, or decline in some areas, that the local real estate market has made. This report is compiled from the North Texas Real Estate Information System (NTREIS) Multiple Listing Service (MLS) and is assumed accurate. These numbers to do NOT reflect For Sale By Owners (FSBO) or transactions handled by unlicensed real estate agents (because unlicensed real estate agents aren’t actual Realtors). Lastly, Single Family Residential Homes are the only type of dwelling included in this report for simplicity.
In April 2012 there were only 748 homes on the market actively listed for sale in the City of McKinney. In April 2011 there were 1,134 and in April 2010 there were 1,172. With housing inventory so low, many families will choose to look in surrounding communities, such as Allen, Prosper, Frisco, etc. For those determined to buy in McKinney, the low inventory can cause a few scenarios. One being, buyers waiting longer to buy, until they find just the perfect home. Or two, creating somewhat of a seller’s market that has buyers choosing homes that may not be their first choice if more homes were available on the market.
With only 362 new listings added in April, McKinney’s available home inventory is the lowest I’ve seen in about 6 years. This is definitely a sign of a stabilizing economy and decrease in REO and foreclosure properties. We will visit more on that later.
The total number of homes sold in McKinney for the month of April was 227 (remember only 213 in March – minor increase) and 235 in 2010 and 230 in 2011. The average Days on Market (DOM) in McKinney decreased by 45% from last year!!!!
The average DOM for April 2012 is 58!!!! 2010 was 83 and 2011 was 105. Compare that to the entire DFW Market which has seen a gradual increase: 92 DOM in March 2010, 110 in 2011 and 89 this year. To give you a little perspective, the average DOM in McKinney for March 2012 was 78. Thats a great thing for my sellers!!!!
The Median Sales Price (MSP) showed a significant increase across the DFW Market – April 2010 was $147,000, 2011 was $143,472 and this April $155,000. The McKinney market shows the April MSP at $184,000 in 2012, $185,000 in 2011 and $175,000 in 2010 – with a slight increase from March 2012 of $178,000.
Everyone always wants to know what the going price per square foot is across McKinney. Right now, or as of April, the average across the McKinney Market was $85/sqft. Compare that to the rest of DFW at $93/sqft. Buying a home is McKinney is definitely where you will get more bang for your buck.
There were only 24 REO/Foreclosure listings sold in last month, which has remained consist for McKinney over the last six to nine months. Currently there are 25 REO’s and Foreclosures on the market in McKinney. You can view all here: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=cfbb5de6-5034-4e6a-af9e-c964373ed500&AgentId=0558805
Overall the positives in the current McKinney Real Estate Market remain shorter than average Days on Market, higher percentages of original list price sold (95.9% currently), and a stable price per square foot sold. It’s better to have a stable market than to be in an area where you have no idea what to expect.
If you’re considering selling your home, now is a great time to get listed on the market as inventory is down in McKinney, which means your home has a better chance of finding a buyer than normal. I’d love to assist you if you are considering a sell. If you have specific questions about what’s happening in the McKinney Real Estate Market, give me a call at 214.799.0774 or email me. You can also visit my website at www.FindMcKinneHomesForSale.com. And if you want to stay in the know, follow me on facebook for all the good stuff: www.Facebook.com/McKinneyRE. Until next month…