It’s almost Spring here in North Texas and to me that means more homes on the market, more relos looking around, and all and all a pick up in real estate sales. It’s always helpful to know how your community looks in the overall real estate market, so here’s a look at how McKinney faired in February 2012 compared to February 2010 and 2011:
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 February 2012 there were only 739 homes on the market actively listed for sale in the City of McKinney. In February 2011 there were 996 and in February 2010 there were 1049. That is a 25.8% decrease over the last year. With housing inventory so low, many families will choose to look in surrounding communities, such as Allen, Prosper, Frisco, etc.
The number of new listings increased year over year by 14.4% as there were 310 in McKinney last month as compared to 361 in 2010 and 271 in 2011.
The average Days on Market (DOM) in McKinney continues to decrease, woohoo from all my sellers!!!! The average DOM for February 2012 is 75!!!! 2010 was 109 and 2011 was 122. That’s -38.7% decrease from last year. Compare that to the entire DFW Market which has seen a gradual increase: 100 DOM in February 2010, 120 in 2011 and 110 this year.
The total number of homes sold in McKinney for the month of February 2012 was 148. That’s an increase of 18.4% over the last two years with 147 in 2010 and 125 in 2011.
The Median Sales Price (MSP) showed an increase of 4.5% while the DFW Market MSP had a smaller increase of 1.9%. McKinney shows February MSP at $178,425 in 2012, $186,500 in 2011 and $175,325 in 2010. In comparison to the overall DFW market of $139,000 02/2010, $142,260 02/2011 and $145,000 02/2012! That’s a $32,000 margin.
There were only 24 REO/Foreclosure listings sold in last month, which has remained consist for McKinney over the last six to nine months.
And there are currently only 24 active foreclosures on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=d7a9d505-5e23-4028-9cec-d3fd3879f4ba&AgentId=0558805
New Construction took a bit of a beating with only 16 new homes sold last month. And 113 currently on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=10e086bc-ee9c-4cba-8d81-1b7075fd6b44&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, 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 at McKinneyTXRealtor@gmail.com. You can also visit my website at www.McKinneyHomeFinder.com And if you want to stay in the know, follow me on facebook for all the good stuff: www.Facebook.com/McKinneyRE.