I’m baaaaaack… This time with the update on how the real estate market in McKinney is moving and shaking. Let’s look at how October 2011 compared to October 2009 and 2010, shall we?
All my information is comprised 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 (cause that’s illegal, ya’ll). And of course I’m only looking at Single Family Residential Homes, because condos, townhomes, duplexes and multifamily properties skew the numbers a bit.
Each time I sit down to run the numbers, I’m always proud to call McKinney not only my home but also where I focus my business because we stand out from the rest of the metroplex as far as growth and in the real estate market. No wonder we were voted the number 5 best place to live by Money Magazine. McKinney, Texas just rocks, ya’ll!
So on to the stats, here’s where we shine:
For the entire month of October 2011 there were 820 homes on the market actively listed for sale in the City of McKinney. In October 2010 there were 1,216 and in October 2009 there were 1024. As the number of homes on the market continue to decrease, this helps to accelerate an overall seller’s market. It’s not going to happen tomorrow, or even in the next 6 months. But it’s a good sign of market stabilization. And that’s music to my ears!
The number of new listings were 278 in McKinney last month as compared to 260 in 10/2009 and 276 in 10/2010.
The average Days on Market (DOM) in McKinney continues to decrease year by year, yippee!!! In fact, I had a home sell in just 6 days and it was all I could do to contain my seller’s from freaking out a little. The average DOM for October 2011 is 88 DOM, 2009 was 95 and 2010 was 92. That’s -7.4% decrease from last year. Compare that to the entire DFW Market which has seen a gradual increase: 94 DOM in 10/2009, 110 DOM in 10/2010 and 106 DOM in 10/2011.
The total number of homes sold in McKinney for the month of October 2011 was 166. There was a slight decrease over the last two years with 245 in October 2009 and 179 in October 2010.
And our Median Sales Price (MSP) for continues to increase while the DFW Market MSP is decreasing. With $172,500 in October 2009, $167,000 in October 2010 and $175,750 this month. In comparsion to the overall DFW market of $140,500 10/2009, $145,000 10/2010 and $142,500 10/2011! That’s a $30,000 margin.
There were only 35 REO/Foreclosure listings sold in October of this year and that is a nice decrease from years past with 41 in 2009 and and 40 in 2010. As fewer foreclosures come on the market and are sold, it begins to even out the numbers as far as what is really happening.
And there are currently only 34 active foreclosures on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=f02b64cd-9b4c-4d39-9477-664974c01f0f&AgentId=0558805
New Construction continues to plow forward, hehehe, with 31 new homes sold last month. And 147 currently on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=688a4925-f84a-4264-9d4c-cdf8800a946a&AgentId=0558805
These numbers and statistics are just that, numbers and stats. Every professional will give you a waivering opinion. And when the day comes that McKinney just isn’t producing results, I’ll let you know. But as of October 2011, MacTown is where it’s at, er, real estate wise.
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.FindMcKinneyHomesForSale.com And if you want to stay in the know, follow me on facebook for all the good stuff: www.Facebook.com/McKinneyRE.