August 2015 showed several positive signs for Sellers once again in Collin County as new listings + 10.2% and listings under contract +21.6% had dramatic increases compared to August 2014. The average sales price of $320,539 was also up + 6.6% as well as the median sales price of $277,250 which increased + 8.7% compared to last year during August 2014. The percent of original list price received rose as well + 0.8% to 98.6%. Finally, the average days on market dropped – 19.0% from 32 days last year to 26 days this year.
Buyers in Collin County continued to face the reality of a shortage of homes available to purchase.The inventory of homes for sale dropped from 2,985 properties last year to 2,713 or a – 9.1% reduced availability. The months supply of inventory remained low and dropped again – 10.4% from 2.4 months to 2.1 months.
Year to date numbers show a + 3.7% increase for new listings on the market and those listings are selling for 99.0% of original list price which is up + 1.0% compared to 2014. The average sales price year to date is $320, 363 up + 8.9% and the median sales price is $278,000 or an increase of + 11.2% when compared to 2014. Year to date the inventory of homes for sale has dropped to 32 days from 35 days last year at this time or a – 10.6%.
The September market was not as active and many anticipate October may be the same. The reality is though, that this is a great time to be in the market to buy a home as there are less Buyers to compete with and interest rates remain historically low which allows for more home afforablity.
Source: North Texas Real Estate Information Service (NTREIS).
Steve Lester, REALTOR® is with Keller Williams Realty living in Allen, Texas.