Collin County real estate sales for February 2015 continue to reflect the shortage of inventory that has plaqued potential buyers for several months. New listings 1,215, closed sales 842, and listings under contract 1,093 are all down compared to February 2014. The inventory of homes for sale 1,662 and months supply of inventory 1.3 months also demonstrates the issues that homebuyers are dealing with when trying to find their dream home.
On the other side, sellers are seeing home prices continuing to rise at levels that have to be encouraging and tempting them to sell their existing homes. The average sales price for homes sold in February 2015 was $307,790 or an increase of + 8.7%. The median sales price of the same homes was up + 6.9% for a price of $265,000. Overall, the percent of original list price received was up slightly to 98%.
Year to date the average sales price for homes is up + 12.2% and the median sales price has risen +10.9% and every indication is that the spring and summer will continue this trend. Source: North Texas Real Estate Information Service (NTREIS)
Steve Lester, REALTOR® is with Keller Williams Realty living in Allen, Texas.