The Collin County real estate market took an interesting turn in July. Buyers provided more opportunities than last year as new listings were up almost + 23% as compared to July 2014. Listings under contract also were up + 4.4% in comparison to last July. That number was offset by the fact that reported close sales were down the same at – 4.4%! Buyers were also faced with the fact that the months supply of home inventory for sale was down to 2.1 months.
Sellers were still reaping the benefits of the limited inventory as the average sales price increased to $318,800 in July or a + 5.2% rise over July last year. The median sales price increased at an even higher rate of + 7.3% to $279,000 or an increase of $19,000 from last year’s $260,000 number. Sellers also benefitted as the percent of original list price received was 99.3%, which is a full + 1.0% increase over July 2014. The days on market dropped dramatically below the 30 day mark as July’s number was 24 days which was a – 22.4% decrease over last year.
Year to date, new listings + 2.7% and listings under contract + 1.3% are up. However, closed sales are down to 8,930 or just under a – 1.0% decrease over 2014. The average sales price of $320,361 is a + 9.3% higher number that last year and the median sales price of $278,000 is even higher percentage wise at + 11.2% over last year. Days on market to sale are 33 days for the year and the percent of original list price received is at 99%.
Most experts expect for August to be active, but to start a slow down period as families prepare for school to start in most cases August 24th. Therefore, it will be interesting next month to see if the experts were right or if the housing market stays strong as more and more corporate relocation continues to Collin County. Source: North Texas Real Estate Information Service (NTREIS).
Steve Lester, REALTOR® is with Keller Williams Realty living in Allen, Texas.