The housing market in Collin County for June continued to be generous to the sellers and frustrating for those trying to buy a home. As the summer temperatures continue to rise, so do home prices. Early indications are that July and August could be just as challenging for existing and new home buyers.
New listings were actually up + 5.6% as compared to June 2014 reaching just over 2,000 listings, However, closed sales were down – 1.7% and listings under contract were down as well – 0.6% from June last year. The inventory of homes for sale dropped from 2,631 in June 2014 to 2,285 or a – 13.2% reduction and months supply of inventory was under 2 months at 1.8 months. This number reflected a – 14.1% lower number of homes available for buyers to purchase than 12 months ago!
Sellers continue to ride the wave of a market that is definitely on their side. Average sales price for June was up + 11.3% to $333,975 and median sales price matched that pace as they were up + 11.6% over last June to $291,327. Percent of original list price received by sellers was almost 100% at 99.6% and days on market until sale dropped under 30 days to 26 days or a – 12.3% when compared to June 2014.
Year to date, average sales prices are up + 10.4% to $320,953 compared to same time in 2014 at $290,700. Median sales prices have risen from $248,950 last year to $277,500 this year or an increase of + 11.5%. Same time last year the percent of original list price received was 98% and this year so far it is 99%. Source: North Texas Real Estate Information Service (NTREIS).
Steve Lester, REALTOR® is with Keller Williams Realty living in Allen, Texas.