The numbers for July 2016 had more negative results than positive indicators which indicated that a possible SHIFT has begun to take place in the market. New listings – 9.4%, listings under contract – 7.1% and closed sales reported – 13.3% are all perceived as the market may be changing as buyers are being more selective and reacting negatively to the rising home prices. Speaking of prices, the median sales price increased to $284,000 which was an increase of + 9.8% compared to July 2015 and the average sales price of $335,393 was an increase of + 4.7% over July 2015 as well. Days on market remained even at 29 days and the months supply of homes dropped to 2.2 months – 8.3%. The shortage of housing inventory did have a positive effect on the percentage of original price received as that number rose + 0.2% to 98.8%.
A just released report by Wallethub.com listed (5) five North Texas cities as the Best Housing Markets in the U.S. Frisco, Richardson and McKinney were the Top Three on the list as well as Allen at #6 and Plano at #9!
In Collin County, the July statistics as compared to 2015 were consistent with the North Texas numbers in some areas, but there were some interesting differences. For instance, the percent of original list price received lowered – 0.3% to 99%, days on market increased to 27 days + 11.9% and the months supply of inventory rose +5.9% to 2.3 months. What was consistent with the North Texas numbers was that the average sales price increased + 7.7% to $343,046 and the median sales price increased +8.9% to $305,000.
The August numbers will be of above normal interest and they will provide even more of an indicator if a true shift in the market is taking place or not.
Source: North TexasReal Estate Information Service (NTREIS), Wallethub.com
Steve Lester, REALTOR® is with Keller Williams Realty living in Allen, Texas.