November 2013 McKinney Market Report

Home Prices in McKinney TX November 2013
Real Estate market data for McKinney TX provided by Elaine Harper of The McKinney Real Estate Team at VIP Realty

It’s officially Wintertime and although it’s cold as the North Pole, the McKinney real estate market is not!

McKinney Home Prices November 2013

Here’s your much anticipated, never duplicated, always right on the money McKinney Market Minute:

In November 2013, McKinney seller’s averaged 96.7% (no change from October) of their original asking price at closing.  Last year seller’s received 94.9%!

Only 497 homes in McKinney were on the market for sale in November 2013 (down again from October’s 560), compared to 634 in 2012 and 845 in 2011.  224 of those this month were new listings, 106 less than what was new in October.

According to NTREIS MLS, actual closed sales for the month were only 227 homes in November and although that’s a 9.6% decrease from last year (251) its a not too off from October’s sales of 269.

McKinney Real Estate Report Summary

The average LIST price in November 2013 for single family homes in McKinney was $275,708, bit of a decrease from just last month’s $288,485. As well as a decrease from last November’s $287,044.

The median SALES price in November 2013 for single family homes in McKinney was $229,900 (up $6,000 from last month).   That’s a 17.6% increase from November 2012 when it was $195,000.

The average SALES price per square foot in McKinney for November 2013 is $99, a 11.4% increase from November2012 ($89/sqft).  Also up $2 from October 2013.

In November 2013 the Average Days on Market for McKinney Home listings was only 47.  Which is a 10 day increase from last month last month’s 37 DOM.   And a 20.6% decrease from November 2012 of 59 days.

Want to Find Homes For Sale in McKinney?

Visit my website to search for homes in McKinney or to be notified when new McKinney home listings come on the market.

To find out what your home is worth in the current McKinney real estate market give me a call at 972.302.8327.

Stay up to date on new listings and other McKinney Real Estate news on Facebook.

August 2013 McKinney Market Minute

Home Prices in McKinney TX August 2013
Real Estate market data for McKinney TX provided by Elaine Harper of The McKinney Real Estate Team at VIP Realty

McKinney Home Prices August 2013

So school is back in session, and the dog days of summer are behind us, but gosh darn it’s been a hot month.  I heard something like 28 days of 100+ degree days in row are upon us and quite frankly I’m over it!!!  It may have something to do with the fact that my downstairs AC went out during the hottest days of the year and that my upstairs AC was struggling to keep us cool.  I did indeed spend many a day in a chilly comfort of Starbucks waiting for my AC to be repaired.  

One thing that the heat has not affected has been the plethora of buyers on the scene.  Just last week I was working with a lovely couple that  included a wife that is 7 months pregnant and she was sweating right along with me during the showings and it didn’t slow her down a bit.  Luckily we found the perfect home for them in only two outings.  

I always get a little concerned once school starts that the market will slow, it’s natural.  As the cooler months approach real estate buyers and sellers tend to retreat – but not this year.  Yaay!!!  September is usually the beginning of the slow and so far I’ve written more contracts than in previous years.

But what about the sales of August?  Growth?  Price Increases?  Shorter days on market?  I’ve got all those answers and more. Let’s get right to it:

In August 2012, McKinney seller’s averaged 95.1% of their original asking price at closing.  This year seller’s received 97.1%!

A meager 643 homes in McKinney were on the market for sale in August 2013 (up from 598 in July), compared to 791 in 2012 and 988 in 2011.  404 of those this month were new listings.

Per NTREIS MLS, 362 homes were closed in August and that’s a 21.1% increase from last year (299).

McKinney Real Estate Report Summary

The average LIST price in August 2013 for single family homes in McKinney was $285,031. Quite an increase from the $251,960 from 2012.

The median SALES price in August 2013 for single family homes in McKinney was $224,000 (up $9,000 from last month).   That’s a 9.3% increase from August 2012 when it was $205,000.

The average SALES price per square foot in McKinney for August 2013 is $97, a 9.4% increase from August 2012 ($89/sqft).  But down $1 from July 2013.

In August 2013 the Average Days on Market for McKinney Home listings was only 36.  Which is a 6 day increase from last month last month’s 36 DOM.   But a 35.2% decrease from August 2012.

Want to Find Homes For Sale in McKinney?

Visit my website to search for homes in McKinney or to be notified when new McKinney home listings come on the market.

To find out what your home is worth in the current McKinney real estate market give me a call at 972.302.8327.

Stay up to date on new listings and other McKinney Real Estate news on Facebook.

McKinney Market Minute July 2013

Home Prices in McKinney TX July 2013
Real Estate market data for McKinney TX provided by Elaine Harper of The McKinney Real Estate Team at VIP Realty

McKinney Home Prices July 2013

Wow, is Summer really only 11 days from being over?  For my home it is, and for a few others school is already back in session.  I write todays installment of the McKinney Market Minute from a cool 88 degree day that I’ve been enjoying from my patio.  It’s the first time I’ve been able to be outside for more than a few minutes without a minor sweat sesh.  And admittedly, I prefer the warmer Summer weather than that of the cold dead wintery days, but the last week was a beating.

As the Summer season rolls to the close what will the future hold for this incredibly fast paced and aggressive market?  Will the seller’s continue to have the upper hand?  Will the market taper out and slow during the Fall?  Will the rate increases of late have an affect on buyers on the fence?

Although I passed my TREC real estate license on the first try and I’ve made my way through the scurry of market changes, I wasn’t given a crystal ball or even a magic eight ball with any answers.  But I do have a pretty good idea of where I see things going.

Right now the McKinney and surrounding markets are on a steady climb to reaching the peak, which I suspect will begin to stabilize in the late Fall of 2013, I’d guess November.  What this means is home values will continue to rise gradually and buyers will remain plentiful.  Come November, expect the market to slow to the natural Winter slump and do so only temporarily while we gather our breath and gear up for an early Spring feeding frenzy.

Let’s get to the juicy details of what happened in July:

In 2012, McKinney seller’s averaged 95.6% of their original asking price at closing.  This year seller’s are receiving 97.5%!

A meager 598 homes were listed for sale in July 2013, compared to 819 in 2012 and 1132 in 2011.  New home listings are truly a hot commodity

Per NTREIS MLS, 381 homes were closed in July and that’s a 47.1% increase from last year (259).

McKinney Real Estate Report Summary

The median LIST price in July 2013 for single family homes in McKinney was $275,863.

The median SALES price in July 2013 for single family homes in McKinney was $215,000.   That’s a 8.6% increase from July 2012 when it was $198,000.

The average SALES price per square foot in McKinney for July 2013 is $98, a 14.2% increase from July 2012 ($86/sqft).

In July 2013 the Average Days on Market for McKinney Home listings was only 30!!!  Which is even lower than last month’s 36 DOM.   Last July the average was 61 Days on Market, that’s -50.2% decrease.  Holy Moly that’s crazy!!!

Want to Find Homes For Sale in McKinney?

Visit my website to search for homes in McKinney or to be notified when new McKinney home listings come on the market.

To find out what your home is worth in the current McKinney real estate market give me a call at 214.799.0774.

Stay up to date on new listings and other McKinney Real Estate news on Facebook.

 

The Smell of Home

Being a Realtor, you can imagine how many times I walk into a home and are either overwhelmed by a bad smell or welcomed by a wonderful scent of buy me now.  And then of course, there is always the house that has no smell, or scent.  And that bugs me, too!  Every home should have it’s own unique smell that is a combination of the cleaning products, the colognes and perfumes used by it’s occupants, the faint scent of the fabric softener, etc.  It’s no surprise to me that many homes smell like their pets (that’s a no-no!), some like the breakfast that they just had, coffee and sometimes fresh flowers.

Many of my clients ask me how to get that warm, cozy feel good smell without leaving candles lit unattended or by resorting to plugin room deodorizers that can be overwhelming.  I have a few tips that will keep your house smelling like a dream all year long.

Tip #1 – Take a cotton ball with pure vanilla extract and dab on the tops of all the lamp light bulbs in the house.  Then, when they have scheduled showings, turn on those lamps throughout the house to create ambience as well as slightly heat the vanilla giving off a wonderfully subtle smell of vanilla cookies wafting throughout the house.

Tip #2 – Wipe your baseboards down with slightly damp, scented dryer sheets.  It’s a dual purpose tip, in that the dryer sheet with not only leave your home smelling fresh and clean, this tip will also prevent dust from sticking to your baseboards!

Tip #3 – Change your HVAC air filters regularly.  I highly recommend splurging for the HEPA filters.  Changing your filters on a regular basis will help eliminate bad odors from frying foods, to pet hair and dander, and even the HVAC system that sometimes smells musty.

Tip #4 – Cut up a few lemons, limes or oranges and put down your garbage disposal with ice and cold water.  The ice helps to sharpen the blades and the fruit rinds will clean and disinfect the disposal of any food that is caught up and may not smelling so great.  I personally put all lemons, limes and oranges that my home uses down the disposal to keep it consistently smelling fresh.  Every now and then I use baking soda and vinegar to get a deep down clean, but since I can’t stand the smell of vinegar, I follow with a lemon to mask the pungent odor of the vinegar.

Tip #5 – If you have a house full of kids that play sports like I do, you must monitor those germ filled, musty catch alls known as sports bags.  We have a new rule at my home, don’t bring it in the house!  I’ve made a hook station in the garage so that every one can hang their sports bag on and clean out as they enter the house.  I also have a laundry basket in the same area that all their shoes, socks, shin guards, etc can be dropped in and I can wash and then replace in the bags.  I also have a bottle of Febreeze nearby to neutralize the odors in their bags and on their shoes.  It helps!!!

Tip #6 – Linen Spray!!!!  This is a favorite of mine, because there is nothing like crawling into bed and it smelling fresh every single time.  Lord knows I don’t have time to wash sheets everyday, so a homemade linen spray is a great way to create that freshness every single day.  I use my homemade spray in my linen closets, in my clothes closet and as I make my bed each morning.  Here’s my recipe:

1. Mix the 2 tbs. of vodka and your choice of these oils in a spray bottle (like an old Windex bottle) as follows:

• 1 teaspoon jasmine oil and ½ teaspoon bergamot oil
• 1 teaspoon lavender oil and ½ teaspoon sandalwood oil
• 1 teaspoon vanilla oil and 2 drops ginger oil

2.  Then, add distilled water to the bottle until it is almost full. (Distilled water is a must).

3.  Screw on the cap and shake the bottle to disperse the oils evenly throughout.

4.  Shake lightly before each use.
Tip #7 – Wood floors???  Skip Pinesol and Lysol and go straight to Murphy’s Oil!  Not only does Murphy’s Oil clean wood floors like no other, but it also leaves a natural scent as opposed to a artificial citrus or chemical smell.

Tip #8 – Open your windows on days that the weather is nice and let the fresh air inside.  We only have a few months here in Texas where its tolerable to have the windows open so I take full advantage of the fresh air every opportunity I get!

Tip #9 – Have a special occasion coming up where you expect to have house guests?  Put on a pot of this special concoction that William Sonoma uses:

• Fill a stock pot about 2/3 full with water.
• Add a thinly sliced lemon.
• Add about 5 sprigs of Rosemary.
• Add 1-2 Teaspoons of Vanilla Extract
• Bring to a rolling boil then turn down to simmer.
• Add water as needed.

Stick to these tips and your home will be smelling glorious in no time.  Mine does 🙂

For more tips and ideas on getting your home show ready for homebuyers, check out my website atwww.McKinneyHomeFinder.com or call me directly at 214.799.0774.

February 2012 McKinney Market Minute

It’s almost Spring here in North Texas and to me that means more homes on the market, more relos looking around, and all and all a pick up in real estate sales.  It’s always helpful to know how your community looks in the overall real estate market, so here’s a look at how McKinney faired in February 2012 compared to February 2010 and 2011:

This report is compiled from the North Texas Real Estate Information System (NTREIS) Multiple Listing Service (MLS) and is assumed accurate.  These numbers to do NOT reflect For Sale By Owners (FSBO) or transactions handled by unlicensed real estate agents (because unlicensed real estate agents aren’t actual Realtors).  Lastly, Single Family Residential Homes are the only type of dwelling included in this report for simplicity.

In February 2012 there were only 739 homes on the market actively listed for sale in the City of McKinney.  In February 2011 there were 996 and in February 2010 there were 1049. That is a 25.8% decrease over the last year.  With housing inventory so low, many families will choose to look in surrounding communities, such as Allen, Prosper, Frisco, etc.

The number of new listings increased year over year by 14.4% as there were 310 in McKinney last month as compared to 361 in 2010 and 271 in 2011.

The average Days on Market (DOM) in McKinney continues to decrease, woohoo from all my sellers!!!!  The average DOM for February 2012 is 75!!!!  2010 was 109 and 2011 was 122.  That’s  -38.7% decrease from last year.  Compare that to the entire DFW Market which has seen a gradual increase: 100 DOM in February 2010, 120 in 2011 and 110 this year.

The total number of homes sold in McKinney for the month of February 2012 was 148.  That’s an increase  of 18.4% over the last two years with 147 in 2010 and 125 in 2011.

The Median Sales Price (MSP) showed an increase of 4.5%  while the DFW Market MSP had a smaller increase of 1.9%.  McKinney shows February MSP at $178,425 in 2012, $186,500 in 2011 and $175,325 in 2010.  In comparison to the overall DFW market of $139,000 02/2010, $142,260 02/2011 and $145,000 02/2012!  That’s a $32,000 margin.

There were only 24 REO/Foreclosure listings sold in last month, which has remained consist for McKinney over the last six to nine months.

And there are currently only 24 active foreclosures on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=d7a9d505-5e23-4028-9cec-d3fd3879f4ba&AgentId=0558805

New Construction took a bit of a beating with only 16 new homes sold last month.  And 113 currently on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=10e086bc-ee9c-4cba-8d81-1b7075fd6b44&AgentId=0558805

Overall the positives in the current McKinney Real Estate Market remain shorter than average Days on Market, higher percentages of original list price sold, and a stable price per square foot sold.  It’s better to have a stable market than to be in an area where you have no idea what to expect.

If you’re considering selling your home, now is a great time to get listed on the market as inventory is down in McKinney, which means your home has a better chance of finding a buyer than normal.  I’d love to assist you if you are considering a sell.  If you have specific questions about what’s happening in the McKinney Real Estate Market, give me a call at 214.799.0774 or email me at McKinneyTXRealtor@gmail.com.  You can also visit my website atwww.McKinneyHomeFinder.com And if you want to stay in the know, follow me on facebook for all the good stuff:  www.Facebook.com/McKinneyRE.

September 2011 McKinney Market Minute

Let’s take a moment and compare what is happening in the current Real Estate Market both in McKinney and in the entire DFW area as a whole.  I’m using data found in the North Texas Real Estate Information System (NTREIS) Multiple Listing Service (MLS) am comparing the month of September for 2009-2011 to show the changes made year to year.  For reporting purposes we are only looking at Single Family Residential Homes for sale.

McKinney is an anomaly in that we have continued to see growth throughout the downturn that the rest of the nation and even parts of DFW have seen.  With that said here are the statistics for McKinney:

For the entire month of September 2011 there were 826 homes on the market actively listed for sale in the City of McKinney.  In September 2010 there were 1,291 and in September 2009 there were 1109.  This is a sign of market stabilization in terms that fewer homes on the market means less need to sell over desire to sell, i.e. less foreclosures and short sales.  This also means buyers have fewer homes to choose from, and should be more willing to offer closer to listing prices.

There were 221 new listings added for sale in McKinney this September as compared to 316 in 2009 and 297 in 2010.

The average Days on Market (DOM) has been slowly decreasing and sellers are pleased to hear this.  The average for September 2011 is 86 DOM, 2009 was 93 and 2010 was 88.  The overall DFW Market has seen a gradual increase:  95 DOM in 09/2009, 97 DOM in 09/2010 and 107 DOM in 09/2011.

The Median Sales Price for McKinney has gradually increased over the last three years, with $167,000 in September 2009, $189,021 in September 2010 and $192,000 this September.  In comparsion to the overall DFW market of $143,000 09/2009, $144,000 09/2010 and $146,000 09/2011!

The total number of homes sold in McKinney for the month of September 2011 was 181 homes.  There was a slight decrease over the last two years with 221 in September 2009 and 193 in September 2010.  This was expected as the market was slowly turning from a full on buyer’s market to a more even, stablized market.

There were only 28 REO/Foreclosure listings sold in September of this year and that is a nice decrease from years past with 39 in 2009 and and 33 in 2010.

And there are currently only 34 active foreclosures on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=cd03cd28-fced-4ed1-9e8f-fa2531bbdd7c&AgentId=0558805

Having worked the McKinney Real Estate Market for the last decade, I’ve seen the the overall real estate climate change here and there.  These statistics reflect actual numbers in sales and do not lend room for opinion.  Therefore, to give you a professional opinion on just where the McKinney Real Estate Market stands, I will say that this summer I’ve worked with more incoming relocationg families than any other time in my career as well as each of my listings have sold in well below the average days on market that these reports reflect.  In fact, my latest listing sold in only 6 days, and that was after a bidding war.  Of course that all has to do with my standard Three P’s of Real Estate, Presentation, Promotion and Price.  I’ve sold everything from foreclosures to new construction and pre-existing homes to townhomes and right now the buyers are eager and the sellers have been willing.

If you have specific questions about what’s happening in the McKinney Real Estate Market, give me a call at 214.799.0774 or email me at McKinneyTXRealtor@gmail.com.  You can also visit my website at www.MckinneyRealEstateTeam.com