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.

October 2013 McKinney Market Minute

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

McKinney Home Prices October 2013

I’m just going to talk straight here today.  October was CRAZY!  Seller’s are getting closer to their listing price than I’ve ever seen in the past but they’re also seeing a decrease in sales price overall.  As well as its the first time the Days on Market have increased this year.

Could the market be settling down to a more even tempered playing field?   It’s close, we just red more inventory.

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

In October 2013, McKinney seller’s averaged 96.7% (September was 95.1%) of their original asking price at closing.  Last year seller’s received 94.9%!  It just keeps getting better for home sellers in McKinney.

Only 560 homes in McKinney were on the market for sale in October 2013 (down again from September’s 583), compared to 669 in 2012 and 900 in 2011.  330 of those this month were new listings, 50 more than what was new in September.

Per NTREIS MLS, a big decrease in actual sales for the month at only 269 homes were closed in October and although that’s a 22.3% increase from last year (220) its a bit off from September’s sales of 362.

Speaking very obvious here, the fewer homes on the market the fewer sales we will have, pretty simple.  So all you guys on the fence about listing, NOW is the time.

McKinney Real Estate Report Summary

The average LIST price in October 2013 for single family homes in McKinney was $288,485, bit of a decrease from just last month’s $294,726. But an increase last October’s $269,245.

The median SALES price in October 2013 for single family homes in McKinney was $223,990 (down $4,000 from last month).   But that’s a 16.7% increase from October 2012 when it was $192,000.

The average SALES price per square foot in McKinney for October 2013 is $97, a 10.4% increase from October 2012 ($88/sqft).  But down $2 from September 2013.

In October 2013 the Average Days on Market for McKinney Home listings was only 37.  Which is a 4 day increase from last month last month’s 33 DOM.   And a 31.5% decrease from October 2012 of 54 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.

 

McKinney Market Minute June 2013

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

McKinney Home Prices June 2013

It’s the dog days of summer and the local housing market in McKinney and surrounding areas in Collin County are still heating up.

We’ve continued to see home values rise and and days on market for property listings drop.  In case you haven’t heard, if you’d like to sell your home, now is the time.  And if you’re ready to buy a new home, you must act quickly.

In 2011, McKinney seller’s averaged 94.2% of their original asking price at closing.  This year seller’s are receiving 97.3%!

And to give you an idea of just how low the inventory truly is in McKinney, only 611 homes were listed for sale in June 2013, compared to 814 in 2012 and 1154 in 2011.  This is where cost + demand start to drive the market.

Per NTREIS MLS, 360 homes were closed in June and that’s a 10.8% increase from last year (325) June 2012.

McKinney Real Estate Report Summary

The median LIST price in June 2013 for single family homes in McKinney was $269,756.

The median SALES price in June 2013 for single family homes in McKinney was $229,444.   That’s a 19.5% increase from June 2012 when it was $192,000.

The average SALES price per square foot in McKinney for June 2013 is $96, a 11.3% increase from June 2012 ($86/sqft).

In June 2013 the Average Days on Market for McKinney Home listings was only 36!!!  Last June the average was 60 Days on Market, that’s -40.1% decrease.

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.