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?

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

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November 2011 McKinney Market Minute

As we round the final corner of the last leg of the year, let’s stop and look at how the real estate market is moving in McKinney.  Here’s a look at how November 2011 compared to November 2009 and 2010:

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 November 2011 there were 779 homes on the market actively listed for sale in the City of McKinney.  In November 2010 there were 1,171 and in November 2009 there were 993. The decrease is expected as fewer homeowners list their homes during the holiday months, as well, fewer foreclosures short sales are on the market than the previous two years.

The number of new listings were 211 in McKinney last month as compared to 229 in 11/2009 and 242 in 11/2010.

The average Days on Market (DOM) in McKinney continues to decrease year by year, yippee!!!  I’m seeing good deals move faster and faster these days.  The average DOM for November 2011 is 86 DOM, 2009 was 71 and 2010 was 102.  That’s  -15% decrease from last year.  Compare that to the entire DFW Market which has seen a gradual increase:  96 DOM in 11/2009, 106 DOM in 11/2010 and 105 DOM in 11/2011.

The total number of homes sold in McKinney for the month of November 2011 was 158.  There was a slight decrease over the last two years with 199 in November 2009 and 163 in November 2010.

The Median Sales Price (MSP) showed a slight decrease while the DFW Market MSP had a minor increase.  With $180,000 in November 2009, $185,000 in November 2010 and $173,950 this month.  In comparsion to the overall DFW market of $140,000 11/2009, $141,338 11/2010 and $142,000 11/2011!  That’s a $31,000 margin.

There were only 22 REO/Foreclosure listings sold in November. http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=2fe87e34-fa62-4327-a929-097c3b9fc091&AgentId=0558805

And there are currently only 24 active foreclosures on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=44d74c9b-7971-4b11-a55c-789abdcf06b9&AgentId=0558805

New Construction hasn’t slowed down much with 29 new homes sold last month.  And 132 currently on the market in McKinney: http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4Remarks.asp?emailGUID=491a2105-4422-4559-ae01-3c994f6f9e42&AgentId=0558805

Although there were a few slight decreases, it’s somewhat expected during these holiday months.  Fewer buyers and sellers on the market, and colder weather tends to keep people indoors.
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 http://www.FindMcKinneyHomesForSale.com And if you want to stay in the know, follow me on facebook for all the good stuff:  www.Facebook.com/McKinneyRE.

Be sure to tune in next month for the 2011 McKinney Market report where we’ll go over the entire years growth…

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