McKinney Market Minute July2013
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 today's 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?
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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 sellers averaged 95.6% of their original asking price at closing. This year sellers are receiving 97.5%!
A meager 598 homes we're 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 we're closed in July and that's a 47.1% increase from last year (259).
McKinney Real Estate Report Summary
The medianLIST price in July 2013 for single family homes in McKinney was $275,863.
The medianSALES price in July 2013 for single family homes in McKinney was $215,000. Thats a8.6% increase from July 2012 when it was $198,000.
The averageSALES 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, thats-50.2%decrease. Holy Moly that's crazy!!!
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Posted in Business Post Date 04/29/2018