School has started again for McKinney and surrounding North Texas cities. This time of year typically begins the tapering off in real estate activity for the year.
Read below for how McKinney, Allen, Frisco and Plano real estate markets did for August 2009.
- Allen: 757 sales (-19% from prior yr); Avg sales price $236,133 (-5% from prior yr); Avg Days on Market: 75 (-7% from prior yr)
- Frisco: 1928 sales (-6% from prior yr); Avg sales price $278,464 (-7% from prior yr); Avg Days on Market: 81 (-9% from prior yr)
- McKinney: 1259 sales (-13% from prior yr); Avg sales price $220,845 (-2% from prior yr); Avg Days on Market: 79 (-1% from prior yr)
- Plano: 1977 sales (-24% from prior yr); Avg sales price $261,227(-5% from prior yr); Avg Days on Market: 64 (-6% from prior yr)
Like the previous summer months, what strikes me the most are the number of sales that are down across the board for each city - down from 6% in Frisco to 24% in Plano! None of the cities showed an increase in the average sales price, and the days on market all showed decreases.
What does this mean for home sellers? It's CRUCIAL to price your home accordingly!! The first 2 weeks on the market are the most crucial. With fewer sales on the books, your home needs to be the cream of the crop!
You also need to have a REALTOR with an agressive marketing campaign and dominant internet presence. Gone are the days of throwing a sign in the yard and placing on the MLS hoping it sells. When interviewing agents be sure to ask about this! Also ask how the new Appraisal law (HVCC) and neighborhood foreclosures or short sales will impact how you price your home. It could also affect whether or not you close the sale of your home ON TIME.
If I may, I'd also like to address my fellow REALTOR's reading this market update (if you are not an agent, feel free to skip this paragraph). When you read that sales are down about a quarter from where they were last year, what does this mean to you? It tells me there are agents FIGHTING to get the same number of deals sold as last year. It tells me that some may even throw in the towel if they are not able to keep up the same production over last year. You don't have to give up! I'd be happy to help you find a way to keep more of your money, while staying in this industry as we go through the tough times. There are options out there that don't involve quitting a career you may love.
With all of this being said, DFW is still doing GREAT when compared to the rest of the nation! If you want more information about the Dallas or McKinney Real Estate market, go to www.TexasRealEstate.com. Each market is different - contact a REALTOR for information about YOUR area!
As always, remember, sellers have control of only TWO things:
- Price! Don't overprice - enough said.
- Condition! Consult a home stager...it's necessary.
Do you need a Collin County Realtor with an agressive international marketing strategy to get your home SOLD? Contact the Barron-Daugherty Team at d + b real estate today. 972-838-5394.
Search homes for sale in the Collin County real estate market.
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Thanks for doing this again Kim, while it hurts to see the decline (especially in Plano) your 2 key points about price and condition are KEY!
On another note, our family went to Breadwinners on Sunday night and it reminded me we need to get together for lunch sometime - up by your neck of the woods - has it been that long??