Once again, Prosper, Texas is heading into the Fall season in BALANCED market conditions. A balanced real estate market is defined as one with approximately six month's worth of available housing inventory. We're right there. I predict we'll stay balanced going into the 4th quarter, as new listings are entering the market at close to the same pace as homes are taking contracts. We should come into 2011 in a very healthy and balanced market.
Even though we've had a heatwave in July and August, our open houses have been more productive than they were earlier in the Summer. The last weekend in July was actually my best open house of the year on a luxury home between $400,000 and $600,000. Luxury buyers are out making plans. The 2011 buyers are starting out a lot earlier, too, with previewing happening now for moves that will happen next Spring. Showings are coming in waves. One listing of mine, priced at $725,000 had three showings in a single day in July. What a coincidence that the timing brought in three prospective buyers on the same exact day, but coincidence is all that can be called. It is extremely rare for a luxury property over $600k to get three showings in a single day in suburban Prosper TX.
Here's a snapshot of the real estate market for Prosper, Texas from July 9, 2010 to today:
18 properties SOLD - ranging in price from $175,000 to $698,750. The over $350k luxury properties far outnumbered lower priced homes. And, the trend is for buyer's to purchase the most bang for their buck. Best overall values are being snatched up, and the one's picked had definite value that their competition was lacking.
4 properties under OPTION - ranging in price from $399,000 to $750,000. These homes were selected by buyers in the last 30 days. 100% luxury homes. Buyers have a tendency to upsell themselves in Prosper. They buy more lot, larger homes, with higher levels of finish-out than their original purchase criteria called out. This goes back to that 'best overall value' analysis. Now is the time to buy up, when interest rates are so attractively low.
4 properties under CONTINGENT contracts - ranging in price from $225,000 to $325,000. DFW has not traditionally been a town that was big on contingent contracts. But, many of our buyers still have homes that need to sell. And, knowing that we have fewer fully qualified buyers than we've seen since 2007 makes accepting a contingent offer more attractive for some home sellers. The bird in the hand is worth two in the bush.
15 properties PENDING - these are home contracts that made it beyond the option period and are now contract pending, working toward sold status. These homes ranged in price from $259,000 o $614,000. Again, luxury properties are leading the pack.
August is HOT! And, I'm not referring to the temperature. The back half of the year in Prosper, TX is filled with activity. We're a growth area. We have new construction and resale homes available that are attractive to the buying public in both price and value. We have a community with a well established plan of growth and some really exciting retail/shopping venues on the horizon. And, yet, we're still a small town where people wave and say 'hello' as they pass. Come on out and see what the buzz is all about.
Have a blessed day!
Ronda
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