As 2011 gives way to 2012, it's time to take a look at the housing market in Plano, Texas, ZIP Code 75025.
75025 is the north, central part of the city of Plano. It looks like a large letter L with State Highway 121 on the north, Coit Road on the west, Legacy on south. The south leg runs all the way to US 75, then north to Hedgcoxe, West to Custer, and north to meet with State Highway 121 again.
2011 appears to have been a very stable year for the area. Let's look at three charts: median sales price, average days on market, and new listings. You can click on any of the graphs for larger views.
Median Sales Price
The graphs are broken out into four price ranges. It's been a flat year in the market for the lower three price ranges. Homes above $290k saw a 10.3 percent decrease in value. Overall home prices are down about 4.1 percent from this time in 2010.
Average Days On Market
This chart really helps you to understand why the median sales price was down for home above $290k. The average days on market for these homes spiked to almost 330 days in the spring of 2011. The good news is the market was finally able to absorb the inventory and the days on market settled back down.
New Listings
The decrease in new listings has been one of the primary reasons the housing market in 75025 has remained relatively stable. While demand is down, the supply of new listings is down as well. The lack of an over-supply of housing has been a good thing for homeowners.
We have access to data for the entire Dallas Fort Worth Metroplex. Please contact us at 214-705-2470 if you have questions or need additional information.
Source: NTREIS on December 27, 2011
Originally posted at: http://www.thebranchteam.com/wordpress/2011/12/27/plano-tx-75025-market-report-nov-2011/
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