Taking a quick look at the real estate statistics in Plano, TX it is easy to see why I say that Plano real estate is HOT HOT HOT!
Plano Real Estate - Median Sales Price
Over the past 3 years, the median sales price of Plano hoems for sale has gone up around 20%. The average appreciation of real estate nation-wide is traditionally around 2-3% per year and more recently even less, but Plano real estate has exploded during that time.
Plano Real Estate - Number Of Homes For Sale
You would think that with such a sharp increase in prices, that there would be more Plano homes for sale today than there were 3 years ago. The fact is that there are fewer homes for sale in Plano than there has been in the past 6 years. Many homeowners do not realize that the market has shifted dramatically and don't realize what their homes are worth. With lower competition, home owners can command a higher price for their home. This is also causing homes to sell much faster. The average days on market in Plano is 40 days - down 67% from 2 years ago when the average days on market was 120!
Plano Real Estate - Months of Inventory
For the Months of Inventory metric, we use the magic range of 4-5. With 4-5 months of inventory, we have a stable real estate market. If that number is above 5, then it is a BUYER'S market. Less than 4, we have a SELLER'S market. As the graph shows, there are currently less than 2 months of inventory of homes for sale in Plano. This indicates a VERY STRONG seller's market in Plano.
If you are looking to buy or sell a home in the Plano, TX area, give me a call because the time to make a move is NOW. These charts show the whole story - Plano real estate is HOT HOT HOT!!!
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