I'm always asked about the current market conditions in Dallas all the time. With all the national media reports about a huge slow down in the sales market, my friends and past clients think my business must be suffering. But the good news for me is my business is doing great. Dallas hasn't been hit with the terrible market slump like the rest of the country because we hadn't experienced the huge appreciations like other states in past years. The Dallas area has been running at about 3-4% appreciation for awhile now. Of course, there are areas with much higher appreciation(Highland Park & Park Cities) and then areas with little to no appreciation(new construction areas like Little Elm). We have experienced a slow down in our units and volume but I think the Dallas market is still healthy.
Here are the recent stats for Plano in May 2007 compared to May 2006.
May 2007 May 2006
Sold Volume: $101,527,968 Sold Volume: $125,025,224
# of Sales: 374 # of Sales: 486
Avg. Price: $271,465 Avg. Price: $257,253
In May of this year, Plano homes were averaging about 56 days on the market, compared to 51 days in May 2006. I think anything under 60 days is good for our market. The biggest change has been in the high-end market for homes over $750,000. Last year in May those homes were averaging 105 days on the market but that number has been cut in half this year with the homes averaging only 56 days on the market. The high end market is selling faster than homes under $100,000. That is good news that the upper end of the market is feeling more comfortable.
As with most markets, Plano is still looking at final sales price at 97.75% of the list price. And again the biggest change was for homes over $750,000. Last year in May, home sellers were taking about 95% of the list price but this year they are getting 97.8%. So, listings are selling faster and for more money.
If you thinking about buying or selling in the Plano area, please give me a call at 214-532-3823
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