What does a market report mean to me as a seller in Plano, TX?

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Real Estate Agent

What does a market report mean to me as a seller in Plano, TX?

Or it could be Allen TX, Frisco TX, McKinney TX, Little Elm TX, Rockwall TX?

 

I enjoy statistics, data, and what that information can do for me. But I also understand that not everyone is like me. Some might see a graph or chart and wonder “Why do I need to know this?” Or “What am I going to do with this?”

 

The goal of my blog today is to explain the market reports I publish, from the view of the seller. Below are three of the most common data points that I like to refer to.

 

(Now, I used Plano TX as an example, but this applies to any market. The market reports I publish contain this same information for your preferred neighborhood.)

 

Median for Sale vs. Median Sold

  • First of all, I will define “median.” Median means that exactly half of the houses are priced below this number and exactly half of the houses are priced above this number.
  • This particular statistic shows the median price of houses that are for sale (in red) versus the median price of houses that have been sold (in green).
  • As has been the case for the past few years, as a result of the current economy, houses are being sold for below what they were listed.
  • As a seller, this means that you need the assistance of a realtor that can provide a Comparative Market Analysis of homes sold in your area.
  • It is important to use the data of homes sold, not listed. As you can see, homes are selling below their list price.
  • I will assist you, as a seller, to list competitively at the best and most realistic price.
  • In Plano, the median price for houses sold was $200,000 in January 2011. This is compared to the median listed price of $232,000 during the same month.
  • This means that in Plano, houses sold for 86% of the list price in January 2011.

Plano TX Housing Market Report_January 2011

 

Supply & Demand

  • This data basically displays the number of houses sold compared to the number of houses for sale.
  • This is a statistic I use to show approximately how many other houses that you will be competing with.
  • In Plano, there were 111 homes sold in January 2011. This is compared to 1197 that were listed as for sale during the month.
  • This means that a little over 9% of listed houses were sold during January 2011.
  • For those who study supply and demand, this is law #3: "If supply increases and demand remains unchanged, then it leads to lower equilibrium price and higher quantity."  So market reports prove this true--there are more houses for sale, prices are lower, and a higher quantity of houses remain for sale in the market.

Plano TX Housing Market Report_January 2011

 

Months Supply of Inventory

  • The months supply of inventory is subjective these days. I think that this is a number that can be difficult to predict and use as an indicator of future performance.
  • However, I use this as a number to inform you, the homeowner, approximately how many people that you are competing with in the market.
  • For example, historically, spring and summer are peak times, so there will be more houses competing in the market.
  • In Plano TX there was a 5.5 months supply of houses for sale in January 2011.

 

With me as your realtor, on your side, you can see that I will use the resources I have available to help you list your home.

 

If you are ready to put your home on the market, contact me today!

 

 

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Topic:
Home Selling
Location:
Texas Collin County Plano
Groups:
Texas Real Estate
Posts to Localism
City and State
Localism Success and Accountability Group
Market Reports
Tags:
selling a home
richardson tx
frisco tx
plano tx
allen tx
little elm tx
mckinney tx
rockwall tx
heartland tx

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Ambassador
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Larry Lawfer
YourStories Realty Group powered by Castles Unlimited® - Newton, MA
"I listen for a living." It's all about you.

Somewhat scary statistics in your graphics.  In the newpaper business they call this burying the lead.  The lead is that you can help people be realistic about price and selling more quickly.  Thanks for your work on this.

Dec 01, 2011 02:13 AM #1
Rainer
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James A. Browning
Browning Real Estate School/REO Institute - International, IT
MRE REOCertified(R) SSCertified

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Colorado; Spring is here in the Rocky Mountains

Apr 12, 2012 01:45 AM #2
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Valarie Littles

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