The real estate market has been VERY HOT in Plano, TX so far in 2014. Median prices have set new records, the average price per square foot has flirted with records, average marketing times have decreased to less than one month, and sellers are getting more, on average, for their homes relative to their original list prices.
Some highlights from the Plano, TX real estate market in June 2014:
- The median home price set a new record at $275,000
- The average price per square foot was just shy of the all time record, coming in at $117/ft.
- The average time it took to sell a home was just 24 days. However, some of the best homes in the most desirable locations in Plano sold in as little as one day on the market, often for more than their asking price.
- The number of pending and closed sales was strong, but nowhere near the highs set in 2007 and last year, mainly due to the huge supply to demand imbalance.
- The supply of homes was just 1.6 months, down from last year but up very slightly from the lows of 1.2 seen earlier this year.