Most of the reported area remains in a strong Sellers’ Market. However, Gunter has joined Van Alstyne as Buyers’ Markets with more than six months of housing inventory. Van Alstyne also has the highest year-over-year inventory increase of 144.8% while Frisco had a surprising surge of 130.8%. All three reported counties showed a year-over-year inventory increase of more than 50%. Melissa is the only city reporting significantly less than last year at -20%.
McKinney has the most Active homes at 737 while Gunter has the fewest at 41. The median listing price in Prosper is nearly as high as the prices in Gunter while the cost per square foot (psf) is significantly higher. Frisco has the highest median listing price at $250 psf while Anna has the most affordable of this area at $193 psf.
Anecdotally, there has been an increase in buyer activity at open houses and an increase in multiple-offer situations for properly priced Sellers. The bargains that Buyers enjoyed in high-demand cities during the winter months seem to be gone. Buyers should expect to pay fair market prices with limited concessions from Sellers.
Frisco and McKinney both hit 100% of the median percentage of the original price. This combined with the significantly larger number of properties on the market may indicate a willingness of Sellers to move regardless of mortgage rate changes. Either sellers are pricing to sell or buyers are willing to pay what it takes to win in multiple offer situations.
Dallas, Collin and Denton counties (below) continued to have significant drops in days on the market from as high as the upper 30s two months ago to the middle teens. Denton and Dallas counties are tied as the most affordable this month at $214 psf - $6 more than last month or $12,000 more for a 2,000 sf house. Collin County had a modest increase of $1 psf since last month. Dallas County has the most Active properties with 5,320. All three reported counties are close to getting a median of about 98% of the original listed price.
If you’re a military veteran Buyer, please act quickly. Rule changes will happen around mid-July and will impact your ability to be properly represented by a professional agent who protects your best interests. I’m a certified Military Relocation Professional and ready to help you move now.
I've Got Your Six!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
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