McKinney TX Real Estate: Collin County (Texas) Real Estate Statistics for October 2009 - Your Market Update

Was the Real Estate data in Collin County, TX SCARY for the month of October?

Read below for how McKinney, Allen, Frisco and Plano real estate markets did in October 2009.

• Allen: 1001 sales (-12% from prior yr); Avg sales price $235,714 (-4% from prior yr); Avg Days on Market: 75 (-7% from prior yr)
• Frisco: 2412 sales (-2% from prior yr); Avg sales price $276,320 (-7% from prior yr); Avg Days on Market: 78 (-13% from prior yr)
• McKinney: 1634 sales (-7% from prior yr); Avg sales price $218,582 (-2% from prior yr); Avg Days on Market: 79 (0% from prior yr)
• Plano: 2495 sales (-20% from prior yr); Avg sales price $259,191 (-6% from prior yr); Avg Days on Market: 63 (-7% from prior yr)

SUMMARY:

The number of sales are down across the board for each city - down from 2% in Frisco to 20% in Plano! Reviewing data over the last few months shows a trend similar to what we've seen here with Frisco having the lowest decrease and Plano consistently showing the highest decrese. It's also interesting to note that none of the cities showed an increase in the average sales prices.

MY TAKE ON THINGS:

I'm gonna go out on a limb here, and while I'm no expert economist, I think I have an eplanation to this data. Follow me...

With the introduction of the tax credit for first time home buyers, there has been an increase in sales in the entry-level home market - sales $100K - $175K. When this happens, it brings down the average sales price for each city. It then also makes sense that buyers would choose a more affordable city, offering newer homes that appeal to young first timers, to make their purchase.

Plano has an "older" average age for their inventory, with more of their homes requiring updating to bring it up to the standards of the newer homes available in Frisco and McKinney. Thus, Plano has experienced the highest percentage in sales decline.

What does this mean for home sellers?

It's CRUCIAL to price your home accordingly!! The first 2 weeks on the market are the most crucial. With fewer sales on the books, your home needs to be the cream of the crop!

You also need to have a REALTOR with an agressive marketing campaign and dominant internet presence. Gone are the days of throwing a sign in the yard and placing on the MLS hoping it sells. When interviewing agents be sure to ask about this! Also ask how the new Appraisal law (HVCC) and neighborhood foreclosures or short sales will impact how you price your home. It could also affect whether or not you close the sale of your home ON TIME.

WRAP-UP

With all of this being said, DFW is still doing GREAT when compared to the rest of the nation! If you want more information about the Dallas or McKinney Real Estate market, go to www.TexasRealEstate.com. Each market is different - contact a REALTOR for information about YOUR area!

As always, remember, sellers have control of only TWO things:

1. Price! Don't overprice - enough said.
2. Condition! Consult a home stager...it's necessary.

Do you need a Collin County Realtor with an agressive international marketing strategy to get your home SOLD? Contact the Barron-Daugherty Team at d + b real estate today. 972-838-5394.

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