Economic Update – Seller’s Market Continued to Thrive in July (2013)

Market stats are in for July, and the seller’s market continued to thrive.  What does that mean?  If you’re thinking about listing your home, now is a great time to do it!

As reported by the Collin County Association of Realtors for the geographic area of Collin County –

sellers-market New Listings were up 21.2% in July, compared to July 2012, which means that we are now seeing the kind of brisk listing activity we normally see in the spring. New Listings are up 7.9% for the year.

  •   Pending Sales were up 18.8% in July, compared to a year ago.
  •   Closed sales were up 22.0% for July and 22.7% Year-to-date.
  •   Days on Market for July was 40 days— the lowest number we have ever recorded.
  •   Median Sales Price was up 13.8% for July and 11.8% Year-to-date. July’s Median Sales Price was $282,667.

We are still in a very strong Seller’s Market, with overall inventory at 2.7 months. Strongest sales are homes in the $150,000 –$199,999 price range, with 1.9 months of inventory. The weakest sales, although still good, are homes above $500,000, which currently are at 6.6 months of inventory.

Call me to discuss what these numbers mean for you!