Home inventories in North Texas continue to shrink
Ask any Realtor in Collin County how the real estate market is today and with no hesitation he or she will reply, CRAZY!!!! We have seen a 180* turn-around in the last 12 months. What was once a buyer's market in many parts of North Texas has QUICKLY become a very seller friendly market.
Homes in North Texas are selling faster than Realtors can get them listed. Multiple offer situations are becoming the norms for both buyers and sellers. Weekend open houses which just a year ago might have attracted one or two prospective buyers walking through may now see over 20 interested parties literally jostling for position to get in the door. Home builders are filling waiting lists daily with new buyers.
The leading cause for this crazyness in the real estate market is the lack of available homes for sale. Most areas of North Texas are seeing inventory levels at or near all-time lows. Take a look at the chart below and see what your city's monthly supply of homes for sale. Keep in mind anything under two months is considered a very HOT seller's market.
CITY
|
# OF ACTIVE LISTINGS
|
# OF SOLD OR PENDING LISTINGS LAST 6 MOS.
|
MONTHS SUPPLY OF HOMES FOR SALE
|
Plano
|
424
|
1720
|
1.48
|
Allen
|
195
|
777
|
1.50
|
McKinney
|
415
|
1613
|
1.54
|
Frisco
|
536
|
1536
|
2.09
|
Little Elm
|
126
|
551
|
2.24
|
Celina
|
70
|
95
|
4.43
|
Prosper
|
132
|
233
|
3.40
|
Wylie
|
108
|
390
|
1.66
|
Murphy
|
73
|
171
|
2.56
|
Richardson
|
128
|
589
|
1.31
|
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