Plano Tx Home Prices Jump in January

By admin • March 3rd, 2010

Home prices were up nicely in January for the 131 homes sold. The average price is up nearly 18% over January 2009. While one month is not a trend, this gain is great news for Plano home owners who saw a decline of 5.1% in 2009.. The average price this January is $275,205 vs/ $232,744 last year. The median price for Frisco homes was up also to $209,000. This means that there were the same number of homes sold below and above $209,000.

Sellers in January got 95% of listed prices vs. 92% last year. Days on market remained about the same at 94.

All Collin County cities reported shrinking inventories as a result of the slow down in building over the past two years. This is good news for the sellers if demand remains or improves in 2010. The inventory as of January 31 was 1019 homes vs. 1255 last year. The inventory number at any given time is a tricky calculation because on the one hand new homes are being built and added to the inventory while on the other hand increases in existing home listing are added too. And, of course, each month the solds reduce it. Not all builders list their new homes on the MLS so this also complicates the inventory of homes reported by the North Texas Real Estate Services(MLS).

Frisco remains a buyers market until the absorption rate comes down to 6 months. Presently that rate is 7 months supply. It was much higher a year an two years ago.

It will be interesting to see what Plano Tx homes sales will be after April when the first time home buyer tax credit of $8000 disappears. Mortgage rates are expected to rise substantially later this spring as the Feds stop buying mortgage backed securities.

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