Spring home shopping is off to a casual start according to a recently released report on Frisco’s real estate market. Data shows more inventory of properties for sale during the month of March than a year ago, with a somewhat extended time on the market. This represents a slow spring market, but sellers should take heart — prices are holding strong even in a market which offers buyers a bit more opportunity to shop around.
A Look at Frisco Housing Stats
Sales in Frisco as the winter market ends are up over a year ago at 325 in March, a change of +6%. Active listings are supplying the pipeline with 21% more this year, or 929. Pending sales are not as hot yet, running -10% over the previous year, and new listings are slower to materialize this year, 529 which is -7% compared to last March. The changes aren’t really reflected in prices, as 98% of properties sold to list price, and the average list price is strong at $450,183, down only -1% from the year before. Days on the market is lengthening a bit this year, 56 days in March, which is up 19%, and that has kept the market out at 2.8 months of inventory, up 15% from the previous March.
What Does this Data Say about Frisco Real Estate?
Though supply and demand are fluctuating, prices are staying steady from year to year on real estate in Frisco. Texas is one of the strongest real estate markets, and nationally experts believe that real estate will be red hot this year. As the market stabilizes for the spring and summer months and inventory around a 2-3-month supply, data show that it is still a sellers’ market that is likely to increase in strength over the coming year.
Buyers who are preparing for a home purchase this year may be lulled into believing that prices are staying flat for the time being. As the market takes up slack, however, pressure on prices is bound to increase, making now an excellent time to buy.
What does this mean if you’re ready to buy a Frisco home?
With home prices still at last year’s levels and enough inventory that there’s time to shop around and plenty of good homes to choose from, it’s a good time to be actively shopping. With Texas at the top of many buyers’ lists, though, competition is sure to increase as the spring and summer progress. Buyers who wait until later in the year may fact increased prices, and good but not excessive inventory means that things could change in a hurry as buyers see opportunity and move to stake their claims.
What does this mean if you’re thinking about selling a Frisco home?
Right now, the market is slower than it was at this time last year, but prices are stable. Buyers who are ready to make a move now can feel confident about the choice to sell, but they should also get advice on whether to price according to the current market or look a bit down the road and sell a possibly rising real estate market a few months from now.
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.