The real estate market in Frisco, Texas is looking much better than we saw one year ago, but still has many areas which we hope to see some improvement. With tax time coming up soon we’re expecting to see a few good months of home sales in the short term and expected to continue our gradual improvement over the long term.
Active Listings in Frisco
The month of December ended with 730 active listings in Frisco, a slight drop from the 824 we saw just a month ago. It’s good that some of the homes are selling, as many of them have been on the market more than 6 months, but we want to see the inventory replenished as well so that new buyers in the area have a good selection to choose from. Already out of the 730 active listings 219 of them are new listings, which is a good sign. While the total amount of active listings has increased 20% compared to this time last year, new listings are slightly down (-4%) from a year ago.
Home Sales in Frisco
An increase in sales over the holiday period has brought some much needed relief to sellers in Frisco. The month of December brought in 350 home sales, with another 241 sales currently pending. That’s up 22% and 11%, respectively, from just one year ago. That’s also an increase from both November and October sales which were at 290 and 322, respectively.
Days on the Market
Homes are continuing to sit on the market longer than we saw one year ago, with homes averaging 75 days on the market in the month of December. This is up from November, which only averaged 53 days, as well as October which only averaged 50 days. This is also up 29% from this time last year.
List to Sales Price and Inventory
While lots of home sellers in Frisco have had to wait it out to sell their home, many are pleased they did. We saw 96% of all home sales in the month of December go for list price or above, much better than the national average. Compared to this time last year we’re still down 1%, but we expect that to recover in the coming months back to the 97% range.
What This Means for Frisco Sellers
Those in Frisco eager to sell their homes should have no fear – a sale will come and it will very likely be for the price you want. Don’t fold too early and accept a low-ball offer, as many are getting exactly the price they want simply by playing the waiting game. Tax time is coming up soon and this will incentivize a lot of buyers to finally pull the trigger and make an offer, just wait your turn.
What This Means for Frisco Buyers
If you’re in the market for a home in Frisco, don’t be discouraged by the limited supply you see. There are many, many fantastic homes out there waiting to be sold and more added each month. Since there’s a limited supply, the market is a bit more competitive, so be prepared to come to the table with the asking price as your first offer.
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