Collin County sees surge in closed sales as median prices dip

McKinney, Texas - The Collin County Association of Realtors (CCAR) has recently disclosed their findings regarding the local real estate market's trends and patterns. The latest data illustrates a five-month trend of rising closed sales, juxtaposed with a decline in median home prices.

The month of May 2023 saw a significant rise in completed home sales, showing a notable 21.4% surge when compared to the same timeframe in the preceding year, while median sales prices witnessed a decline, shrinking by 9.3% compared to May 2022, according to Dallas Metro News. As a result, the average selling price for a home in the expansive terrain of Collin County rested at a substantial $525,000.

Despite the downward trend in median sales prices, sellers still managed to acquire a sizable percentage of the original asking price during the closing stage. Data from May 2023 suggests that sellers achieved 97.9% of the listed price, despite a challenging 16.9% year-on-year decrease in new listings, resulting in reduced inventory. With fewer houses available for sale, properties remained on the market for an average of 42 days, a significant increase from the same period in 2022. This sequence of events prompted a 28.1% increase in the number of homes available for sale compared to May of the previous year.

“The market is stabilizing as much as it can with limited inventory and maintained demand. Our area is going to be a competitive market as long as our inventory has less than 4 months of supply, which we are a long way off from as our growing economy and high quality of life continue to draw new residents daily,” stated Shana Acquisto, President of the Collin County Association of Realtors (CCAR).

It's clear that Collin County retains its strong position as a seller's market. With a scant 1.9 months' supply of homes listed in May 2023—a significant 49.5% increment from the previous year—it is leaning significantly away from what is typically deemed a balanced market, usually characterized by a 6-month supply.

Data from the US Census Bureau indicates that Collin County is growing rapidly, attracting over 98 new residents each day. The Texas A&M AgriLife Extension Service estimates this equates to an annual demand for 9,004 additional homes.

As new neighborhoods emerge across the green landscape, questions arise regarding the duration needed for the Collin County inventory to reach equilibrium. To avoid guesswork and attain certainty, consider reaching out to a Collin County realtor.