Real Estate
Collin County Association of Realtors issues new monthly report
CCAR reports that the area's inventory has remained unchanged due to the county's enduring appeal to buyers and limited new listings
Despite a year of interest rate increases, the Collin County Association of Realtors (CCAR) reports that the area's inventory has remained unchanged due to the county's enduring appeal to buyers and limited new listings. According to Dallas Metro News citing the Collin County Association of Realtors report, this has led to a dynamic market full of challenges and opportunities.
In July, the county saw a 19.5% decrease in new listings, offset by a remarkable 20.1% increase in Homes Under Contract. The Months Supply of Homes for Sale, an important market balance indicator, stayed the same as the previous year, showing that the county continued to be a strong sellers' market with a 2.3 months' supply of homes available. A balanced market typically has a 6-month supply of homes for sale.
“Homeowners who locked in a 2.3% interest rate are less than motivated to list their home, while demand for our area remains strong despite a year of interest rates hikes. This resulted in a unique housing market for sellers and buyers alike,” said CCAR President Shana Acquisto.
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Despite the limited supply, sellers have remained flexible, with homes taking an average of 32 days to go under contract and selling for 98.0% of the original listing price. As a result, the Median Sales Price for a Collin County home in July was $519,000, representing a 2.1% decline from the same month in 2022.
As the Collin County market continues to deviate from national trends, many homeowners are wondering what the future holds. For insights into your next move, consider contacting a Collin County Realtor who is well-equipped to navigate the complexities of the current market landscape.