Home Prices in McKinney, TX – October 2017
November 8, 2017 – Real Estate market data for McKinney, TX provided by Elaine Harper, Broker of Davidson Lane Real Estate GroupMcKinney, TX Home Prices – October 2017
Now that we’ve made it through the back to school lull, and have begun to enter into the Fall season and upcoming Holidays, what can we expect to see in the real estate market? Typically as the weather begins to cool down so does the real estate market.
While we’re seeing a few indicators that our market is beginning to stabilize, we’re also seeing continued growth and sustained values within the McKinney market.
Let’s take a look at all the action that took place in October and compare it year over year, as well as to the previous month to monitor immediate and gradual market changes.
In October, McKinney seller’s received an average 95.4% of their original asking price, down -1.5% from the previous month (September). Last year seller’s received 96.9%!
Currently, there are 1,049 ACTIVE listings for sale in McKinney in MLS. That includes 393 NEW LISTINGS in October 2017, up from the 327 new listings in October of 2016, and even more from the 360 in October of 2015. Over the last three years the number of homes for sale has increased significantly: in October of 2015, 2016 & 2017 there were 541, 682 & 1049, respectively.
Per NTREIS trends®, 235 homes were closed in McKinney in the month of October 2017, which was a -8.6% decrease from the previous year’s 257 closings. The previous month, September 2017, there were 287 reported closings in McKinney.
McKinney, TX Real Estate Report Summary
The average LIST price in October 2017 for single family homes in McKinney was $375,326 (a -1.1% decrease from $379,313 in October 2016). A more significant decrease from September 2017’s average list price of $402,223.
The average SALES price in October 2017 for single family homes in McKinney was $348,877 (just a tiny bit higher than the previous month’s $348,265. But a 7.2% increase from the average in October 2016 of $325,543. Also up from October 2015 when it was $301,505.
The average SALES price per square foot in McKinney for October 2017 is $135, an 8% increase from October 2016 ($125/sqft). And up from $117/sqft in October of 2015. There was only a $1 decrease from September 2017.
In October 2017 the Average Days on Market for McKinney Home listings was 35, down from September’s average of 47. Still a 10-day increase from the previous year’s 25 DOM, a 40% increase.
NEW CONSTRUCTION DATA
In October 2017 we saw 99 NEW listings that were NEW CONSTRUCTION enter the market, a 57.1% increase from the previous two years. As well as, there were 42 reported closings in NEW CONSTRUCTION homes in McKinney (up 40% from 2016). The average price per square foot in NEW CONSTRUCTION increased to $145, up from $139 in 2016 and $130 in 2015.
All information reported obtained through the North Texas Real Estate Information Systems (NTREIS). For the most accurate market synopsis, only SFR (Single Family Residences) sold by individuals or from builders were included. No distressed sales, bank owned or relocation company sales were included in the report.
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Elaine Harper is a veteran McKinney based Real Estate Broker with Davidson Lane Real Estate Group, motivated by working with home buyers & sellers that appreciate her market knowledge and are ready to take the plunge! Elaine specializes in internet marketing and has a 7 Days on the Market average and a 99.6% Final Sales Price to Original Sales Price ratio on her listings in the last 24 months. As a long time resident in McKinney, Elaine is well equipped with extensive knowledge of McKinney, Allen, Plano, Frisco and other nearby suburbs in Collin County. Elaine brings experience and innovation to each real estate transaction. For help buying or selling a property, call 972.302.8327.