Collin County, Texas – In a captivating display of market dynamics, the Collin County Association of Realtors (CCAR) has released a report chronicling the developments in the local real estate industry. The latest figures reveal an intriguing five-month pattern of surging closed sales while concurrently signaling a downward trajectory in median home prices.
May of 2023 witnessed a marked escalation in contracted home sales, with a noteworthy increase of 21.4% when juxtaposed against the same period in the previous year. Nonetheless, a downward tilt was observed in the median sales price, which shrank by 9.3% compared to May 2022. Consequently, the average transaction price for a domicile in the splendid expanse of Collin County settled at a hefty $525,000.
The depreciating trend in median sales prices notwithstanding, sellers continued to pocket a significant chunk of the original listing price at the closing stage. In a revelation of the market’s competitive temperament, sellers in May 2023 collected 97.9% of the listed price, despite a discouraging 16.9% year-on-year contraction in new listings, culminating in a curtailed inventory. As the market grappled with this contraction, homes languished on the market for an average of 42 days, a full 30 days longer than the comparable period in 2022. This chain of events triggered a 28.1% surge 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,” said Shana Acquisto, President of the Collin County Association of Realtors (CCAR).
Evidently, Collin County holds its ground as a robust sellers’ market. With a scant 1.9 months’ supply of homes listed in May 2023—a significant 49.5% increment from the previous year—it leans decidedly away from a balanced market, typically characterized by a 6-month supply.
According to the US Census Bureau, Collin County is growing at a vigorous pace, attracting upwards of 98 new residents daily. The Texas A&M AgriLife Extension Service estimates this translates into an annual demand for 9,004 additional dwellings.
As new communities sprout across the verdant landscape, speculation abounds regarding the time it would take for the Collin County inventory to regain balance. To eschew speculation and embrace certainty, consider contacting a Collin County realtor.