Plano Market Update for Week of 8.24.07 - Single Family
Monday is an office day so we look at the market to determine what is going on
to help buyers and sellers in this market.
There are 1801 homes for sale in Plano that have been on the market for an
average of 75 days. The median price is $260,000.
For the past month or so the days on market has been trending up but the
inventory and market action has remained flat, which basically means in
layman terms, no strong indicators.
Homes that are selling are under $325,000, 81 units sold last week.
Only 8 homes sold last week over $600,000.
Back in May the median price in Plano was $350,000, now it is $260,000.
What this shows is that prices have adjusted and that they have remained
stable through the mortgage mess.
City Overview
Median List Price - $260,000
Average List Price - $372,451
Asking Price per Sq. Ft.- $92
Average Days on Market - 75
Total Inventory - 1801
Sold this week - 89
Percent of Properties with Price Decrease - 49% (WOW!)
Advice for Seller's is if you truly want or need or sell, take the 3-5%
price reduction that you need to take. You are better off taking a price
reduction than give bonuses or extras, the buyer will appreciated the price.
It is a buyers market and it is not going to change for 1-2 years.
You might even consider taking you home off the market and do some
updates to get a better price later.
Advice for Buyers is don't low ball a house that is price correctly, the
market has been adjusting all along and there are very good value in resales
right now and well, foreclosures are plenty, there you can low ball but it will
take longer to do a deal depending on the institution you are dealing with.
Short sales also represent a very good deal for the buyer but a a little
more complicated to do, this is the step before foreclosure - it helps the
seller to maintain his credit and not have their property go foreclosure.
