Neighborhood Activity
Since real estate is a bit slower than normal in Plano as a whole and the April numbers were down 10% from last year, I decided to take a look at home sales for April in 75093 and some tony neighborhoods to see what is going on. Here is what I discovered:
April Homes sales for zip code 75093 were down 13.3% from last year.
Sales: 60 units in 06 vs. 52 units in 07
Avg price: $137 in 06 vs. $130 in 07
Days on Market: 37 days in 06 vs. 52 days in 07
Days on Market! That is 40% longer than last year, what that means is joe public is taking longer to decide and that properties are still not priced right and the inventory of homes has doubled, so sellers need to be more accurate on their pricing and selling strategies. Updates in older homes are mandatory in this market!
I also took a look at a few individual neighborhoods:
Willow Bend
Sales: 10 units in 06 vs. 4 units in 07 - YIKES!
Avg price: $158 in 06 vs. $169 in 07 - NICE!
Days on Market: 31 days in 06 vs 96 days in 07 - 1 month vs.3+ months- WOW!
Is my house ever gonna sell?
Lakeside
Sales: 4 units in 06 vs. 3 units in 07 - Not bad!
Avg price: $233 in 06 $193 in 07 - Not good!
Days on Market: 26 days in 06 vs 36 days in 07 - Very good!
Hills at Prestonwood
Sales: 5 units in 06 vs. 2 units in 07 - Not good!
Avg price: $118 in 06 vs. $134 in 07 - Excellent!
Days on Market: 44 days in 06 vs. 6 days in 07 - only two sold at lower end of scale and were priced right!
So here is some of the inside track for 75093, it is a lot more complicated than this but this gives you a good idea of the real estate climate along with the weird weather of late. No matter what main stream media says people still buy and sell real estate all year long, just like any business. If you are selling your home look at it as a business transaction or if you don't need to sell take it off the market, if you can't compete with other houses. That's my real estate advice for Monday and let us know if you need some help.
