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Plano Market Activity – August 2013

Plano Home Values & Market Activity

One thing that’s great about technology is I can chart all Plano market activity by MLS sold and tax data together or separately. The information is parsed into accurate local reporting by city or zip codes. I can then break it down by neighborhood to get even more local by day.

When it gets this detailed it’s more accurate then national or regional news that means very little to the home buyer or seller. What’s even better, these charts are interactive so they always update no matter when you look at this. You can spot trends in any area of the DFW metro area.

Plano Real Estate Update

Let’s take a look at Plano today by quarter compared to last year. You can hover over the bars to get closed sale, all pendings (waiting to close) and active listings. As you can see all closed sales as well as pendings have been in double digits for over a year! Nice!

What’s out of whack is the listing inventory, down around 25% from the prior year.

So, why aren’t listings keeping up with sales?

Good question. And there are many answers to that question based upon each person’s circumstances. I still speak to customers or clients that are still in transition.

For example, still looking for a job or don’t feel good about their job. Or can’t find the right home to move into. Or still going to lease. Or can’t get financing they want.

Even though interest rates are going up, selling or buying a home is a major commitment for anyone to take on. And first and foremost the timing must be right for you.

Most of the inventory shortage is under the 400K range, when you get above 500K, well lets just say you have more choices.

When will the inventory of homes catch up with sales?

Truth is the inventory of homes has been going down for 3 years now. The excess has been depleted and we will have to work our way back up to a normal level.

That is why you see hip pocket listings or off market homes being sold, if an agent knows of people who are willing to sell in an area where there is a shortage of homes then a deal can be made without even hitting the MLS.

Real estate is cyclical and the 2013 spring summer season has come and gone. It’s perfectly natural for things to slow a bit this time of year.

My bet is this coming season we’ll see more homes coming on market as buyer demand continues and homes prices continue to escalate at a normal pace.

If you’re looking to sell make sure you get more than a neighborhood CMA and marketing plan. Analyzing your local real estate is crucial in getting the price you desire as well as a timely sell. If you want to know more contact us we’d be happy to help with the process. We know stuff.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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