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Plano Real Estate Update – October 2013

Local Market Insights – Real Estate Update ~

Real estate is local and so are we.  This real estate update is as good as it gets for being accurate as of right now!

I like to run numbers closer to the middle of the month because the current sales activity for October will be more right. In case you didn’t know, every agent inputs their own selling information and sometimes sales do not get entered till months later, sales numbers change all the time. Always a work in progress.  The only way to know real estate is to be in the market.  Below is a chart for Plano closed sales activity in October 2013. It is for all property types.

real estate update

This shows the typical slow down that occurs this time of year.  Since we’re heading toward year end take a look at the healthy YTD number! Plano Sales are up 14.8% from 2012.  The 5 year Oct average is important because we are ahead from when the 2008 meltdown occurred.

2013 units closed 5821 vs 5612 * 5 – year October average.

Now here’s a look at the Plano market for October:   This is a good chart for giving an overall view of market activity YoY as well as MoM.

real estate update

What it Means – From the MLS

The median sold price for single family properties for October was $173,000, representing a decrease of 1.1% compared to last month and an increase of 13.1% from Oct 2012. The average days on market for units sold in October was 89 days, 19% below the 5-year October average of 110 days. There was a 4.4% month over month decrease in new contract activity with 5,222 ; a 5% MoM decrease in All Pendings (new contracts + contracts carried over from September) to 8,828; and a 1.5% decrease in supply to 24,982 active units.

This activity resulted in a Contract Ratio of 0.35 pendings per active listing, no change from September and no change from October 2012. The Contract Ratio is 64% higher than the 5-year October average of 0.21. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

Takeaway for Plano Real Estate:

Sales are better, inventory is low but rising and will be more so in spring, buyer demand is good and waiting for the right properties to come on the market. Lending and appraisals are still an issue. Seasonal price reductions are happening and prices will go up in Spring. If you’ve been waiting to buy, end of year deals from sellers will provide more opportunity to jump in.  Another  interesting tidbit is 18% of Plano homes sales YTD have been CASH sales. Guess many of us believe Plano real estate is a great investment!

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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