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Why West Plano home values have increased so rapidly


Sales have slowed but prices are sky high 

This is every seller’s dream market, not so good for buyers. I’m talking about West Plano home values, specifically West of the tollway in 75093 and 75024. Also included  is The Shops at Legacy town homes which has a healthy 27% increase in home value from 2014.  Safe to say if you bought a town home in 2013 you can add a cool 100K to the list price. Crazy! Unbelievable, No.

West Plano corridor had a 12% increase and 75093 a 7% increase from last year. My opinion, it can go higher.

Why seller’s are in the drivers seat

The charts below are inventory levels. Based on a 3 year time frame and each data point is a 3 month rolling average. The first chart is static and the second chart is live interactive data pulled directly ftom the MLS. That means it’s the most accurate information anywhere to be found. You can hover over the bottom chart to see how much home inventory has decreased from 2012. It was a balanced market 3 years ago.

A normal real estate market has a 5 or 6 months supply of homes at any given time. That’s a balanced or fair market. Buyers have a selection to chose from. As you can see West Plano Corridor, Shops at Legacy town homes and zip code 75093 are way below these levels.

May 2015 Monthly Inventory Levels:

Shops at Legacy town homes: 0.6
West Plano Corridor: 3.1
Zip Code: 1.9

If inventory remains low in these prime areas then prices will still rise. Once kids are out of school more homes should list for sale. Fingers crossed. The biggest opportunity for a homeowner right now is in the lower price points 200K to 300K in West Plano.

If a home lists in this price range you are guaranteed, multiple showings, multiple offers and a sale price of 5K to 15K over list. I showed a home yesterday and there were 6 buyers waiting to see it. And that was only an hour time slot. The other factor is interest rates, if they stay low or start to climb then that will affect pricing.

On a positive note for buyers I’m seeing price reductions taken earlier if there have been no offers, especially in 500K and up. There’s brisk activity in hip pocket or pre MLS marketing of a property. Which means it never hits the open market. It’s worth looking into if you’ve been looking for awhile. Yes, there’s an app for that!

Book mark this page if your interested in knowing how supply & demand effects West Plano home values. Need more info? Here’s another data link for How’s the Plano real estate market.

west plano home values

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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  1. […] and sellers in todays real estate climate. And that’s the Plano real estate update May 2015. See why Plano home prices have risen so rapidly and here are some interactive charts to follow Plano real estate […]

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