Collin County Real Estate Off to a Good Start in 2010

The real estate market in Collin County and surroundings areas is off to a good start in 2010. The Collin County Association of Realtors reports that in January there were 5,413 new listings in Collin County and surrounding areas. That is up 65 percent from the 3,289 new listings in December 2009 and up 6 percent over last January. For the fifth straight month, closed sales are projected to be higher than the same month a year ago.

"If new listings are any indication of things to come, we're off to the races as the new year begins," says Steve Haid, CCAR member services director. "There are many indicators that point to a market that is continuing to rebound from the sluggishness of the last couple of years."

The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that the time it took to sell a house in January decreased to 99 days from 109 days during the same time last year. The median sales price also rose nearly 4 percent over January 2009, and the percentage of the original list price sellers received increased from 91.3 percent in 2009 to 93.3 percent in 2010.

The inventory of available homes has shrunk slightly in the last couple of months due to brisk sales of lower-priced homes; however Collin County remains in a balanced market. There is a shortage of available single family homes priced less than $300,000, and an oversupply of homes priced above $500,000.

"Mortgage rates remain very low, and homes are very affordable. That, coupled with first-time home buyer tax incentives, has made this a good time to purchase a home for many buyers. We continue to watch this improving market, and look forward to more of the same," notes Haid.