PLANO, Texas — The Collin County Association of Realtors (CCAR) reports that the effects of the COVID-19 pandemic were subtle, if not non-existent, in March’s Collin County housing market.
In March 2020, 23% fewer residents of Collin County listed their home compared to the year prior (1,791 vs. 2,325). While a decrease in listings has been an ongoing trend in 2020, the global pandemic may have contributed to an exaggerated number. Despite limited inventory, 1.7% more homes went under contract in March 2020 than the year prior.
The increase in home sales, paired with fewer new listings for the third month in a row, strained an already depleted inventory—resulting in 27.9% fewer homes for sale in March 2020 compared to March 2019. The combination also reduced the County’s months supply of homes for sale by 32.8% down to 2.3 months. A market is considered balanced when there is a 6-month supply of homes for sale.
Once listed, a home remained on the market for an average of 59 days in March 2020, 12 fewer days than same time last year. After going under contract, homes closed in 32 days with a median sales price of $345,000, one day and 3% more than in March 2019.
“I expect the effects of the pandemic will have a delayed effect on the housing market, as transactions that began in early March will continue to be completed into early April,” explained David Long, CCAR President. However, Long does not expect transactions to slow to an absolute stop anytime soon, “Having a home has never been more important as we all ‘shelter at home.’ Realtors are still striving to serve our community, while prioritizing the health and safety of our clients and community.”
As real estate professionals quickly adapted to virtual open houses and closings, it remains to be seen how many residents continue their home buying and selling plans in the coming months. However, one thing is certain: When it is the right time for you to buy or sell your home, Collin County Realtors will be ready to help you.
Affiliated with Texas REALTORS® and the National Association of REALTORS®, the Collin County Association of REALTORS® is the source for professional and reliable real estate information. Information contained in this release is based on Texas REALTORS® MarketViewer reports for Collin County.