The Collin County Association of Realtors (CCAR) reports that Collin County’s stabilizing housing market may be nearing normal as home prices and housing inventory remain at anticipated levels in November 2019.
Homes were listed and sold for slightly more in November 2019 than the year prior, selling for a median sales price of $330,000 in November 2019. A median sales price that is 2.17% more than the same time last year, while selling for the same percentage of their original listing price in both November 2019 (96.00%) and November 2018 (96.10%).
The inventory of homes on the market continued a seasonal decline. A decline triggered by 9.56% fewer new listings in November 2019 than November 2018. In addition, there were 5.82% fewer closed sales and 1.19% fewer pending sales in the same time span. Once listed, homes remained on the market for 39 days, the same as November 2018.
The decline in new listings did not raise David Alan Cox, CCAR President’s concern. “It’s typical to see a seasonal decline in new listings,” Cox stated, “Real estate transactions require the buying or selling of one’s home, the place where family gathers for Thanksgiving and to sip hot cider. It’s understandable one would rather not limit holiday decorations due to open houses and showings.” However, Cox notes that “those who are actively selling or seeking a home during the holidays are serious.”
Indeed, many relocating to the area for Collin County’s booming job market or locals seizing record low mortgage rates to buy a larger family home provided a steady demand. This demand resulted in 3 months of inventory, a seller’s market. A market with 6 months of inventory is considered balanced.
While “normal” is not often a good thing, it is a wonderful word for the Collin County real estate market after accelerated and non-sustainable growth. “Normal” removes an inevitable free-fall drop in home values and allows more residents a chance to buy a home. To that, we say “Cheers to being normal.”