As we head into the final stretch of February, we wanted to take a moment and update you on the Collin County real estate market. This edition dives into a comparative analysis of January 2023 and January 2024, highlighting key trends and insights for both buyers and sellers.
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Our Hottest Listings
We have several listings coming soon in the North Texas area between $500k-$850k, between 1600 sq ft – 3700 sq ft. If this size home interests you, just email us or call us we’re excited to give you the info.
Market Update
🏡 For Sellers:
- Demand Fluctuations: A 15.2% decrease in properties under contract indicates changing demand, yet sold listings have increased by 16.6%.
- Pricing Strategy: With average and median sold prices down from last year, pricing strategies and market positioning become crucial.
- Market Opportunity: Despite the price adjustments, the steady months supply of inventory and improved percent of original list price received indicate a resilient market.
🏡 For Buyers:
- Increased Listings: A 25.4% surge in new listings compared to last year offers more choices.
- Market Adjustments: Despite more options, a decrease in the average and median sold prices suggests a shift towards a more buyer-friendly market.
- Negotiation Leverage: The current market conditions may provide buyers with stronger negotiation leverage, but readiness and quick action remain key.
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January’s data reveals a dynamic market with significant changes from the previous year. The increase in new listings and sold properties, coupled with adjustments in pricing, indicates evolving opportunities for both buyers and sellers. Buyers are presented with a greater selection and potential for favorable deals, while sellers must adapt to the changing landscape to achieve successful sales. The slight increase in the percent of original list price received suggests that well-priced and positioned homes can still command strong offers, emphasizing the importance of strategic pricing and marketing in this market.
Remember, every property and situation is unique. For tailored advice and insights into how these trends affect your specific real estate goals, feel free to reach out or schedule your free real estate consultation with us…
Stay informed, stay ahead, and let’s make your real estate dreams a reality in Collin County!
Have an amazing and fun weekend!
