Plano TX Market Report – October 2011

This month I broke out the market data for Plano by price range. The ranges used are: under $165k, $165k-$220k, $220k-$319k, and $319k and above. Click on any chart for a larger view.

Plano TX Median Sales Price Oct 2011

The Median Sales Price shows a modest 1 percent growth in sales prices in the upper two groups, a.3 percent increase in the $165k to $220k group, and a 1.5 percent decrease in the Under $165k group. While foreclosures are not a large part of the market, the lower two groups have a higher percentage of distressed sales which drags down housing values.

Plano TX Days on Market Oct 2011

The Days On Market continues to climb. The good news is that all four groups are still under 180 days on market. The lower three groups average about 85 days on market while the highest priced group averages about 120 days on market. The National Association of REALTORS® considers a 6 month supply of housing to be a balanced market. Areas with supplies under 6 months are a seller’s market, and supplies over 6 months are a buyer’s market. 

Plano TX Percent of Original Sales Price Oct 2011

The impact of the Federal Homebuyer Tax Credits can be seen in The Percent of Original List Price Received charts. The rise in the percentage during the first two quarters of 2010 was caused when buyers were scrambling to get homes under contract and closed in order to qualify for the tax credits.

The housing market in Plano, TX remains relatively stable. The lower prices of the lowest group combined with low mortgage rates makes this a good time for first time home buyers and cash-flow investor to purchase property.

Tom Branch, Broker, CDPE, SFR

Source: NTREIS on November 7, 2011

About Tom Branch

Tom Branch has written 597 posts in this blog.

Have you ever just met someone, but felt you like you'd known him for years? That's what most people experience with Tom. He has a knack for making folks feel right at home. After 21 years in the Air Force, loyalty and honesty are the foundation of everything Tom does. In addition to being a Texas Real Estate Broker, Tom is a Certified Distressed Property Expert (CDPE) and a Short Sales & Foreclosure Resource (SFR).