This is a snapshot of the Van Alstyne real estate sales market. If you are considering buying or selling a home, these are items your Realtor should explain & you need to know. Keep in mind that monthly trends can be skewed by season, number of home sales and price ranges but it will give you insight into where the market is heading in 2014. Look at the year to date information for the most accurate picture.
New Home Listings And Closed Home Sales
There is only a slight increase in available new listings vs. last year but over a 30% increase in listings closed or under contract! This tells you that homes are being snapped up quickly so buyers may have competition, higher offers will be necessary and your financing should be ready to go.
Van Alstyne Sales Price
The average sales price has increased 16% from $162,381 to $188,586. No rocket science here, people want to live in our area, are having trouble finding quality homes for sale and buyers are willing to pay more for homes than last year. We should expect this to continue. When Highway 75 construction is completed even more people will discover our great location.
Sales to List Price
As you might expect, the sales to list price ratio has gotten tighter from 90.5% to 94.6%. Buyers are coming around to the realization that the market has turned. Sellers no longer need to look at low offers or considering selling their home on the contingency that a buyer’s current home will sell. They will simply wait for a buyer in a better position to make a more attractive offer. As a side note, some area metroplex cities are seeing 98% + sales to list ratios, multiple offers and some over list price.
Days On Market
How long will you need to endure the inconvenience of keeping your home spotless and leaving on a short notice for showings? The average marketing time is down 29% from 113 to 80 days on market. This time can be considerably reduced by aggressive pricing, move in ready condition, flexibility and quick showing availability vs. one day or even one hour notice.
Selling Season
Spring is the traditional sales season and it’s just around the corner. All the indications are that inventories will remain tight, prices will increase and days on market will decrease. See my post on the overall home sales outlook. Now is the time for both buyers and sellers to get ahead of further market changes.
Contact Keith Laursen with Fathom Realty at 469.233.1234 for more advice on selling your home or to find that special home for your family. Do it before your friends do!
