1st Quarter of 2013 Homes Sales Real Estate Market Report For Frisco TX

by Loreena Yeo on May 16, 2013

2013 January February March
# Transactions 161 170 276
$ $ 47,678,360 $ 56,382,016 $ 88,089,025
Average Days on Market 48 29 21
Average Sales Price $ 296,139 $ 331,659 $ 319,163
Average $/Square Feet $ 96 $ 103 $ 102
Median Sales Price $ 263,500 $ 285,000 $ 282,600
Inventory Supply (Weeks) 26.4 25.6 18.9
% Change from Last Year (# Transactions) 17.4% 23.5% 18.8%
% Change from Last Year ($) 5.8% 25.1% 25.5%
% Change from Last Year (Avg. DOM) 87.5% 193.1% 252.4%

 

Homes Sales Market Report for 2013-1Q For Frisco TX Real Estate Market

Warning, Warning! Long Time Awaited!! The Frisco TX homes sales  have turned into a  seller’s market. The market has shown steady increases over the past few quarters since 2011 and 2012 but nothing quite like the 1st Quarter of 2013. The summary of the numbers in the table above speaks for the market. Here in Frisco TX, we have been awaiting such market momentum for a long time.

Homes in Frisco TX with good condition sell and price right have been sold within days, often with multiple offers. Agents and  buyers have been frantically making phone calls making sure the properties are still available for sale prior to viewing these Frisco TX homes. It is important if you are a potential home buyer in Frisco TX (and surrounding cities), you need to contact your local Frisco TX Realtor® to minimize your frustration in this home buying process.

Read How to win in a multiple offer situation with the Frisco TX homes housing market.

The 1st Quarter of 2013 has shown stellar results in comparison to past years of 2011 and 2012 – an increase of almost 20% in Q1 in 2013 than 2012 in number of transactions and dollar volume. The sales price per square feet has also increase 2.3% (average at $98/sf in 2012 to $100/sf in 2013 of the 1st Quarter). At the same
time, the average Days on Market improved by an astounding 154%, ie. homes that stayed on the market for about 83 days during the 1st Quarter in the past, now have been selling in 32.7 days.

With about 1,000 people moving to Frisco TX every month, the demand for housing has also increase causing supply to be lower. During the 1st Quarter of 2012, there were between 1,000 – 1,200 homes available for sale in Frisco TX (from the lowest priced to the most expensive). In Q1 of 2013, there were about 600 – 620 homes for sale. This phenomenon creates a shortage of homes in Frisco TX, including new home builder inventories. They too, cannot keep inventory on hand. Not only is Frisco TX a relocation destination for many all over the country, it is also continues to be the place current homeowners want to remain and up size or to downsize in their home.

The Frisco TX real estate homes market also face appraisal issues this 1st Quarter, similar to the same time last year. To the appraiser, it does not matter that borrower and the contract placed in front of him/ her were the winning contract among 5 or 8 multiple offers. The appraiser only looks at the transaction. S/He also looks back at the 6 month’s SOLD data to provide a fair market value. However, if you look back at historical data of the past 6 months, there will be appraisal issues along the way with a real estate market headed on the rise. For the benefit of the appraisal, it will disclose that the neighborhood is stable or increasing (but it would not state by “what”).

Frisco TX continues to offer great affordability in the housing market, along with it being the “greenest” city to build homes in America, Frisco is the top choice for many. Frisco Independent School District ISD is rated an Exemplary school district in Texas.

Attached are the graphs to indicate the market conditions Frisco TX homes are in. It is a good  prediction that the summer and busiest real estate season will sizzle. The sooner you begin your process, the better your chances are to purchase a home in the early stages in the Frisco TX seller’s market.

Note: FHA mortgage lending requirements are changing again for files written after June 1st 2013. Check with your lender about how this may impact your home purchase.

 

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