New construction increases can’t Slow Price Increases in Collin County
A booming new construction market is making an impact in Collin County, but inventory remains low and rapid price increases continue to be a factor. New construction added nearly 175 new homes in February to the Collin County supply of homes. However, median prices increased 13 percent, according to the market report released today by the MetroTex Association of REALTORS.
“Across the region, we’re still seeing a severe lack of inventory in homes priced below $500,000,” said James Martin, president of MetroTex. “That pressure is driving sales prices higher and higher. Fortunately, new construction rates are up significantly over last year. We’re lucky enough to have a robust and dynamic economy right now. It keeps our region at the top of the Texas market and it’s bringing a lot of people into the area.”
According to the report, 1,021 homes were sold in Collin County in February, a 3 percent increase from 2016. The dollar volume of sales in the region increased 14.4 percent year-over-year to $364 million. The average price in February was $356,722 up 11 percent from last year.
North Texas’ monthly housing inventory was 2.0 months in February. The Real Estate Center at Texas A&M University remarks that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 46 days on the market in February. There were 2,608 active listings for the Collin County housing market.
- 1,021 Homes sold, 3.0 percent higher than February 2016.
- $320,000 Median sales price for homes, 13.1 percent more than February 2016.
- $356,722 Average sales price for homes, an 11 percent increase over February 2016.
- 2.0 Monthly housing inventory in February 2017.
- 46 Average number of days homes spent on the market in February 2017.
- 2,608 Active home listings on the market in February 2017.
- $133 Average price per square foot for a single family home, up 9.9 percent year-over-year.
Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.