Home > Local Real Estate Markets > Plano TX July 2009 Housing Market Report

Plano TX reported 273 home sales for the month of August 2009. These numbers include single-family homes, condos, duplexes and townhomes. Up to 08/31/2009,1,923 homes sold in Plano Texas for the year. When compared to the same time last year, Plano TX sold 2,941 homes for the same period in 2008. The numbers are down 22% in number of transactions.

* Note: The data below is considered accurate for all real estate in Plano TX encompassing MLS areas 55 (city of Plano) and 20 on the local NTREIS MLS data.

January: 146 Plano TX homes SOLD
February: 172 Plano TX homes SOLD
March: 208 Plano TX homes SOLD
April: 213 Plano TX homes SOLD
May: 267 Plano TX homes SOLD
June: 318 Plano TX homes SOLD
July:  309 Plano TX homes SOLD

August 2009: 273 Plano TX sold homes
for $64,701,244
 

The average home in Plano Texas is 4-bedroom, 3 bathrooms, just over 2,600 square feet and sold for $237,001 in 66 days on the market.

The lowest priced home sold for $47,900 (3-bedroom, 1 1/2-bathroom property, 1,100 square feet) in East Plano TX 75074. It is HUD home.

The most expensive priced home sold for $1,095,000 (4-bedroom, 5 bathrooms, over 5,500 square feet) in Lakeside at Preston Plano TX 75093. It is a custom Balkman built custom home with gorgeous drive-up curb appeal, oversized corner lot, outdoor living with backyard pool and spa.
 

I think it's important to study the days on market for the homes sold. As a buyer, you will understand the "limits" of your negotiation power in general and as a seller, it is important to know the pricing correctly gives you the greatest chance to sell your home.

Almost half of the properties that Sold in Plano TX sell within 30 days after it came on the market. By far, this is also the time frame where statically speaking, you have the highest chances to sell your home - if it is priced correct to begin with.

The breakdown of the price ranges are as follows:
DOM is number of days the house is on the market.

Less than $100,000:
SOLD = 20 homes (96 days on market, $67/sq.ft.)
Under Contract = 23 homes; DOM = 60 days
AVAILABLE = 20 Homes; DOM = 115 days

$100,001 - $200,000:
SOLD = 117 homes (60 days on market, $83/sq.ft.)
Under Contract = 157 homes; DOM = 69 days
AVAILABLE = 237 Homes DOM = 81 days

$200,001 - $300,000:
SOLD = 87 homes (52 days on market, $88/sq.ft.)
Under Contract = 93 homes; DOM = 74 days
AVAILABLE = 269 Homes DOM = 87 days

$300,001 - $400,000:
SOLD = 24 homes (74 days on market, $98/sq.ft.)
Under Contract = 35 homes; DOM = 83
AVAILABLE = 176 Homes DOM = 88 days

$400,001 - $500,000:
SOLD = 9 homes (82 days on market, $107/sq.ft.)
Under Contract = 8 homes; DOM = 60 days
AVAILABLE = 68 Homes DOM = 89 days

$500,001 - $600,000:
SOLD = 8 homes (95 days on market, $126/sq.ft.)
Under Contract = 6 homes; DOM = 88 days
AVAILABLE = 41 Homes DOM = 137 days

$600,001 - $700,000:
SOLD = 2 homes (123 days on market, $146/sq.ft.)
Under Contract = 5 homes; DOM = 102 days
AVAILABLE = 24 Homes DOM = 180 days

$700,001 - $800,000:
SOLD = 3 homes (308 days on market, $176/sq.ft.)
Under Contract = 2 homes; DOM = 228 days
AVAILABLE = 31 Homes DOM = 138 days

$800,001 - $900,000:
SOLD = 2 homes (79 days on market, $140/sq.ft.)
Under Contract = 3 homes; DOM = 75 days
AVAILABLE = 19 Homes DOM = 187 days

$900,001 - $1,000,000:
SOLD = None
Under Contract = 1 home; DOM = 153
AVAILABLE = 17 Homes; DOM = 132 days

Over $1 Million:
SOLD = 1 homes (118 days on market, $199/sq.ft.)
Under Contract = 4 homes; DOM = 162 days
AVAILABLE = 66 Homes; DOM = 232 days

Real Estate Commentaries based on the above market data:

The largest price group decline was seen in the $300K - $400K, almost by 50% and especially that is still considered as a good price group, not in the luxury home market category. The Luxury home market in Plano TX (over $500K) also saw some decline, although not as drastic as the $300K - $400K group. The pending contract is up for the $400K - $500 and $500K - $600K price range with 5 homes more than the previous month, and it took these homes on average 30 days less to receive the contract.

Currently, Plano TX has 962 homes available for sale. The biggest market movers are the $100K - $200K price group, then followed by $200K - $300K group. The higher price ranges are staying on the market longer. Hence, that is the type of market to expect from such price ranges.

The Plano TX home market inventory levels are similar to previous months.  The inventory levels are stable and nothing out of the ordinary. Based on the current sold and inventory level, it will take approximately 15 weeks (almost 4 months) to clear all the current inventory.

It is our goal to empower you to become a more educated real estate consumer, especially in the Plano TX Home communities. Information is power in real estate in negotiations.

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