The Collin County Association of Realtors (CCAR) reports that Collin County homes remained in demand at the close of 2019, resulting in reduced inventory for homebuyers and increased profits for home sellers throughout the county.
Housing inventory dwindled to 2.4 months in December 2019, 16.1% less than the year prior. A decrease triggered by 15.0% more closed sales and 8.0% fewer new listings than December 2018.
“Incredible lending conditions and our desirable community meant Collin County sales did not slow over the holidays,” says David Long, CCAR President. “Homes moved quickly to the closing table providing happy buyers with keys and sellers with cash.”
The December MarketViewer data from Texas Realtors agrees with Long, reporting the median home went under contract for 95% of its original listing price after being on the market for 69 days. In addition, homes swiftly closed an average of 32 days after going under contract for a median sales price of $342,000–3.6% more than the year prior ($330,000).
The dwindling inventory left many homebuyers eager for a spring housing inventory influx. “The market is ready for new listings, the holidays are behind us and buyers want to take advantage of the low mortgage rates. Now, all we need are sellers who are ready to capitalize on current market conditions,” explains Long.
So, if football isn’t your thing, allow us to highlight a hot race: Spring blooms or a spring housing inventory influx, which will we see first?