Making a very important financial decision is more comforting when you have all the information. So here is the latest Frisco market snapshot. Remember that data only provides half of the picture. For the other half, you should trust a Realtor like me, Mister Frisco Viktor Taushanov. I can tell you what the numbers won’t and how to get the most from your sale or how to maximize your purchasing power if you’re buying a new home.
List Price vs. Expired Listings
When you put your home on the market, you enter into a listing agreement to work with one Realtor. What list price vs. expired listings shows is the ratio between the homes currently on the market and listings that couldn’t be sold. Here, if you compare December 2022 with a median price of $642k for a home in Frisco to today’s median price of $650k, there was a slight uptick in price. But not so fast. Looking at the number of expired agreements in December 2022, you see a whopping 477. So new homes were essentially rotting on the vine. But when you look at expired numbers for January 2023 of 159 versus today at 178, it appears an appetite for homes increased alongside a slight uptick in price.
How Good Were the Good’ Ole Days?
No market was untouched by the global pandemic, especially home prices. Looking back on October 2021 through December 2021, it’s easy to see a substantial divergence between the median list price and the median close price. People were paying well above what sellers asked for their homes, with the largest list versus close median price happening in December 2021 with an approximately 16% difference.
Apples to Apples? Almost.
So now you’re asking what about the median list versus median close today versus this time last year? Looking at the trends comparing today to last February, we see a very similar median list price but a much larger gap in median close prices. In a nutshell, sellers are asking 2022 prices but getting much less at closing. How much less? Somewhere in the neighborhood of $75k to $100k, looking at residential single-family homes in Frisco. Again, the data only shows what’s happening, but your Realtor can tell you why.
More Good News
To close with some big-picture good news, let’s look at the median close price versus the number of active listings from October 2022 to today. Although it’s easy to look at the graphs and figure out what happened, everyone wants to know what happens next. When you look at the charts, there are some interesting plays between the median close price versus the number of active listings. Although the overall median price of a home has decreased by a third from October 2022 to today, the number of active listings has decreased by about 35%. So it looks like fewer people are selling their homes, albeit at a slightly lower price compared to historical markets. This reduction in active listings may be keeping available home inventory tight and keeping up a reliable market for sellers, even if it’s at a slightly lower price.
Whether you feel the Frisco market snapshot answers all your questions or still need professional guidance, I’m here to help you. I’m Mister Frisco, Viktor Taushanov, and I can help you make the right decision around your life’s most important financial decision. Contact me today, and we’ll look at the market together so you can feel fully informed about your next move.
