Now that it’s January let’s talk about what’s been going on with our local Frisco real estate market. We’ll keep it simple and easy to understand so everyone can follow along.
Home Prices: What’s Happening?
The price of homes in Frisco has seen some interesting changes. When we compare the average price of homes sold this December to what it was at the same time last year, it’s a bit lower. But if we look at the price change from November, there’s been a slight increase. So, prices went down compared to last year but went up compared to November.
Fewer Homes Available, More People Wanting to Buy
In 2023, we’ve had fewer homes for sale in Frisco than we did last 2022. Even when we compare the number of homes for sale in December to November, there are even fewer. This means if you’re looking to buy a house, there might not be as many options as before, and the competition might be a bit tougher.
Selling Homes: A Quick Overview
When we talk about how many homes were sold, there’s a decrease in the number of homes sold in December compared to last year’s December. But, interestingly, more homes were sold in December than in November. So, while fewer homes were sold compared to 2022, more homes were sold compared to November last year.
How Long Are Homes Staying on the Market?
If you’re selling your home, it’s taking longer to find a buyer than last 2022. On average, homes are staying on the market for more days. This is also true when we compare it to just last November – homes are taking a bit longer to sell in December than they did in November.
Pending Home Sales: A Slower Trend
It’s important to note that “pending sales” are homes that are under contract and are pending to close. We are currently seeing a decrease in pending sales compared to 2022, and even from November to December. This suggests that the real estate market is not as busy as it used to be.
What Does the Market Look Like for Sellers and Buyers?
Despite these changes, Frisco is still a seller’s market. If you’re selling your home, you’re in a good position because there aren’t many homes for sale, and there are still people looking to buy. But it’s also important to be patient, as homes might take longer to sell.
For those looking to buy a home, the smaller number of homes available could make it a bit challenging to find the perfect place. But there’s a silver lining – the slight drop in prices compared to 2022 might work in your favor.
What’s the Big Picture?
Overall, the Frisco real estate market is seeing some shifts. The market is slower than it was in 2022, but it’s still active. For sellers, this means being patient and realistic with pricing. For buyers, it means being prepared for a bit of competition but also being aware of potential opportunities.
Keeping an eye on these market changes is crucial. Whether you’re planning to sell your home or looking to buy one, understanding the current market conditions can help you make better decisions.
Feel free to reach out if you have questions or need advice about buying or selling in Frisco. Let’s navigate the Frisco real estate journey together, making the most of the opportunities this market has to offer. Follow Mister Frisco for more expert guidance!
