Listings vs. Median Price Past & Present

Sometimes the best way to appreciate the present is by looking at the past. For example, before the late real estate boom of 2018, in January 2018, active listings were 49,395 with a median price of $212,000. Fast forward to January 2023, and we see active listings at 52,715 with a median price of $275,000. With all the ups and downs over five years, it’s exciting to see median home prices increase by nearly 30%.

Historic Months of Inventory vs. List Median Price

Remember in the previous chart; we showed how six months of inventory is a balanced market, under six months is a seller’s market, and over six months is a buyer’s market? Here we see how, before the boom after 2018 (Jan 2018), it was clearly a seller’s market with five months of inventory available and a median list price of $239,900. Jump ahead to January of 2023, and we see a sustained five months of inventory but a bump in the median list price to $299,00. That’s almost a 25% increase in the median list price over five years. Also, as expected, fewer months of inventory on the market command a higher list median price, as seen in February through May of 2022, where two months of inventory spiked prices into the $350,000 range.

Inventory on the Market vs. Close Median Price

Considering the natural balance between supply and demand, the lower the inventory, the higher the close median price. Consider January 2018, which had five months of inventory and a close median price of $215,000. As inventory declined through July 2018, you can see the close median price increase to $242,000 – a 12.6% increase. However, we don’t see a corresponding decrease to 2018 prices once inventory returns to a 5-months level. Instead, in January 2023, the last time there were five months of inventory available, the close median price was $279,000 – a retained increase of 29.7%. Other price pressures are at work, favoring the seller.

Historic Count of Active Listings vs. Days on the Market

If you’re looking for solace in real estate trends, compare the numbers from Jan 2018 to Jan 2023. In January 2018, there were around 50,000 listings on the market lasting about 35 days. Looking at January 2023, we see active listings approaching 60,000, staying closer to 45 days on the market. So looking at the five years between January 2018 and January 2023, you see an almost inverse relationship between the number of active listings and the number of days on the market. 

It’s clear that with short inventory, the days on the market are much lower in July 2021, with 37,642 homes in inventory spending eight days on the market vs. July 2018, 60,668, 21 days. Of course, the inventory is still shorter, but the market is unique.

Active Listings vs. Close Price To Original Price Ratio

In January 2018, there were 49,395 properties listed for sale, and transactions closed at an average of 97% of the original listing price. Fast forward to January 2022, when there were only 31,029 homes on the market, and transactions closed at 100% of the original listing price. This data suggests buyers are more likely to pay closer to the listing price as inventory becomes more scarce. 

Historic months of Inventory on the Market vs. Closed Median Price

Returning to January 2018, we see historic months of inventory hovering around a little over four-and-a-half months. Here, the corresponding closed median price rested around $275,000. You see a price drop when there’s a sudden gain in inventory. Jump to January 2023, and you will see the reverse happening. As inventory begins to dip from a near peak of just over five-and-a-quarter months of inventory at the end of 2022, prices similarly spike during the same period, finishing January of 2023 at $300,000. Remember, however, that the bump in price is because of the low inventory on the market during 2021-22.

Although factors like interest rates, lifestyle features, and commutability all play a part in a local real estate market, it is still difficult to escape the law of supply and demand. If people want something, they will find a way to get it. However, that doesn’t mean your search for a new home has to be challenging. Contact Mister Frisco, Viktor Taushanov, when you’re ready to find your dream home.

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The ground has been broken on the 80-acre Railhead development in Frisco. First proposed in 2017, this long-anticipated addition to Frisco is well underway. According to FriscoEnterprise, “…The Railhead in Frisco an 80-acre mixed-use development that is set to include multifamily units as well as a restaurant, retail, hotel, and office use and a five-acre Klyde Warren-esque park.”

Railhead Development

Heady Investments of Plano, Texas, is the master developer for the site just off the Dallas North Tollway near Toyota Stadium and Wakeland High School. “We love being in the city of Frisco; we’re no strangers to the city of Frisco,” said Sayres Heady of Heady Investments, adding that the company was previously behind the Frisco Bridges Place office building. “So we feel really fortunate to be back. The city is wonderful to work with. They’ve really stood behind us.” 

Jim Newman

According to the article, Jim Newman’s family has been in Frisco for over 100 years. “This project has been many years in the making,” says Newman Real Estate. Also, “The partnership also includes multifamily developer JPI, which has already broken ground on the first phase of multifamily development, Heady said.”

What’s In-Store? – Development!

The Railhead development plan includes “…1,280 class AA multifamily units in addition to restaurant and retail pads, office and hotel space and the urban park, which Heady said is expected to include a dog park, food trucks, and playground space.” Healy adds from the article, “the outlook includes a potential 1 million square feet of office development with the potential for as much as 2 million…We are talking to a number of restaurants, retailers, medical users and most notably a large amount of office space, both from developers in state and out of state that have expressed interest,”

Globus Realty is your best resource to stake your claim in Frisco. Trust Mr. Frisco to find your perfect home in a highly-competitive market so you can enjoy your slice of paradise in Texas’ fastest growing community.  The groundbreaking on the 80-acre Railhead development adds new development to Frisco. Don’t miss out!

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If you are searching to relocate within North Texas or even adjust your home size, whether it be up- or down-sized Frisco is one area you might want to strongly consider. Besides the obvious benefits to this upscale, suburban town such as highly rated schools, close proximity to high-quality shopping, museums, family friendly activities, and a variety of minor league sporting teams the housing market in Frisco is ever so appealing.

Buying or selling in Frisco this spring is appealing for more than one reason… sellers are very happy these days with the 2.2 months on the market. That is a typical turn-time expectation for a seller’s turn time which is typical for a stronger seller’s market.

As an example of what you might expect to find in Frisco here is a quick synopsis of the pre-owned housing market date for Christie ranch and 3 more surrounding neighborhoods – Grayhawk, Newman Village, Northridge Estates.

In 2013 we were seeing the average price per square foot around $92.62 and average days on the market at 26 days. The median house price in the area was $270,000, while the average was $287,795. That year wrapped up with a total of 170 houses sold.

Moving to 2014, the numbers have only improved. We saw 183 homes sold; averaging $102.24 per square foot and moving on an average of 28 days on the market. The median home price increased to $297,740 and the average jumped to $319,717.

Adding the new home sales, homes sales numbers looked just as exciting with the numbers starting a little higher than the pre-owned only, but increasing in the same manner. While the average days on the market were longer (49 – 2013and 46 – 2014) the median and average home prices were higher.   $278,500/$308,520 median/average in 2013, but showing a median price increase of 8.25% to $301,500/$325, 512 respectively.

To look more in-depth into what this could mean for you, call us for your real estate review today!

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More and more large companies have set their sights on Plano’s Legacy West development as one of the top potential sites for company expansion or relocations. This is great news for families looking to shorten their commute and live in a fabulous, upscale family-oriented community.

If you are curious just who is seeking to move into these parts here are just a few notables: Liberty Mutual Insurance, based in Boston, has been seeking a lease or purchase of upwards of a million-square-feet space to house anywhere from 4,000-5,000 employees.

As large companies circle North Texas in search of new corporate homes or regional hubs, Plano’s Legacy West development is once again surfacing as a potential site.

The latest deal being discussed: Boston-based Liberty Mutual Insurance plans to lease, or own, a nearly million-square-foot service center in a campus-like setting in a project that could bring 4,000 to 5,000 jobs to West Plano. This is still speculative until an official announcement is made from Liberty Mutual itself, however, it is pretty exciting, nonetheless.

Legacy West is the same mixed-use project area on the southwest corner of Highway 121 and the Dallas North Toll road where Toyota Motor Corporate recently began construction of its North American headquarters, expected to be complete later this year. FedEx also boasts a new headquarters site here; filling approximately 265,000 square feet of space.

“There’s certainly some big projects out there that are looking at Frisco,” said Jim Gandy, president of the Frisco Economic Development Corp. “There’s more than one deal roaming in that ballpark and actively looking at this area.”

As you probably already suspected, Frisco just keeps getting better and better!

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Love makes the world go around and should be shared freely with everyone, all the time. But most especially it should be shown to your nearest and dearest every day of the year, not just on February 14th.

It doesn’t even take a lot of effort; instead just start a habit (habits can be engrained after 30 days of intentional effort). Once you get it going it won’t be so hard to keep it going and think of the fun it will bring.

Begin and end each day with a conversation and I mean a REAL conversation, without distractions such as TVs, phones, social media and so forth. Make eye contact, if face to face, and smile. Smiles can be felt even through the phone. Try it! It reminds people they matter to you.

Hug your loved ones. A minimum of 20 seconds per real, full-bodied hug reinforces your connections with others and remains with you throughout the day. It lifts spirits and reduces blood pressure and stress. It is medically proven! And if you are hugging a child… be sure you are the LAST to let go.

Don’t forget the little things add up to be big things. Leave a thank you note, replace the toilet paper or other little gestures that you know will resonate with your significant other. Maybe it only takes restocking the fridge with favorite munchies before they ask or grabbing an extra ice cream when treating yourself. Actions speak volumes.

Tell them how you feel. Say “I love you” or ” I appreciate who you are”. Your words may make such a difference in their day and you might not even recognize how much they needed to hear it. Do it anyway. I promise you won’t regret it.

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According to the University of Scranton, Journal of Clinical Psychology the top 10 resolutions for last year were as follows:

1) Lose weight

2) Get Organized

3) Reduce Spending, Increase Savings

4) Better enjoy life; live to the fullest

5) Focus on health and fitness

6) Self educate

7) Quit smoking

8) Support/assist others dreams

9)Fall in love

10) Increase quality family time

Now, how quickly do our goals and resolutions fall to the wayside as lives get busy and we find ourselves prioritizing or procrastinating… what, me?? Yes, you!

Of the 45% of Americans that do set New Year’s resolutions, only 49% reach moderate success. And a measly 8% find complete success. What is the trick?

If you seriously have a goal for 2015, make it more specific and attainable rather than broad with no clear definition of success. For instance, don’t say you want to enjoy life more… decide what exactly that would look like and break it down into pieces and parts that can be managed in chunks.

You want to lose weight or quit smoking? Find out what is truly reasonable in those fabulous goals. How much weight a week is healthy and what does it take to get there? Make a plan…develop a recipe list for each week, shop with intention, start a fitness class, enlist an accountability partner.

If you really want it to happen it will, with proper direction of course. Good luck!!

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Technology, communication and transportation are Frisco focuses in the new year, as improvements in these areas can change on a dime. It is important for Frisco businesses to stay on top of the local developments as well, as they will be impacted in a myriad of ways.

Additionally, demographics are always adjusting, so businesses should stay on top of trends as the old ways of doing business may have some inadvertently left behind. The Frisco Chamber is here to keep you updated with changes in area trends and statistics.

Tollway projects which will improve traffic and congestion to and from local businesses and open up space for corporate ventures and corporate expansion, additionally garnering positive media attention both on the local and national scope.

The Frisco Chamber of Commerce is actively working to maintain ongoing programs and planned events to the benefit of area businesses. For instance, a great deal of notoriety may be cited to the Frisco Chamber’s Strategic Plan which will carry on into 2015 with an emphasis on members and improving the benefits and value they receive through their chamber membership. A couple of examples are the Four-Star Accreditation with the U.S. Chamber of Commerce involvement in the 2015 legislative session in Austin to maintain a strong Texas wide business climate.

Continued work in Austin pushing for more transportation and construction funding will help to further Frisco’s growth and development which is only positive for our local businesses and residents.

While we expect strong local projects and job growth in Frisco, national influences will have impact, like always. The Chamber actively works to watch national issues and anticipate local impact to protect our own. The Chamber is always welcoming new businesses and maintaining those existing relationships in the best ways possible.

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