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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Office Space

According to Johnson, “The agreement between the city of Frisco, the Frisco Economic Development Corp., the Frisco Community Development Corp., and Crow Holdings will allow Crow Holdings Office to construct four Class A office buildings and accompanying parking structures at the northeast corner of SH 121 and Spring Creek Parkway.” VP of the Frisco Economic Development Corp., Gloria Salinas, adds, “This project will bring much-needed office space to help our very full pipeline of prospects.”

Phased Development

The development will arrive in phases. According to Johnson, “SouthStone Yards will be completed in four phases. Phases 1 and 3 will each feature a 230,000-square-foot, seven-story office building with an accompanying parking structure. Phases 2 and 4 each feature a 325,000-square-foot, 10-story office building with an accompanying parking structure.”

Group Project

The article concludes, “Salinas also said the Frisco Economic Development Corp. is assisting Crow Holdings in pitching to tenants for the large building and shares the demand the EDC is seeing.” Undoubtedly, this new office project is well-positioned to attract businesses of the caliber Frisco is accustomed to. The possibilities are endless, with new firms from FinTech to real estate starting to call Frisco home. 

Come and grow with Frisco with help from Globus Realty and Mr. Frisco. Let Viktor Taushanov and his team make your dream home a reality. Contact him today!

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How Hot?                                             

According to an analysis from Redfin;

• Many homes get multiple offers, some with waived contingencies.
• The average homes sell for about 9% above the list price and go pending in around 12 days.
• Hot homes can sell for about 18% above the list price and go pending in around 7 days.

Why Frisco?

According to an article from Money magazine, Frisco has the perfect balance of a low cost of living and high-income homeowners. Indeed, times have changed, but demand for a home in Frisco has only increased. According to the article, “While there’s a lot to love about Frisco, part of its appeal is the city’s relatively low cost of living compared with its higher incomes and booming job growth. A typical Frisco family could pay off a new home in less than half the time it would take a Bostonian one to do so.”

Business is Booming

Discretionary income inspires new development. Expansive developments like those from the PGA will become another crown jewel in Frisco’s growth. According to a Frisco city article, “In December 2018, the PGA of America announced plans to move its headquarters from Palm Beach County, Florida, to Frisco, Texas, where it will anchor a 660 -acre mixed-use development with a public-private investment worth more than half a billion dollars. Two championship golf courses are being built at PGA Frisco and a short course and practice areas. In addition, the new PGA of America headquarters will become home to national player development and coaching programs. This public-private partnership teams PGA of America with Omni Stillwater Woods (OSW), the City of Frisco, its Economic and Community Development Corporations, and the Frisco Independent School District. The City of Frisco and its development corporations (each funded by a half-cent of Frisco’s sales tax) and FISD are contributing no more than $35 million toward developing the public facilities. The city will own the golf courses, clubhouse, practice areas, and associated public facilities.”

Frisco is hotter than ever! Globus Realty is your gateway to unlocking the life you want to live in Frisco, Texas. Trust “Mister Frisco” to find your new home so you can establish yourself in the best city in Texas.

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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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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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