Welcome to Mister Frisco’s latest market update, where we explain what’s happening in the Frisco housing market in simple terms. If you’re curious about buying or selling a home in Frisco, here’s what you need to know based on the latest data. Today, we’ll discuss why Frisco homes are selling fast.
Prices Are Up
The cost of buying a home in Frisco has gone up. In February, the middle price range for homes that were sold reached $633,000. This is a 12.5% jump from the same time last year. Even from January to February, prices went up by 2.92%. So, homes are definitely getting more expensive.
More Homes Available
If you’re looking to buy, there’s some good news. There are more homes available now than there were last year. The number of houses for sale has increased by 56% compared to last year, with 273 houses currently on the market. From January to February alone, the inventory of available homes rose by 30%. This means buyers have more options to choose from.
Sales Have Slowed Down a Bit
Even though prices are up and more homes are available, fewer homes are actually being sold. In February, 129 homes were sold, which is 5.1% less than the same time last year. However, compared to January, home sales went up by 25.2%. So, while there’s been a bit of a slowdown in sales from last year, things picked up from the month before.
Homes Are Selling Faster
Homes in Frisco are selling pretty quickly. On average, a home was on the market for just 21 days in February. That’s faster than last year and 14 days quicker than in January. This means that, despite some ups and downs, there’s still a lot of interest in buying homes, and when the right home pops up, it sells fast.
Fewer Pending Sales
Pending home sales, or homes that are under contract but still need to be closed, are also down. In February, there were 11.5% fewer pending sales than the same time last year, with 115 homes waiting to close. Compared to January, pending sales dropped by 8.7%. This suggests that the market might be slowing down a bit, as fewer deals are being made.
Still a Seller’s Market
Even with some signs of slowing, Frisco is very much a seller’s market. With only 1.8 months’ worth of homes available, sellers are in a strong position. This means there are more people looking to buy homes than there are homes available, which often leads to competitive offers and quick sales.
The Frisco housing market is experiencing some interesting changes. Prices are up, and there are more homes to choose from, but the pace of sales has slowed a bit. Homes are selling quickly, though, and it’s still a great time to sell with the market leaning in favor of sellers. If you are wondering why Frisco homes are selling fast, follow Mister Frisco for more market updates and expert guidance!
