By Jim Ellis, Keller Williams Realty
04.01.07
Homes sales in Plano during the 1st quarter of 2007 continued to slow to 755 sales or down 13% below the same period in 2006, which had 866 sales. Residential properties sold in zip code 75093 totaled 148 units compared to 158 properties sold during the 1st quarter of 2006 or down only 6.5%. Those numbers are improved, however, when you compare the 1st quarter of 2006 to 2005 which decreased 10% year-over-year. Currently, there are 308 properties for sale in zip 75093 which roughly translates to a 6 month home supply.
Breaking that down further, there were 104 properties for sale in 75093 in the price range of $250,000 - $500,000 and 32 house sales pending. The average sales price of a home in this price range is $116.58/SqFt with an average of 57 days-on-market. There were 59 sales during the 1st quarter of 2007 at an average price of $111.44/SqFt and 64 days-on-market, compared to 70 sales during the same period of 2006 at an average price of $110.79/SqFt and 58 days-on-market.
There were 115 homes for sale in 75093 priced between $500,000 and $1 Million as of April 1, 2007 at an average $164.91/SqFt and 77 days-on-market, and there were 22 house sales pending. In the same price range and time period, 36 houses sold at an average price of $150.26/SqFt and 100 days-on-market, compared to 31 sales during the same period of 2006 at an average price of $160.32/SqFt and 72 days-on-market. This represents a 7% drop in price per square foot and a 25% increase in days-on-market.
In the $1,000,000-plus market, there are currently 54 properties for sale in 75093 at an average price of $285.12/SqFt and 102 days-on-market compared to 48 similar priced homes on the market at the same time in 2006. In this same price range, there are currently 7 home sales pending. There were 9 home sales in the 1st quarter of 2007 in excess of $1,000,000 at an average price of $221.34/SqFt and 62 days-on-market compared to 10 home sales in the same period in 2006 at an average of $214.69/SqFt and 46 days-on-market, indicating an increase in selling price per square foot, but taking 33% longer to sell.
Closer to home, there is only one property for sale in Glen Meadows as of April 1, 2007 at a price of $384,900 or $114.25/SqFt and 85 days-on-market. During the 1st quarter of this year, there were 4 home sales in Glen Meadows at an average of $109.04/SqFt and 38 days-on-market. During the same period in 2006 there were 7 homes for sale at an average price of $105.60/SqFt. Inventory has decreased significantly in Glen Meadows over the past year, and as you have probably noticed, that homes have been selling quicker when compared to other neighborhoods in the same price range elsewhere and in Frisco.
Overall, there are a few more homes for sale that are taking a somewhat longer time to sell, but the average price per square foot has inched up slightly. Not bad...considering the ‘gloom and doom’ news you hear about real estate so often these days.
Homes For Sale In Glen Meadows