Collin County is north of Dallas County. Per 2010 US Census data, Collin County population was at 782,341. It is the 7th most populous county in the state of Texas. According to the official Collin County website,
" In the mid-2014, the Census Bureau estimated our population at 885,241. Eight of the 10 fastest-growing cities in North Texas are in Collin County, with rates averaging more than 250 percent. "
Some of the cities located in Collin County include: McKinney, (the county seat), Plano, Allen, Frisco, Fairview,Wylie, Murphy, Prosper and Celina.
Here is a look at what the Collin County Market has been doing the past 10 years:
The Median Sale Price for Collin County has increased 23.07% from 2012 to 2014. The current 2015 median sale price for Collin County is at $255,000.
The number of sales each year in Collin County has increased since 2013, with 2014 being the highest number of sales. The current number of sales for 2015 is currently not on pace with last year.
Inventory refers to how many listings are available in the market. In 2010 and 2011, inventories were high with average number of months around 5 months. 2012 had 3.58 months of inventory and 2014 and 2015 have the lowest number of months of inventory at 2.25. When inventories are low then prices appreciate which is what we have seen in the median sale prices.
When we look at the number of foreclosure sales you can see the total number of foreclosures peaked in 2008 and have dropped dramatically in 2014 and 2015. Lower number of foreclosure sales also aid in price appreciation.
We have been looking backward at the market but it is also beneficial to look forward. Here is the number of active listings in Collin County each month from June 2014 to May 2015. You can see that the number of available listings is low and have been decreasing. The month of December and the current Month of May have the lowest number at just 29 listings in Collin County. Low Supply and High Demand.
Looking at New Construction Sales you can see that construction has not kept pace with the supply. There are new developments that are just getting started in Collin County which will increase the number of new construction sales. We anticipate the new sales to increase and balance out the housing supply.
What are you thoughts? Please contact us if you have any questions or if we can be of service to you.
*All data is from the North Texas Information Systems, Inc.
Disclaimer: All information deemed reliable but not guaranteed. The information is meant entirely for educational purposes and casual reading only and is NOT intended for any other use. This information is NOT intended to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or other potential real estate or non real estate purpose. If you’d like to obtain additional information or order an appraisal for your specific needs, please contact us at www.dwslaterco.com