Collin County Real Estate

GOOD NEWS!

Collin County Real Estate Market Continues Recovery

The Collin County Association of Realtors reports that there were 8 percent more new listings in February 2010 in Collin County and surrounding areas than in February 2009. In addition, there was a 6.5 percent increase in homes under contract over the same month last year.

"The improvements from a month ago represent normal seasonal increases we typically see this time of year, but the improvements over last year represent a strengthening market," says Steve Haid, CCAR member services director.

The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that most local real estate market indicators improved in February from January, and from a year ago. For example, the time it took to sell a home in February 2010 was 19 days less than a year ago-94 days versus 113 days. Median sales price was about the same, $167,000, in February 2009 compared to $167,500 in February 2010.

"For the last several months, we have reported a strengthening local real estate market. While it is still not as strong as it was three or four years ago, we are encouraged by the progress, especially when compared to most other parts of the United States," notes Haid.

From a buyer's perspective, homes in Collin County and surrounding areas remain very affordable, with an affordability index of 157. This means, the median family income is 157 percent of what it would take to purchase the median priced home. Mortgage rates also continue to be very low, and our local economy remains strong compared to most of the rest of the country.

"It's still too early to say this market has completely rebounded, but signs of progress are good," says Haid. "While our local real estate market is always influenced by the national economy and world events, we have been fortunate to be in one of the most stable markets in the country."

Information posted by CCAR