Low Inventory Rules Plano Real Estate

From http://www.planohomesandland.com/west-plano-tx-blog/view/3477

No doubt you’ve heard of the low housing inventory in Dallas.  You really don’t realize the effect unless you’re in the market as a buyer or seller.  As a real estate professional I watch the market everyday and it gives you a pulse of what’s trending.

Take a look at the charts below, it is specifically for Plano zip code 75093 by price point.  This is a 3 year view so you can compare the units of homes for sale vs units that closed.  Current Supply and Demand in your local market.  Drilling down locally gives you a bird’s eye view of local real estate.

Every price pt shows an extreme difference from 2010 and 2011.  This really shows we have a seller’s market on our hands.  Now take a look at the current buyer demand.

You can already see the low inventory hurting the market under 229K.  There are only 32 homes for sales in 75093 under 229K.  That’s too low!  So sales will reflect that.  The buyer demand in the next two tiers is on fire.  382 units sold vs. 287 units the year before. It’s the same story supply is too low to keep up with demand. Hopefully, the spring market will give buyers needed inventory to keep the sales growth going. The bulk of activity in 75093 is between 230K & under 600K.  Safe to say inventory has fallen to record lows and only more listings can solve the problem.  And so it goes, low inventory rules Plano real estate.

What to Expect (aka – This is BIG!)

  • Multiple offers on good properties that are priced well.
  • Properties selling before being listed.
  • Buyers need pre approval, pre qualification letters or proof of funds with offer.
  • More inventory as we move into spring.

Resources

Where are the hot real estate markets going to be in 2013?

buying a house in today’s hot real estate market

Real Estate Is Back – 2013 

Best Places to Live in Plano, Texas

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