Is now a good time to buy in Plano? Is now a good time to sell in Plano?
Let’s take those questions and use some local data from the NTREIS MLS system to answer them. When analyzing data to get a good picture of the market, there are many factors to consider. Today, let’s use two components to get a general idea of Plano’s housing market and whether it’s generally a good time to make a decision to buy or sell.
Component 1 – Median Number of Days on Market
Median days on the Plano housing market for August 2017 is 15. Taking a look at our year overall (from January to August 2017) we’re seeing a rise of the numbers of days on market from April and May at 8 DOM to August at 15 DOM.
Looking at calendar year to year for May of 2016 to May of 2017, we see the exact number of days on market (8) for both years. We also see the slight increase in days on market when we compare August of 2016 (11 DOM) to August of 2017 (15 DOM).
Things here look pretty steady, so let’s look at another factor to shed more light on how the health of the Plano housing market.
Component 2 – Homes for Sale
Looking at this graph, the market looks saturated with homes, but don’t let the number of 1,361 homes on the market deceive you.
Take this number and compare it to the number of days on the market per period and this begins to shed light on what the market looks like today. This graph shows that in January of 2016 there were around 600 homes on the market and, looking at the Median Days on Market graph, we can see that those homes took a median time of 22 days to sell. Compare that to January of 2017 where there only about 675 homes on the market, yet they still took a median average of 22 days to sell!
Now look at August 2016 against August 2017 where the median time on market is 15 days BUT with an inventory of over 1360 homes for sale.
Taking these two graphs into account for the housing market of Plano, we can see that it’s a pretty healthy market.
Should you buy or sell now? Taking this data into consideration, you certainly shouldn’t be afraid to pull the trigger to buy or sell in today’s market. There are quite a few variables (your ability to buy, your home’s value, etc.) to take into consideration and you should absolutely find a Realtor you trust to find the right answer for you.
You need to know how these figure affect you and your personal situation. We’re here to help and if you would like a more personalized analysis for your decision making process, you can feel free to email us or call us at 214-649-5146.