In the last few years, the Frisco, Texas market was termed as one of the hottest sellers’ markets in the world. A lot of people made good money by selling their houses and buying new properties and reselling them again after a few months. But it seems that the tide is turning again as latest data shows that sales are down and predictions are made that they might lower further.
Now, sellers are struggling even to sell the properties they have invested in with the hopes of getting better returns on investment. This has given more power to the buyers because a buyer can now pay the real price of the property, not an inflated price.
Data Highlights It All
As per data comparison of fourth quarter market statistics in 2017 with fourth quarter market statistics in 2016, the number of single-family homes has gone up from 762 to 799. In the fourth quarter of 2017, the average listing price was USD 476,000/460,000 while in the fourth quarter of 2016, it was USD 453,000/USD 441,000. The average sales price in Frisco was USD 441,000 in the fourth quarter of 2016 and reached USD 460,0000 in the fourth quarter of 2017.
The average days it took to sell a home in the fourth quarter of 2016 was 72. It has increased to 80 in the fourth quarter of 2017. Though the days it takes to sell a home is constantly rising, so is the average sales price as seemingly, the sellers are unable to take in the fact that the property rates are declining.
Key Reason for Rising Prices
A key reason for constantly rising prices is that the housing inventory in Frisco is quite low while buyer interest is quite high.
If the numbers of buyers interested in purchasing property in Frisco decreases, and the housing inventory cost increases, it is possible to see a return to a buyers’ market.
In our opinion, it is quite clear that Frisco is losing its luster, but still, the sellers are doing their best to make more money from this market. We advise all the smart investors in Frisco to sell their property and consider exploring more lucrative options. It is a better option than seeing your investments go down the drain which might happen if the value and demand for property in Frisco fall suddenly.