We're fortunate to have already sold about $20 million in the first quarter of 2025. This is the result of hard work by our agents, stagers, photographers, admins, and everyone involved when we prepare a listing for the market. Just as importantly, our sellers are engaged in getting their homes ready and being realistic on pricing.
We've been feeling good about our success so far this year and enthusiastic about the prospects of a great year ahead of us. But Sean Elliott, who does a great job of data tracking, is seeing something concerning and shared it with our team today. Here's a quick summary of what's happening in Collin County ...
- He said for the first time since he's been tracking the number of homes on the market, he doesn't know how many there are. That's because the MLS stops at 5,000, and it's exceeded that number.
- Median home sale prices have dropped by 3.6%.
- Days on market are up in every area. If a home doesn't sell in the first 2-3 weeks after it hits the market, it will likely take 70+ days to find a buyer.
- We are now in a buyer's market with million-dollar-plus homes because there are so many available.
- The sales price compared to original list price is down in all price points. It's now around 95% on average.
- Seller concessions are up in all areas and all price points
- Listings that never sold and were pulled off the market are up in all areas.
- Total volume of sales in Q1 is actually similar to Q1 of 2024 which sounds positive. What's concerning is there are many more homes on the market now than back then.
If you've already sold your home this year, congratulations. You got it out there early enough for buyers to see and you captured a buyer. My concern, as always, is for the sellers who will procrastinate getting their home on the market and by the time their home is ready, most of the buyers will have already purchased their home.
Our Keller Williams Allen office has proprietary information which is much more accurate than anything you'll see online. Sean and I will be doing our 1st quarter summary next week and will walk through those numbers with you. If you'd like to visit with us about selling or buying a home, just call our office at 972.359.1553
