How has our market changed recently? It’s time for a quick update on our latest statistics.
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What has been happening in our market lately? As the year begins to draw to a close, I thought it was the perfect time to bring you a market update for our Greater McAllen area.
First of all, the median sales price has increased 11.8% from last year. This means it has reached about $145,000. On my team, our median sales price is closer to $200,000.
As of September, active listings have increased by 19.3% and are spending about 87 days on the market. Including the days from contract to close, the total number of days would amount to an average of 121 days.
As new homes come on the market, that translates into new opportunities for buyers.
On my team, our average days on market is right around 80 days. In a lot of instances, our homes are going from contract to close in just 21 days. This is really exciting to see.
However, sales were a little slow in our September market. In fact, closed sales decreased by 10%. This tells me that right now is a great time to buy or list. As new homes come on the market, that translates into new opportunities for buyers.
Our area has about 9.5 months of inventory right now, meaning we are in a buyer’s market. But rising home prices mean that it’s also a really great time to sell.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.