By Bob Baesmann
McKinney home sales were down 1% in February 2014 compared to the same month last year with 154 homes selling this month. So far this year, there have been 297 home sales, which is a decrease of 5% from last year.
New real estate listings in the McKinney area have decreased 5%, with 236 homes listed this month, compared to the same period last year. So far this year, overall home listings have decreased 2%, with 476 homes listed. The number of listings under contract decreased 14% this month, with 196 homes contracted. The number of listings under contract for the year to date decreased 9%, with 372 homes under contract. The current supply of active listings on the market this month was 355 homes, a 13% decrease from the same month last year. There was a 1.5 month supply of homes on the market, which is a 28% decrease from last year.
The average sales price of a home in the McKinney area this month was $263,125, up 9% from this month last year. For the year 2014, the average sales price was up 6%, at $251,843. On average, sellers have received 97% of their asking price this month, which is an increase of 1% from last year. For the year to date, sellers received 97% of their asking price, a change of 1%. This month, homes spent an average of 47 days on the market until sold, which represents a decrease of 23% from last year. For the year to date, the average number of days on the market was 47, a decrease of 20%.
McKinney real estate information, known as MLS Area 53, is reported by area in the North Texas Real Estate Information System. The information in this report is believed reliable, but is only as accurate as reported by the system in the month of February 2014.
The DFW area is also known as the Dallas Fort Worth Metropolitan Statistical Area, a title designated by the U.S. Census Bureau, which encompasses 12 counties within the state of Texas. The area is divided into two metropolitan divisions: Dallas Plano Irving and Fort Worth. It is comprised of over 70 cities, both incorporated and unincorporated. The DFW Metroplex is, by population, the largest metropolitan area in Texas, the largest in the South, the fourth-largest in the United States, and the tenth-largest in the Americas. The DFW Metroplex encompasses over 9,000 square miles of total area, making it larger in area than the states of Rhode Island and Connecticut, combined. It also has the sixth-largest gross metropolitan product (GMP) in the United States, and is approximately tenth-largest by GMP in the world.
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