According to the Collin County Association of Realtors (CCAR), the median sales price for homes sat at $539,580, a decline of 5.3% from the same period last year. The association’s market review also found that while new listings decreased by 22.7% in Collin County, there was a strong demand in the area shown by an increase of 15.6% in the Homes Under Contract rate.
“Buyers continue to find more negotiating power in 2023 as homes remained on the market longer and sold for less than they would one year ago,” CCAR President Shana Acquisto said in a statement. However, buyers who have been waiting on the sidelines have noticed, and not only has the number of homes under contract increased, but the overall demand for homes in the area continues to rise.”
According to CCAR, the changes in the market favor savvy buyers who, in June, offered 98.3% of the original list price to sellers — a big shift from the 104.9% of the original listing price that they received a year ago.
However, a county-by-county report by MetroTex found that in Collin County homes remained for 36 days on the market, 18 more days than in June 2022 and closed sales dropped 0.6%. Additionally, ATTOM’s foreclosure activity report released Jul 13, 2023 shows that foreclosure filings in the U.S. rose 13% in the first six months of 2023 compared to the same period in 2022 and 185% when compared to the same period in 2021.
“Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023,” stated Rob Barber, CEO for ATTOM. “Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.”
At the state level, Texas saw 13,869 foreclosure filings in the first six months of 2023, accounting for 0.12% of all the state’s housing units, 20.32% more than the same period in 2022 and 245.69% more than in 2021.
