PLANO - The fall season is starting to affect the housing market in Plano.
Prudential Texas Properties reports that demand and home values have been trending downward in recent weeks, but not enough to create any cause for concern over the strength of the market.
Altos Research reports the demand for homes in Plano have eased since the start of September, which is actually good news for the community that experienced a high level of competition for available homes in the spring season.
Altos uses a unique figure called the Market Action Index to measure the local conditions to determine whether they are trending up in favor of sellers or down in favor of buyers based on a neutral value of 30.
During the height of the real estate season, the index was marked around 51, well into seller’s territory. As of October 10, the index was marked at 44.04, still a very strong seller’s market.
Home values are moving downward because of the lessening demand for homes. The median single-family home in Plano was valued at $341,319 after consistent downward movement that began in May when the median value was around $380,000.
There were about 625 available Plano homes as of the second week in October, much higher than it was at the start of the spring buying season in March.
The average time a home is spending on the market has increased fairly substantially since August with the average property spending about 67 days on market.
For a 60-second video update on Plano, check out Prudential Texas Properties.