Frisco sold 3082 single-family homes in 2007. The statistics below do not include townhomes, duplexes and condominium units.
The average home consists of 4 bedrooms, 3 bathrooms and just over 3,000 square feet. The list price is at $304,000 with the selling price of $293,000 (96.5%) at 76 days on the market.
The median home consists of 4 bedrooms, 3 bathrooms and around 2,800 square feet. The list price is at $245,000 with the selling price of $238,500 (97.4%) at 55 days on the market.
The cheapest home in Frisco (2 bedrooms, 1 bathroom, 872 square feet) sold for $49,000 at 1 day on the market while
The most expensive home in Frisco (7 bedrooms, 8 bathrooms, over 8,000 square feet) sold for almost $2.1 million dollars at its full asking price in 763 days on the market.
Current Absorption Rate (based on February 2008 statistics) = 50.9 weeks.
What Does This Mean To You if you were a seller?
With the real estate market going at its present rate, it will take about 1 year to clear all the inventory on the market. If you have special circumstances to sell ie facing foreclosure soon, lose your job, relocating out of town, pricing and marketing your property becomes even more crucial in your success. Whatever your reason to sell is, I do believe that there must be a special marketing plan specifically designed for each property. Thus, working with an agent who possess that skill becomes more vital in today's challenging market.
What Does This Mean To You if you were a buyer?
No doubt that this is a Buyer's market. However, real estate is very local. But that I mean that one neighborhood may vary from another. One price range may sell "hotter" than another. So, are you looking in the right places? In order to find the good deal you are seeking, a good real estate agent may be able to assist you. Remember that it is not only the price that you would negotiate, there are lots of factors that can contribute to a winning successful contract.
Definitions:
Average is the sum of all numbers and divide the total number of houses.
Median is a type of average, found by arranging all the numbers from lowest to highest and selecting its middle number.
Absorption Rate is the rate in which it takes the homes to sell at its present rate.
