Ted Jernigan, McKinney and Collin County, TX. - Realtor

Ted Jernigan w/ his Team at Jernigan and Ebby Halliday Real Estate reporting for MyRealtyConnections.net have a lot to say about teh City of McKinney and Collin County.

Last month trends saw days on market for resale properties creep upward from previous months and prior years;

The number of unit sales are down 12% to 23% over prior years and average sales price was 2% up to 3% down in most Collin County communities.

The sale of properties priced below $200,000 seem to be down. That is part of the reason for the average prices staying up, for example the lower priced properties that were selling with special financing in the past are not selling as quickly now.

Several factors have the potential to impact market trends, according Jernigan.

Builders have drastically cut starts of spec homes and the quantity of resales coming on the market has been lighter than normal.

This is reducing the supply of properties for sale.

It is not clear how fast this will impact days on market, but the area is still experiencing an influx of relocation buyers as the local economy continues to grow. The area has a long history of fairly stable prices.

Reduced supply will help stabilize the market.

The only question is how long will this take.

Conditions will stabilize and improve as a balance is reached between supply and demand. Until that time the area will see continued price and unit sales stability unless accessibility to money for loans becomes a problem

In their own business, they've seen quite a few repeat buyers coming into the market to take advantage of the softness in the market and discounts being offered by builders.

People are both upgrading their housing and some are downsizing. Interest rates are still good.

Some people seem to have forgotten that there was a time in the late 80's and early 90's when people were grateful to get 12% loans.

Ted remembers some as high as 18%.



The Collin County area and North Texas in general is still an excellent value when compared with the rest of the country.

In spite of the foreclosures in the market, these distressed properties have not been a major factor on the market overall.

There are some pockets of foreclosure distress in the area, but so far these have not carried over into the market in general.
There is still an excellent selection of resale and new construction properties in almost all price points.

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