If you have a home in Allen, you probably want the latest info on whether ALL THOSE GAINS are holding or if you are losing value. Here is some info that will help us figure this out.
Past 90 Days Sales sorted by Price Range
The best way to tell if your home is gaining in value or losing value is to see WHAT PRICE RANGES are most active. The peak of buyer activity is in the 400-500k range, with the 500-600k range coming in second. Coming in at 3rd place is 350-400k range.
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The next chart will tell you the HEALTH of each Price Range, by looking at Days On Market (DOM). Determine health by seeing which price ranges sell the quickest.
The DOM is the blue line, with the average Days on Market scale on the right side of the chart. By combining both data points, we can determine which price ranges are MOST HEALTHY and least healthy.
Price Range Health Report
250-300k
It's RARE for homes to pop up in this price range, so we have to assume that if they do, it's because they are in super rough condition. 11 homes sold (on average) in less than 7 days on market. Super Healthy (Due to Scarcity)
300-350k
20 homes sold in this price range. These are mostly smaller starter homes and rough condition properties in need of repairs, updating, and upgrading (on the East side of 75). Desperate buyers are willing to compromise on condition and level of "move-in readiness" to own a home in Allen. This is where they enter the market, and they are putting these homes under contract within 11 days of them coming up for sale. Very Healthy
350-400k
40 homes sold (on average) in about 12 days on market. There are plenty of buyers in this price range but just not enough homes. Expect solid values to CLIMB in this price range. Demand dictates current and future values. Very Healthy
400-500k
PEAK market activity HERE. There is the saying that "there is safety in numbers", and this is indeed true here. In this grouping, buyers are MOST ACTIVE, which means your home values are safe and even climbing slightly based on this data. Almost 90 homes sold with 13 average days on market, values are holding strong. Very Healthy
500-600k
Almost identical to the 400-500k price range. This IS the difference in upscale suburbs, buyers are willing to pay much more to live here. So be confident that our current elevated interest rates are not going to dampen the party in this price range. About 80 homes sold with 12 average days on market. Very Healthy
600-700k
IF YOU were a buyer in this price range, your average mortgage payment (with a 5.7% interest rate) would be around $3,584. Add in the property taxes of $8,800 per year and $200 per month for home insurance and the Total Budget Payment is closer to $4,517. Almost 70 homes sold at an average of 17 days on the market, this represents the upper end of buyer demand with a steady supply of eligible purchasers chasing the home of their dreams. Your values are currently holding but we will have to keep a watch on the average days on market to see if values will continue northward. Healthy
700-800k
54 homes sold at an average 33 days on market... NOT GOOD. There are 14 homes on the market right now with an average 56 days on market (so far). The homes in this price range are going to lose some of their steam from previous years' gains. Unhealthy
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800-900k
Almost 40 homes sold over the past 90 days and 15 days on the market. There are currently enough buyers & sellers in the market to support values but that could teeter-totter in the wrong direction and become unbalanced very easily. Could Easily Turn Unhealthy... Keep Watch for Changes.
900k +
Above 900k is difficult to determine due to the unique attributes of the homes and limited sales data. Please contact me directly if you would like to know more about your home value in this price range. You may have to right arrangement of amenities that strikes a chord with buyers and be able to keep your recent value gains. Case by Case
So it's all about the interest rates Allenites! You have gone to battle with the rising interest rates and MOST of your homes are keeping the huge value gains of the past couple of years. The articles of gloom and doom from across the county in your newsfeed are not about homes like yours, Texas is just better. Stay tuned here to keep in touch with how awesome Texas continues to be!
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