According to Collin County Association of Realtors November saw Prosper’s home inventory drop to 190 listings or 21% down from last November when there were 240 listings at this time compared to 293 in November of 2007.   So, in the last 24 months Prosper listings have dropped from 293 to 190 for a total of  32%.  This trend is toward a sellers market because sooner or later the demand will exceed the supply.  Residential activity in November was quiet with 21 closed sales.  We currently have an absorption rate of 9 months.  See below. 

New listings in November were actually up from 44 last year to 54.  The trend though is down as there were 580 listings ytd compared to 654 last year…a drop of 11.3%.  Average days on market were up 13.3% at 136 verses 120 last year.

The median sales price in November dropped 17.4% from $289,500 to $239,000.  That was largely due to closed saled in Glenbrooke Estates where home prices average about$150,000.

ABSORPTION RATE is the mathematical representation of the relationship between supply and demand.  The total amount of available product is divided by the total amount of product sold in the previous month.  The resulting number represents the number of months it would take, at that same pace, to sell the entire inventory of product.

“Normal Market” conditions exist when the Absorption Rate is between 5 and 6 months.

“Sellers Market” conditions exist when the Absorption Rate is lower.  (1-4 months)

“Buyers Market” 7+ months suupply  Prosper is still a buyers market.

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