First, lets look at December results and then results for all of 2009.

December was much better than all of 2009 signaling what may be a better trend for the Frisco residential market.  As we all know, 2008 and 2009 have been buyers markets meaning that the absorbtion rate has been higher than 6 months.  More on this later.  220 homes were  sold in December which was the same as last year.  The great news is that the average home sales price was $280,031 vs. $264,440 for last year and $267,462 for all of 2009.  The median home sales price stayed about the same as last December around $234,000.  However, the median for the year was down from $230,000 last year to $225,000.  The median price means that there were the same number of homes sold above that number as were sold below that number.   In this case, for all of 2009 there were 3030 homes sold.  So, 1515 homes were sold for less than $225k and 1515 homes sold for more than $225k.

Home prices for Frisco for 2009 averaged $267,462 compared to $$289,498 down 7.6%.  Plano prices for example were down 5.1%; McKinney down only 1.2% and Prosper average home prices dropped 2.6%.  Park Cities home prices plummeted well over 10% for the year as did east and north Dallas.

At the end of 2009 there  were 1028 homes for sale in Frisco as compared to 1400 at the end of 2008!  The absorption rate( number of homes sold in most recent month divided into the inventory) currently is 4.6 months vs. almost 7 months at this time last year.   Normal is between 4 and 6 months supply.  Over 6 months is a buyers market.  

This is very good news for Frisco home owners because the market there is now into a  normal absorption rate and is no longer a buyers market.

Frisco TX Homes for Sale                               Plano TX Homes for Sale

Related articles by Zemanta

• House prices rise in “buoyant start” to 2010 (telegraph.co.uk)
• December Home Prices Up 8.3 Percent Over Year Ago (kitsapsun.com)
• Home Sellers Trending Toward Keeping Original Listing Price (agentgenius.com)

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