Every time I open my home page (Yahoo), I can usually find an article that highlights the doom and gloom of the real estate market. Just today I read an article that some markets across the nation, like Phoenix, Las Vegas and Sacramento, can expect real estate prices to fall to 50% of their highest value. While I know that Summit County, and in particular Frisco, have not seen these numbers, I do recognize that we are experiencing a slow down. So, I crunched some numbers . . .
I compared sales from January through May for the last four years. Given the fact that the real estate market in many areas across the nation experienced dramatic decreases recently, I wanted to see if Frisco saw the same decrease. While Frisco has seen some decrease in the sales volume and number of transactions, the good news is that Frisco's market is holding up.
From January through May 2005, 73 residential transactions in Frisco totaled $28.9 million in sales. In 2006, the first five months of the year resulted in $35 million in sales and 73 transactions. In the first five months of 2007, $38.4 million in residential sales occurred with a total of 68 transactions. Finally, in 2008, $24.6 million in real estate sold with a total of 47 transactions.
Dollar volume in the first five months of 2008 is very comparable to the first five months of 2005. The number of transactions has decreased 30% from 2007 to 2008, from 68 to 47, the dollar amount decreased 36%. Frisco currently has 96 active residential listings and 9 pending. On June 1, 2007, Frisco had 108 active residential listings and 19 pending listings. The good news is that our inventory is low and properties are still selling.
If you are a Seller, be sure to talk to a Realtor you trust. Pricing correctly will be the key to selling your property this summer. If you are Buyer, there are no steals here, but Summit County has plenty of types of properties - one will be sure to fit your needs perfectly.
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