Market statistics released by the Collin County Association of Realtors show the median sales price of homes in McKinney rose 9.75% from April 2019 to $349,000 in April 2020. The percentage of the original price received also rose 1% compared with last year to 98.3%.
“When [COVID-19] first started I had some people that wanted to come off the market for a little bit, but not all of them did,” said Christine Hogan, a Realtor with Coldwell Banker Apex, Realtors. “Maybe 25-30% of my listings came off the market.”
New listings decreased by 30% year-over-year in McKinney to 392 listings in April. The city also saw a 32.05% decrease in the total number of homes on the market compared with last April. Inventory this April was 761 homes, a decrease from March.
Hogan said while there is a “bit of a slowdown” in the real estate market, the Collin County area is faring better than other parts of the country. In recent weeks all of her listings that were pulled have been placed back on the market, she said.
“Certain price points are still getting multiple offers,” she said. “In recent weeks I’ve been averaging two to three listings coming on the market.”
People are still building homes and selling their present home, and people are still being relocated to the area, Hogan said. Homes priced under $300,000 are flying off the market, she said.
Nationally, there were fewer homes under contract on the market as well, according to a recent study by Compass Real Estate. In the Dallas-Fort Worth region, listings under contract reached a low April 12, down 42% from pre-COVID-19 amounts. But by April 24, these listings had returned to previrus levels, according to Compass data. As of May 5, the number of listings under contract had increased 95% since bottoming out and are 53% higher than they were before COVID-19.
There is a return to some normalcy in the markets Hogan serves as well, she said.
Open houses are being held, with precautions such as people wearing masks and allowing only one group in at a time, she said. Virtual home tours also serve as a good “first step” for people exploring their options, she said.
“I would say people are being a little bit more cautious,” Hogan said. “But I also think because of the location we're in, in that we are in a nice, thriving market with what's coming here and what's been happening here, that I think people feel a little bit more confident.”