In today’s comparison of the market trends in two different markets, we’ll begin with Flower Mound.
Flower Mound’s median home price is $423,000—that’s an 11% increase over this time last year. If the median price went up by 11%, that means homeowners in Flower Mound gain $44,000 in equity, which is great news.
The number of listings in Flower Mound was also up significantly year over year: Comparing February 2018 to February 2019, we saw that the number of listings increased by 45%. Homeowners in the area, it seems, were trying to get ahead of the market, which is exactly what they did.
Home sales in Flower Mound increased year over year, as well, growing by 38%. Since the number of listings grew faster than the number of sales closed, that means that the months of inventory must also have increased. And indeed, they did—we currently have 2.4 months of inventory here. Remember: Anything less than six months of inventory makes the market a seller’s market, so Flower Mound is in the midst of an extreme seller’s market.
If you’re thinking of selling your Flower Mound home, now could be a great time to do so. You’ll get a lot of attention, make a lot of money, and you’ll get to sell it quickly.
If you’re selling your home and are in search of an area in which to buy a new home, consider Prosper. This is a great, growing area composed primarily of big, new construction homes, and there are still sizeable lots available. Although it’s in the northern part of town, Prosper actually has great access to Frisco and the Legacy area.
At $521,000, the median home price in Prosper is a bit higher than Flower Mound, making it a great move-up opportunity. This is a 12% jump over last year, meaning that homeowners here gained a nice chunk of equity in the last year.
The number of active listings in Prosper increased by 20% over last year due to the area’s growth, and many of those are new builds. The number of homes sold, however, dropped by 11% over 2018. It’s a great time to get in there and negotiate a great deal with builders.
When the months of inventory are up, that is a great sign for buyers, since it means you’ll have more choices and more power in the negotiation process.
You can get the best of both worlds if you sell your home at the top of the market in Flower Mound, and then negotiate a great deal for a home in Prosper. We’ve helped our clients do this, and we can help you do the same.
If you have any questions or need a real estate team who really understands the market and studies the numbers to help you get the best deal possible, reach out to us. We’d love to help you make the transition.