February saw an improvement in the real estate market of Collin County and surrounding areas, reports the Collin County Association of Realtors.
Closed sales increased by more than 34 percent over January, and the median sales price was 7 percent higher in February ($167,250), than in January ($156,200).
The CCAR Pulse, which delves into the real estate markets of 36 local communities, reports that the average time a house was on the market in February was 111 days, down from 113 days a year ago.
"The good news isn't just for sellers," said Steve Haid, CCAR member services director. "Local buyers have a great opportunity right now. Because interest rates are at historic lows and the median family income is 158 percent of what is needed to qualify for the median priced house, the average buyer will be able to find a nice home at an affordable price."
The overall inventory of available homes on the local market remains balanced at 5.9 months. However, there is an undersupply of houses priced below $200,000 and an oversupply of homes priced above $500,000.
"The North Texas real estate market is much healthier than in most other parts of the country," Haid said. "It is encouraging to see that real estate activity improved in February and we anticipate continued improvement in March."