Plano Texas Real Estate Blog - Local Plano Real Estate.

  Willow Bend Real Estate thru Mid Oct. 2009

Even though the market is tougher, sales have picked up from prior 4-6 months.  23 sales units is greater and inventory is larger, around 89 homes are active.  Prices are holding somewhat too but that is because steep reductions have already been taken and the final sales price is around 96.5% of list.  Lately there is more activity in the high end market with homes going under contract but most I see have a large down payment and keep the loan amount under the jumbo limit of 417K.  Interesting...
[where:75093, Plano Real Estate, Willow Bend Update]

Willow Bend Real Estate


There are 87 active properties on the MLS.  Activity is still slow but starting to see signs of life.  There are 5 pending properties (waiting to close) there was only 1 last month.  And 7 properties closed in June, 6 closed in May, so the direction is better.

The lowest price listing sold in Willow Bend West on Darlington, it was on the market for 57 days.  The most expensive listing sold was in Creeks of Willow Bend on Harvard Court, only on the market for 2 days, so it goes to show if the right buyer comes along anything can sell in a tough market.  The lowest price active listing is in Willow Bend North at $380K on Bassinghall and the most expensive home available is listed at $4,495,000 on Bannister Court in Willow Bend Country.

There is one active foreclosure in Pebble Brook and 1 pending foreclosure in Willow Bend Estates.  Needless to say foreclosures go quickly in Willow Bend.  My prediction is as the credits markets start to thaw and jumbo lending resumes you will see more activity later in the year for upper end housing.  In the meantime, it's still a buyers market.

[where:75093, Willow Bend real estate, Plano, Texas]

Willow Bend insight to current market conditions...



It's no secret that the upper market has been hurt by the economy and especially jumbo loans have basically dried up for the consumer.  Although we are seeing signs of life there.  As of May 28th the number of active (for sale) properties is 84.  That is in all Willow Bend subdivisions.  The lowest priced property is $399K in Willow Bend North and the highest priced property is $4995. M in Willow Bend Country.  As of today, there are 4 homes that are under contract (option) and 4 homes pending (waiting to close.)  6 properties have sold this month which is the same as April, yes, it's slow.  Average dollar per sq ft is $158. and average days on market is 180 (6 months).  List to sale price is 96%, which shows sellers have been adjusting pricing to get there homes under contract.  Of all the homes on the market for sale or sold - they are by owners or relocation firms, 1 property has just been listed as a foreclosure sale.

One way to get a handle on the market is by absorption rate.   It defines the current pricing trend of the current market in last 30 days rather than going by older comps.  Taking the 84 active properties and dividing by the 6 sold gives you a 14 month absorption rate, which means that's how long it would take to sell the current inventory in Willow Bend.  A high absorption rate (over 6 months) means you need to price a home aggressively to sell.  It requires a lower asking price or risk losing money chasing a declining market.  Pricing your home below market say 5 to 10 percent could sell your property quickly. You would be pricing your home ahead of the market.  It does depend on your competition and price range, though.

[where:75093,75024,75025, Plano, Texas, Willow Bend Real Estate]