What is going on in West Allen Regarding Home Sales?

All information below was taken from NTREIS, and is believed to be accurate. It was pulled up on May 27, 2008 and includes all properties in zip code 75013, and all activity since January 1, 2008. It includes preowned homes as well as new construction.

There are currently 337 active listings in West Allen (up from 334 in March), with an average list price of $418,362, and average list price per foot of $114. They are staying on the market an average of 95 days.

Good news! There are currently 90 homes under contract in West Allen! This is up from 52 homes under contract in March.

There have been 209 sales in West Allen so far in 2008. The average sales price is $358,749, and the average price per foot is $104. The average days on market for 2008 is 109.

Things are looking up! When I did statistics for January and February 2008, there was an approximate 10 - 11 month absorption rate of inventory in West Allen. As of today, there is an approx. 6 - 7 month supply of inventory. Remember, our prices won't start going up again consistantly, until we get rid of our current inventory. I still like to see a 3 - 4 month supply of inventory, but we are going in the right direction. And we still have 3 good months left of our selling season.

Remember, these are statistics for West Allen in general. To determine a fair market value on your home, we need to look at your particular subdivision. For more specific information on your neighborhood and home, please contact me, Michelle Musick Jones, the #1 Coldwell Banker agent in Collin COunty, as well as the #1 agent for preowned listings sold in all of West Allen. I get results, and I know the market. Go to westalleninfo.com or contact me at 972.731.1222.

West Allen Activity January, February 2008

All information below was taken from NTREIS, and is believed to be accurate. It was pulled up on March 11, 2008. It includes all properties in zip code 75013.

There are currently 334 active listings in West Allen, with the average list price $417,991, and the average list price per foot $115.

There are currently 52 homes under contract.

There have been 72 sales so far in 2008 in January and February. The average sales price is $341,224 and the average price per foot is $104.The average days on market in 2008 is 100.

There is an approx. 10 - 11 month absorption rate of inventory in West Allen. I like to see a 3 -4 month absorption rate. Basic economics tells me that homes prices will not be on the upswing until the absorption rate goes down. The good news is, we are coming on our busiest months of the year for real estate sales.

For specific information on your neighborhood and home, please contact me, Michelle Musick Jones, the #1 agent for Coldwell Banker in Collin County as well as the #1 agent for preowned listings sold in all of West Allen. I get results, and I know the market. Go to westalleninfo.com or contact me at 972.731.1222.

Watters Creek Activity

Watters Creek is the newest retail development in Allen featuring upscale shopping and dining. It is located at the southwest corner of Bethany and Central Expressway in West Allen. When complete, it will boast 520,000 sq. ft. of specialty retail and leisure, 170,000 sq. ft. of office space, 285 integrated residential units, and a 135 room hotel.

Market Street is finally open! It had its grand opening on February 29th, and the parking lot has been full every time I have driven by. Brio, an Italian Bistro, looks like it might be the next restaurant to open to join P.F. Chang's.

Here is an updated list of all tenants that will be opening up in Watters Creek. This information was taken from Trademark Property's website, as of March 11, 2008, and could change:

Market Street United
Borders Books and Musick
Brio
Victoria's Secret
PF Changs
Woodlands
Sephora
Ann Taylor Loft
Eddie Bauer
Mi Cocina
Swoozies
New York and Co.
Chico's
Jos A. Bank
Cheesecake Factory
Wachovia
Naan
Sample House
White House Black Market
Bath and Body Works
Signature Nails
Patsy Grimadli's
Celebrity Cafe
The Boardroom Salon for Men
DSW
Cru Wine Bar
Potbelly
Gymboree
Village Jewelers
LeCreuset
Starbucks
Vera Bradley
Francesca's Collection
Sunglass Hut
Origins
Paciugo

Wow! That's a list!

West Allen 2007 Sales Statistics

Hello West Allen Residents

I have prepared some information on the residential real estate activity for West Allen for 2007. All information was taken from NTREIS, our North Texas MLS system, and these are statistics from 1/1/07 - 12/31/07. These statistics were pulled on 1/19/08.

First of all, let me introduce myself. My name is Michelle Musick Jones, and I am with Coldwell Banker Residential Brokerage. I am a Dallas native, and I have been selling real estate in Collin County for 19 years. I have been the top producer and top listing agent in my office since 1992. I am the #1 Coldwell Banker Residential Brokerage agent in Collin County.

I also sold more preowned homes in West Allen in 2007 than anyone else. I keep up with the marketplace, and I have a fantastic marketing plan. Please feel free to call me or email me at anytime if you need market data, or a market analysis on your home.

In 2007, there were 528 closed sales in West Allen.
Of those 528 sales, 345 were preowned homes, and 183 were new construction.
65% of those sales were preowned, and 35% were new construction.

(When you sell your preowned home, you can only compare it to other preowned homes. New construction information is provided to show you what your competition is in the marketplace. And for 35% of our sales to be new construction, we have a lot of new construction competition!)

The average sales price for all of the 528 sales in 2007 was $353,134.
The average sales price for the preowned homes was $275,000.
The average sales price for the new construction homes was $444,643.

There are currently 290 active listings in West Allen, new and preowned, as of Jan. 19, 2008. This means there is an approx. 6 - 7 month absorption rate of inventory in the market place. I like to see a 3 - 4 month absorption rate, but this is not as bad as some areas. For example, Prosper currently has an almost 24 month absorption rate.

If you struggled with selling your preowned home in West Allen in 2007, and new construction won out, I think good news is around the corner. Word on the street is that the huge discounts that were offered by many of the builders at the end of 2007 are not as huge in 2008. Also, the builders did seem to move a good number of their inventory homes at the end of last year. I have also heard that the builders are all slowing down with the number of inventory homes that they are going to build in 2008, this means less new competition, on the ground, for you if you are selling your home.

This is what I call a "Michelle statistic", but I have been selling in the area for years, and it seems that approx. 70% - 80% of the buyers that purchase in West Allen are relocation buyers. Most relocation buyers don't have 6 - 9 months to build a home, they need to move in 90 days to get their relocation benenfits. So, if there are less new inventory homes on the ground, there is a better chance of you selling your preowned home.

I hope this information is helpful. Check back regularly, and I will have new statistics and data on the area.