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.