Hey, what's going on? Luciano Martinez here with RE/MAX PLATINUM. It's been a while since I've done a video, but I've been busy this summer getting educated. I took some extra classes to serve my clients better. I recently completed a course as a Texas Accredited Commercial Specialist. Now, let's dive into today's topic: market trends.
Comparing the real estate market in Mission, McAllen, and Edinburg this May to last year's figures can give us valuable insights into how the market is performing. Some real estate agents have noticed properties staying on the market longer than expected, so it's essential to understand the current trends. Factors like interest rates, price increases, and property taxes can influence the market dynamics.
One crucial aspect to remember is that you can always refinance your mortgage. While interest rates have increased recently, they are still relatively low compared to historical averages. If you purchase a home today at a slightly higher interest rate, you can always consider refinancing if rates drop in the future.
Let's take a closer look at the market trends in Mission, McAllen, and Edinburg for May 2023:
Mission:
- Median price: $290,000
- Closed sales: 57
- Active listings: 174
- Months of inventory: 3.8
- Days on the market: 67
- Days to close: 25
- Median home size: 2,199 sq ft
- Median sales price per sq ft: $132.45
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Comparing these figures to May 2022, we see a difference in days on the market, with an increase from 43 to 67. The median price also rose from $263,000 to $290,000, indicating a thriving market. The median sales price per square foot increased from $125 to $132.
Edinburg:
- Median price: $250,000
- Closed sales: 52
- Active listings: 141
- Months of inventory: 3.7
- Days on the market: 52
- Days to close: 30
- Median home size: 1,205 sq ft
- Median sales price per sq ft: $148
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Comparing May 2023 to the previous year, the days on the market remained relatively stable at 45 in 2022 and 52 in 2023. The median price also slightly increased from $247,000 to $250,000. However, the median sales price per square foot rose from $139 to $148.
McAllen:
- Median price: $260,000
- Closed sales: 657
- Active listings: 287
- Months of inventory: 6.2
- Days on the market: 47
- Days to close: 31
- Median home size: 1,893 sq ft
- Median sales price per sq ft: $137
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McAllen's market shows stability in terms of days on the market, with little change from 48 days in 2022 to 47 days in 2023. The median price increased significantly from $232,000 to $260,000. The months of inventory also rose from 1.4 to 3.7, indicating a more balanced market between buyers and sellers.
It's crucial to consider these trends whether you are buying or selling a property in Mission, McAllen, or Edinburg. Here are a few key takeaways from the market trends:
- Median Prices: The median prices in all three cities have generally increased compared to the previous year. Mission saw a rise from $263,000 to $290,000, Edinburg increased from $247,000 to $250,000, and McAllen experienced a significant increase from $232,000 to $260,000. These price increases indicate a growing and competitive market.
- Days on Market: The average number of days a property stays on the market can provide insights into the demand and supply dynamics. While Mission saw an increase from 43 to 67 days, Edinburg remained relatively stable at 52 days, and McAllen slightly decreased from 48 to 47 days. These figures suggest that properties in these areas are generally selling at a reasonable pace.
- Months of Inventory: The months of inventory indicate the balance between the number of homes available for sale and the rate at which they are being sold. Mission and Edinburg have similar inventory levels with 3.8 and 3.7 months, respectively.
- Median Home Sizes: Understanding the median home size can provide insights into the type of properties available in the market. Mission has a median home size of 2,199 sq ft, Edinburg has 1,705 sq ft, and McAllen has 1,928 sq ft. These figures highlight the range of options available for buyers with different preferences.
- Median Sales Price per Sq ft: Examining the median sales price per square foot can give you an idea of the value of properties in each city. Mission has a median sales price per sq ft of $132.45, Edinburg has $148.04, and McAllen has $144.89. These figures can help you assess the affordability and potential return on investment in each area.
Remember that these figures represent a snapshot of the market in May 2023 and are subject to change. Working with a qualified real estate agent who can provide up-to-date information and guide you through the buying or selling process is always recommended.
Whether you are a buyer or seller, understanding the current real estate market trends in Mission, McAllen, and Edinburg can help you make informed decisions. Consider your specific needs, preferences, and financial situation, and consult with a local real estate professional to navigate the market successfully.