How is real estate market in Frisco?
The second question people ask me when I see them, right after “how are you?” is “how’s the market?”
The market is good, in a word, and perhaps you have heard it is hot! In my opinion it is cooling off slightly in some parts of it, and staying very strong in other parts. Supply and demand is controlling it. Let me give you some examples. 
In Frisco as of 7/15/2007, we have a total of 91 properties for sale. 35 of them are single family homes, 19 are duplexes, and 37 are condos. Since January 1, 2007, we have sold 13 single family homes, 11 duplexes and 70 condominiums. Looking at these numbers you can see that the condo market is moving very quickly and the single family home market is almost sluggish. I think the reason it is slower is the prices of the homes. The lowest priced home is a 1000 sq ft cabin that backs to I-70. It is $479,000. The next lowest priced home is $579,000. Of the 35 for sale, 18 are less than $1,000,000 and 17, or almost half, are over $1,000,000. Of those 17, 4 are over $2,000,000! Not only do we have an over supply, but they are priced much higher than sales we have had year to date. 
Of the 18 single family homes that sold this year or are under contract, only 3 are over $1M and the remaining 15 are less than $1M. If sales continue at the rate of slightly more than 3 a month, that means we have enough homes on the market to last us another year. About 60% of our real estate sells in the last half of the year and if you do the math, that projects out to 45 sales. Last year we had 48 sales of single family residences. In the upper end of the market with only 3 sales so far and 17 homes listed over $1M, it could take years for those homes to sell, unless that part of the market changes drastically. However, last year we had 17 sales over $1M, so perhaps those buyers have yet to show up. The next couple of months will tell us what will happen in the single family market. Right now, I think it is a toss up.
The home you see above is not for sale! It is in Frisco’s Historic Park.
The condominium and townhome markets look much better. They are generally lower in price and don’t require the maintenance of a single family home, so many second home owners prefer them.
With 105 condominiums and townhomes either sold or under contract this year and only 36 listed for sale currently, it looks like condos will be the star in the market. Last year the sold prices ranged from $199,900 for a 380 sq ft Cedar Lodge studio, to $917,000 for a 2329 sq ft Marina Park condo. Interestingly enough, at the moment, the lowest price condo for sale is a 380 sq ft Cedar Lodge at $169,900 and the highest is a $1,233,000 Marina Park. We had only 132 sales for all of 2006, although that was more because of a shortage of condos to buy than from a lack of Buyers. Some of the increase in number of sales this year came from new condo projects at Mt Victoria Lodge, Marina Park and Timberline Cove. We had little new construction last year, and perhaps the new projects captured some of the single family home buyers.
If you have questions about the value of your property, or if you want to buy a Frisco home, please call or email us! We will be happy to help. Remember you can search for all listings in the MLS from our website.
