Are you looking for a home in Frisco? It is slim pickin’s right now. As I’m writing this there are only 21 residential properties for sale in Frisco. The lowest priced is a 3 bedroom condo for $428,000. Only 12 of the 21 properties are priced under a million dollars. There are 12 additional properties under contract. 11 of those are priced below a million dollars. Frisco had 223 sales in 2015, which works out to be about 18 sales per month. The beginning of the year is typically a slower time of year for us. January in 2015 only had 6 sales. There have already been 9 sales this January.
Market conditions like these can result in multiple offers on properties. The shortage of inventory makes the buyers stack up as they wait for something to come on the market and often leaves them competing for properties. As we head into summer we see more and more properties come on the market. That will help alleviate the property shortage and even out the buyer/seller mix. Even at our peak inventory level in 2016, I don’t anticipate having an abundance of properties. I expect the Frisco market to be a seller’s market all year long.
Multiple offer situations can complicate a property sale as the seller has to determine the best course of action for handling all the buyers. We will be posting additional information about handling multiple offers soon.