75002 encompasses such a broad price range that you have to break down by subdivision. North Texas, on a whole has a price increase this year of over 12.5% on pre-existing home sales since the same period of 2012.
When a market analysis is prepared it is done within the homes subdivision. A real estate agent can't use a zip code to prepare a CMA.
I haven't seen $60 sq. ft in Allen or Plano in 75002 for years. There were quite a few areas that saw foreclosures so perhaps that's where you are getting your number.
There are parts of Allen that are still in the $60's but those are very old homes and will not see much increase in value based on the home so they will remain in the $60's for some time.
Hope this helps.
Ebby Halliday Realtors
The 75002 zip code covers a very large area with a HUGE price differential. You have homes in Parker on acreage with significant price tags, and you have smaller homes in parts of Allen with much more attainable prices. An average price per square foot in that area would not be a good indicator of that area as a whole.....where breaking it down into smaller geographic areas within the zip code would.
Please know that regardless of what part of the area you look at, the prices are always set by Supply and Demand in the market. Over the past few years the supply has been high and the demand has been relatively low. Over the past 9 months or so the supply has been VERY low and the demand has seen an increase. This has made the real estate market go into a strong sellers market across the Metroplex. Homes in all parts of town have been selling for more than their list price with multiple offers usually within days of hitting the market. With that information in mind, the average cost per square foot has increased in almost every city in our area over the past 9-months or so.
At this time, there is nothing upcoming to suggest that the home prices will decline....and we are expecting to remain in a sellers market for the foreseeable future. However - there is no certainty in the future movement of the market.
I hope this information is helpful. However, if you would like more detailed information about a specific part of town, please feel free to contact me. I would be happy to assist you.
Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
You can check out prices and homes for sale in this neighborhood at this link:
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Lynn911 Dallas Realtor & Consultant
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