Murphy TX Real Estate Market Report for October 2011

Murphy TX Real Estate Market Report for October 2011

October home sales in Murphy TX continue to climb up! There were 26 homes sold with a median sales price of $285,089. Last year during the month of October 18 homes sold with a median sales price of $276,503. The average days on market during 2011 was 83 days and in 2010 114 days. What’s really interesting is the number of new construction homes that were sold last month.

Nearly 40% of the home sales in October were due to new homes being built in Murphy. It is good to see new construction taking off again. And a good indication of the economy in Murphy. One contributing factor could also be that interest rates on home loans has started to edge upwards. The lower the rate the more home a qualified buyer can purchase. That’s a good indication that now really is the right time to buy.

The neighborhood of Maxwell Creek continues to be the leading neighborhood in sales. There were 11 homes sold with 9 of the 11 homes representing new construction. Windy Hill Farms came in second with 5 homes sold all by individuals aka pre-owned home sales. A single home in Windy Hill Farms was a REO, Real Estate Owned (foreclosure). The number of REOs available on the market has dropped significantly but they are always going to be a part of the overall real estate picture.

A new listing will be coming on the market in the Gables at North Hills. This handsome home was built in 2005 by First Texas Homes. It has so many amenities of home with 4 bedrooms, split and 2 full baths. The master bedroom has a nice size walk-in closet with extra storage shelves and accessible through the master bath. The garden tub in the master bath is jetted as well as a separate shower and dual vanitites. An extra feature of this home is the woodburning, gas starter fireplace in the master bedroom. There is a home-office / study located at the front of the house. The family room with its own woodburning, gas starter fireplace looks out over the southern backyard with a Blue Haven pool and spa. This great buy of a home is scheduled to go on the market in November and will be posted here.