The numbers are in for January Resale Homes in Collin County. I do a 5 year look back at all numbers to see what the numbers are telling me. 2020, 2021 & half of 2022 were not normal markets due to the pandemic. However, I am going to tell you what the differences are this January to January 2022 with some explanation.
The median (middle) sales price increased 6.4% over Jan. 2022. You might think wow! It is still going up. However if you compared Jan 2022 to Jan 2021 the median sales price was up a whopping 24%. This means prices are stabilizing and returning to a "normal rate of increase" In Jan 2022, it took just 6 days to sell a home on the market. In 2023 it is now taking 40 days. Why? There is more homes to look at for buyers. What else has changed? The amount of cash you have to bring to the closing table. Why? Resale homes were selling at 104.1% of list price in Jan of 2022. This January they were selling at 95.0% of list price. We had .3 months of inventory in January of 2022 and today we have 1.5 months. This dynamic changes things and if it continues to grow it will continue to change things. The actual number for single family resale homes in Collin County for sale was 403 in Jan of 2022 and 1,337 in Jan of 2023. New listings for single family resale homes Collin County fell 8.3% in January of 2023 compared to January of 2022. It is not unusual to see new listings suffer somewhat in January but this is something we need to keep a close eye on to see how it improves over time. Pending sales were down 31.4% on these type of homes in January. As we move back to normal these numbers will improve. Closed sales were down 40.3% which is showing that demand dropped in this time frame and if you look over years past this is not an unusual change. If you compare it to Jan of 2019 closings are down only 27.2% from that period. Again, we are getting back to a more normal market. Due to the low inventory numbers the showings for single family resale homes were going through the roof in January of 2022. Homes were receiving 32.1 showings and this January they are receiving 11.7. This is a combination of more homes and slightly less demand.
If you are thinking about buying or selling a home, contact Roxanne DeBerry with The DeBerry Team of KW for accurate information in your particular neighborhood. Phone #214-676-8040 email Roxanne@thedeberryteam.com