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

The market in the North Dallas/Collin County area for pre-owned homes is in high demand. Due to low inventory levels of homes for sale it continues to cause multiple bidding on available properties. This tight supply has been the reason for increasing home prices in the area. Buyers of pre-owned homes should be aware of the fundamentals of this market condition by consulting with their local realtor. Buyers can become frustrated due to the lack of pre-owned inventory and the length of time it takes to find the "right" home. Because some homes will receive multiple offers buyers should consult their realtor to know what type of offer could possibly win in this type of situation. One story homes are also difficult to find in some areas so this may be an issue as well. Pricing has increased across the board on all home types both pre-owned and new construction. However, there may be better opportunities for finding homes below $200K in the pre-owned market place rather than new construction. In fact, very few if any new construction homes are being built under 200k at this time. This does place a burden on first time home buyers looking for affordable housing. If longer commuting time is not a big issue then there is more of an opportunity of finding homes in the lower price ranges.

Custom homes builders are having difficulty finding lots to build close to the major cites in north Dallas and Collin County. Areas further out, like Princeton, Melissa, Van Alstyne and other areas may be more favorable for finding lots for this type of construction. Again, a knowledgeable realtor can help with providing options for the home shopper based on their criteria. A "balanced market" is having inventory of homes of approximately 6 months. Today the figure is closer to 2 months and continues to be slow in improving. This fact will continue to effect home choices, home prices, and continued frustration for the home buying public. Home sellers should contact their local realtor about the particular area they live in to find out the approximate selling price based on a "Comparative Market Analysis" of their subdivision or the area they live in. The reason I suggest this is because there is differences in specific areas based on selling prices, conditions, and many other things that goes into setting a home selling price. You will want the best advice when putting your home up for sale and a realtor can help you with that information. Be careful listening to the news media since they are usually using a general overview of the housing market and that means it is not specific to your neighborhood. Again, getting professional advice is key to making the best decision.  

Home buying and selling has it's own challenges in today's market. The more knowledge you can get may save you hundreds if not thousands of dollars in the home buying or selling process. Having an experienced knowledgeable realtor to give you advice can be key in helping achieve your desired outcome.