Yesterday we looked at Irving, TX and how the housing market has faired throughout January 2023.
Today we shift to Dallas, TX and analyze what we can expect when housing results release in a couple weeks for January 2023.
Thus far, Dallas has seen a $369,500 median closing amount or $215.32/sqft. This being a month over month increase from $360,200 or $211.55/sqft in December '22. As mentioned yesterday, it's worth noting that the month is not over, and it's likely that many closings have not been reported yet to NTREIS. Therefore these results are a projection only at this point.
Days on Market decreased from 42 to 35 Days so far in January, similar to the decrease we saw in Irving, TX yesterday.
Lastly the offer that sellers' accepted in January increased from 93.6% to 98% of the original listing amount. This represents a 4.4% increase in the gap between offers being accepted and the original listing amount.
As a reminder, the City of Dallas brought a year over year decline in December of 17.2% in the median closing amount. In terms of numbers, the closing amount decreased from $435,000 to $360,000. It could be assumed that this decrease helped pave the way for a slight increase in January as purchasers that were on the sidelines towards the end of 2022, re-entered the market upon the decreases in closing amounts, increasing competition and pushing up closing amounts slightly.
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Talk soon. Eddie.
