How did we do in Collin County for single family homes sales? The DeBerry Team continues to monitor the market and to update the public as we receive information that may be of interest. The DeBerry Team of KW has been very busy this past quarter while dealing with the issue of low inventory of homes. Recently, we have had many of our past clients call us to assist them with the sale of their properties and all sold within a short amount of time. Our Buyer Specialists are working with many buyers, assisting them by finding the homes they desire and helping win their submitted offers. It has been challenging, to say the least, but we are getting the job done for those who need assistance. Let's move on to the stats in Collin County.
Collin County Single Family Home Closings were down slightly in Q1 compared 2022 compared to Q1 2021. There was 1,249 homes closed this year compared to 1,287 of Q1 of last year. This is a 3.0% decline over the previous year. The big change we are seeing is in the median price. The "median price" is calculated by taking all the different price ranges that have closed and picking the middle price of those homes that closed. By comparing this information it allows us to see how the overall home prices are changing. Q1 showed a 38.1% rise in the median price over Q1 of 2021. The median price in Q1 of 2021 was $400,500 and in Q1 of 2022 it was $553,000. The increase in median prices is due to the lack of inventory and which creates bidding wars for the homes for sale. To illustrate that effect we look at the ratio to Original Price. In other words how much over the listing price are people offering. In Q1 of 2021 that ratio was 102.7% and in Q1 of 2022 it was 108.6%. above list.
As I was stating, inventory is the issue and you can see that by looking at these next figures. In Q1 of 2021 we had 1,057 homes for sale and in Q1 of 2022 we had 750 single family homes for sale in Collin County. This is a 29% decrease over the first quarter of last year. However, new listings coming on the market was down only 5.6% over Q1 of last year. I was looking at each of the individual cities this past month and there has definitely been an uptick in new listing in most areas. The inventory has to meet the demand for prices to be affected and I don't see that happening anytime soon. However, with that said, the federal government is raising interest rates and that could dampen demand to some degree.
Personally, I don't like the feds artificially inflating interest rates because every time I have seen them meddle in the housing market it usually doesn't work out well for the public. I like like to see the market get back to a "free" market. I believe we are on the way back after we saw lockdowns and restrictions in our area that limited the movement of the public. As we continue to get back to normal our economy will right itself. I firmly believe this will happen but it will take time to re-correct. If you would like information about an area that you live in to get stats about home prices or anything that is effecting the housing market please don't hesitate to contact, The DeBerry Team of KW 214-676-8040.