Richardson, TX Residential Sales Report for May

Single-Family:

Sales in richardson were up by 15% in May. The average sales price jumped by 15% and the median sales price increased by 18%. As in previous months some of the increase is higher prices due to demand and a very low inventory but a lot of the increase is due to most of the sales being concentrated in the upper price ranges thus pulling the averages up.  Pending sales climbed by 8%. The number of new listings fell by 16% and the active listings dropped 25%. The months of inventory now stands at 0.9 months.

If you want to purchase a home in the Richardson area, you better get to the house within a few hours of it hitting the market and  get your offer written and submitted before the sun sets. It also better be your best offer because you will probably have only one shot at the property.

Sales: 121

Average Sales Price: $237,513

Median Sales Price:$ 225,000

Pending Sales: 119

New Listings: 140

Active Listings: 91

Months of Inventory: 0.9

Condos and Townhomes:

Condo and townhouses sales were up 111%. The average sales price declined by 13% and the median sales price fell 15%. Looks like there were some sales in the lower price ranges that pulled these averages down. Pending sales  jumped 75%. The new listings climbed by 54% and the active listings by7%. the months of inventory increased to 2.2 months.

Sales: 19

Average Sales Price: $114,502

Median Sales Price: $100,500

Pending Sales: 21

New Listings: 20

Active Listings: 31

Months of Inventory: 2.2

Leases:

Leases climber by 30%. The average rent increased by 12% and the median rent by 16%.

Pending leases jumped 140%. The number of new listings were up by 2% while the active listings declined by 9%. The months of Inventory dell to 1.1 months. It’s just about as hard to find a property to lease as it is to find one to buy.

Leases: 48

Average Rent: $1,543

Median Rent: $1,600

Pending Leases: 24

New Listings: 60

Active Listings: 42

Months of Inventory: 1.1

Information provided by The Real Estate Center at Texas A&M.

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