Lake Highlands/NE Dallas Residential Sales Report for May

Single-Family:

Single-Family sales were flat in May. The average sales price increased by 10% while the median sales price rose by 4%. Pending sales jumped 43% so we can anticipate good sales numbers in June. New listings were also flat and as is usual active listings continued their decline being off by 20%. This dropped the months of inventory to 1.8 months.

Sales: 91

Average Sales Price: $360,481

Median Sales Price: $332,500

Pending Sales: 77

New Listings: 108

Active Listings: 113

Months of Inventory: 1.8

Condos and Townhomes:

Condo and townhouse sales were up 50%. The average sales price fell by 4% and the median sales price dropped by 16%. Looks like the majority of the sales were in the lower price ranges thus pulling the averages down. Pending sales jumped 54%. The number of new listings climbed by 19% but this did not help the active listings which declined  by 43%. the months of inventory dropped to 1.6 months. The last several months have seen a sharp decline in the number of units on the market. It appears that investors have been buying the lower priced units to use as rental properties.

Sales: 33

Average Sales Price: $71,315

Median Sales Price: $59,500

Pending Sales: 40

New Listings: 38

Active Listings: 41

Months of Inventory: 1.6

Leases:

Leases were down by 41% in May. There is a very low inventory and renters are having a hard time finding something to rent. The average rent increased by 16% and the median rent by 27%.

Pending leases were off by 10%. the number of new listings increased by 9% but the active listings fell by 21%. This reduced the months of inventory to 1.4 months.

Leases: 20

Average Rent: $1,431

Median Rent: $1,350

Pending Leases: 9

New Listings: 36

Active Listings: 41

Months of Inventory: 1.4

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

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