Single-Family:

Sales were off by 2% in August as compared to a year ago. However, pending sales were up a strong 29% so the decline in sales is just a little hiccup. The average sales price increased by 11% while the median sales price jumped 17%. The larger increase in the median sales price is caused by the sales being concentrated in the upper price range properties.

The number of new listings increased by 5% but the active listings fell by 11% and the months of inventory dropped to 1.5 months.

Sales: 185

Average Sales Price: $176,838

Median Sales Price: $157,000

Pending Sales: 201

New Listings: 236

Active Listings: 237

Months of Inventory: 1.5

Leases:

Leasing activity was down by 11`% in August. Pending leases were also off by 14%. I do not believe that these declines are due to a drop in demand by rather an extreme shortage of properties to lease. The average rent rose 4% and the median rent was also up by 4%. The number of new listings fell 21% while the active listings declined by a whopping 40%. The months of inventory now stands at 0.8 months. It’s really hard to find a property to rent in Garland.

Leases: 57

Average Rent: $1,296

Median Rent: $1,300

Pending Leases: 37

New Listings: 73

Active Listings: 51

Months of Inventory: 0.8

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