Residential sales and pending sales were up. Leasing activity was down. It’s still a Sellers market!

Single-Family:

Single family sales increased by 16% in September as compared to a year ago. The average sales price rose 1% while the median sales price climbed by 8%. The higher price homes continue to make up a disproportionate amount of the sales. Pending sales jumped by 16%. The number of new listings fell by 2% and the active listings by 11%. This brought down the months of inventory to 1.4 months. It’s getting harder to find a home to purchase in the Garland area.

Sales: 186

Average Sales Price: $161,492

Median Sales Price: $150,000

Pending Sales: 193

New Listings: 189

Active Listings: 229

Months of Inventory: 1.4

Leasing:

Leasing activity fell by 27% in September. The average rent was flat as was the median rent. Pending sales dropped by 8%. The number of new listings declined by 9% while the active listings declined by 5%. this reduced the months of inventory to 1 month. Most if not all of the dropoff in leasing can be attributed to the extreme shortage of properties. It’s just really hard to find a property to lease.

Leases: 51

Average Rent: $1,210

Median Rent: $1,200

Pending Leases: 35

New Listings: 50

Active Listings: 60

Months of Inventory: 1

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