Sales were slightly off but pending sales took a big jump up! It’s a Seller’s market.
Sales were off by 3% in November as compared to a year ago. However, pending sales jumped up 38%. If you have been following my previous reports for November this same phenomenon has occurred in other areas. The average sales price increased 11% while the median sales price increased by 16%. I know this sounds like a broken record (does anyone know what a record is any more) but the sales continue to be concentrated in the upper price rages. This is not due to a lack of demand in the lower price rages but to an extreme shortage of properties for sale in these ranges. New Listingsrose 7% but the active listings fell by 9%. The months of inventory now stands at 1.1 months.
Average Sales Price: 173,934
Median Sales Price: $158,450
Pending Sales: 179
New Listings: 149
Active Listings: 182
Months of Inventory: 1.1
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Information provided by The Real Estate Center at Texas A&M