Sales were flat but pending sales took a big jump.
Sales were flat in March but pending sales were up by 30%. Looks like some closings were delayed. The average sales price increased by 12% while the median sales price rose 18%. As we have seen in the past, these increases in prices are primarily due to a skewing of sales to the upper price ranges.
There was a 22% increase in the number of new listings, but these properties were scooped up as fast as they came on the market leaving us with a decline of 3% in the number of new listings. The months of inventory now stands at 1.5 months.
Average Sales Price: $353,390
Median Sales Price: $315,000
Pending Sales: 140
New Listings: 180
Active Listings: 179
Months of Inventory: 1.5
Information provided by The Real Estate Center at Texas A&M