Prices continue to climb as inventories shrink!

Sales were up 7% in February as compared to the same time last year. The average sales price increased 10% and the median sales price rose 8%. Pending sales took a sharp drop of 22%. Not sure what caused that drop unless it was the shortage of  inventory. New listings fell 15% and this dropped the active listings to a minus 5%. The months of inventory declined to 1.2 months.

By the way, if you are looking for a home under $200,000 you had better concentrate your search somewhere besides Allen. As of this writing, there is only 1 home listed in MLS under $200,000.

Sales: 98

Average Sales Price: $356,638

Median Sales Price: $317,450

Pending Sales: 90

New Listings: 113

Active Listings: 148

Months of Inventory: 1.2

Information provided by The Real Estate Center