Dallas Area Residential Sales Report for March

Sales of single-family homes increased 12% as compared to the same time last year. The average sales price rose 11% while the median sales price climbed 12%. Sales continue to be concentrated in the upper price ranges due to the extreme shortage of decent properties in the lower ranges. Pending sales were up 4%. The number of new listings showed a nice increase of 14% but this only translated into a 4% increase in the number of active listings. The months of inventory now stands at 2.5 months. With 6 months normally considered a balances market, it is easy to see how far the market is tilted to the seller side.

Sales: 9,573

Average Sales Price: $298,356

Median Sales Price: $240,000

Pending Sales: 10,750

New Listings: 13,390

Active Listings: 17,818

Months of Inventory: 2.5

Information provided by The Real Estate Center