Sales in our MLS area remain positive
Over all sales were up by 3% but this is definitely masking a slow down in sales in Far North Dallas and the northern suburbs of Richardson, Plano, Allen, McKinney,Frisco,Carrollton, Farmers Branch and Garland. As usual, I will be reporting sales activity in these cities so keep checking in to find out what’s happening.
The average sales price rose 4% while the median sales price was up 8%. The most active part of the market continues to be the price range between $200,000 and $399,999. This range contributes 49% of the total sales.
The pending sales number was also positive rising 8% so it looks like the October sales should be positive.
New listings increased 5% while the active listings saw an 11% rise. While it’s good for buyers to see these increases, the fact of the matter is that we are in an extreme shortage of properties priced from $100,000 to $249,999. There is less than 2 months inventory. Things are not much better between $250,000 and $399,000 with only about a 2.5 month supply.
Supply increases from $400,000 up to $899,000 but remains below the 6 Months that is considered a balanced market. Only when you get above $900,000 does the market tilt to the buyer side.
The overall months of inventory is at 2.5 months.
Average Sales Price: $288,120
Median Sales Price: $242,000
Pending Sales: 8,909
New Listings: 10,853
Active Listings: 22,298
Months of Inventory: 2.5
Information Provided by The Real Estate Center