Dallas Area Residential Sales Report for July – Far North Dallas
Far North Dallas sales rose 23% in July as compared to a year ago. However, the pending sales number dropped 31%. That’s not a good sign for August sales. The average sales price increased 35%. Looks like there were several high prices sales that occurred that pulled this average up. The median sales price climbed 5% which looks more inline with the market. New listings came in at a plus 3% while the active listings jumped 39%. The months of inventory now stands at 3.8 months.
The market is defiantly changing. We are seeing a lot of price reductions and the number of showing are diminishing. I know in the coming months it’s going to feel like some kind of a crash, but it’s not. The market is returning to normal from an extended period of being super over-heated. Having said that, pricing will be critical. Overprice your home and it will just sit there!
Average Sales Price: $612,794
Median Sales Price: $432,450
Pending Sales: 82
New Listings: 148
Active Listings: 337
Months of Inventory: 3.8
Information provided by The real Estate Center
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