Dallas Area Residential Sales Report for February
Sales recovered for a down January and were up 1% in February. Pending sales rose 4%. The average sales price fell 1% while the median sales price came in flat. New listings rose 9% and active listings jumped 25%. You do have to remember that this is a comparison to last February when active listings were low. The months of inventory increased to 3.8 months. We are still well short of the 6 months considered a Balanced market.
The sweet spot in the market continues to be the range between $200,000 to $400,000. This range represents about 53% of all sales. Below $200,000 the market is still challenged by low inventory.
From $400,000 to $900,000 the market saw single digit negative sales with months of inventory exceeding 6 months. In the $1,000,000 category sales are up 10% year to date but there is a 16.4 months supply and we are seeing substantial price reductions.
Information provided by The Real Estate Center
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