Dallas Area Residential Sales Report for March – Far North Dallas
The sales numbers being reported today are contracts interned into in January and February. We will not begin to see the effect of the COVID-19 virus until the April sales come out.
Home sales in the Far North Dallas Area were up 9% in March. The average sales price came in flat but the median sales price jumped 11%. That is just a distortion in the make up of the sales being skewed to the higher price range than normal. The real number we need to look at is the 21% decline in pending sales. That gives us a glimpse into what April sales may look like. There was a sharp drop in the number of new listings. Down 25% and even worse were the active listings off 36%. Months of inventory is now at 2.1 months. 6 months is considered a balanced market.
Average Sales Price: $534,059
Median Sales Price: $492,500
Pending Sales: 91
New Listings: 126
Active Listings: 183
Months of Inventory: 2.1
Information provided by The Real Estate Center
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