As I have been reminding followers in other reports, the numbers in this report are from properties contracted for in January and February and do not reflect what is happening due to the COVID-19 virus. We will not begin to see the effects on home sales until the April report.
Home sales were up 15% in the Plano area. The average sales price did decline 3% compared to last march while the median sales price increased 1%. The number of new listings dropped 19%. Active listings fell 29%. Ouch!. The months of inventory is now at 1.7 months. With supply declining buyers will have a hard time finding that dream home.
Now for a number that does give us a look into April. Pending sales came in down 9%.
Sales: 286
Average Sales Price: $398,179
Median Sales Price: $370,000
Pending Sales: 298
New Listings: 371
Active Listings: 485
Months of Inventory: 1.7
Information provided by The Real Estate Center
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