Dallas Area Residential Sales Report for May
We all knew that sales were going to be down in May due to the Covid-19 virus and it was. Sales fell 25% from last May. However, there was good news. Pending sales rose 15%! Looks like June will be a positive month! The average sales price declined 3% while the median sales price dropped only 1%. The number of new listings was off by 12% and the active listings took a 26% fall. The months of inventory is now at 2.5 months.
Sales continue to be concentrated in the $200,000 to $400,000 price range. This group makes up 57% of the total sales. We did see a drop in sales in the $200,000 to $300,000 range due to the extremely tight inventory. The $300,000 to $400,00 range was up 2% in sales as there is a little more inventory available.
Average Sales Price: $320,733
Median Sales Price: $272,000
Pending Sales: 13,342
New Listings: 13,485
Active Listings 19,398
Months of Inventory: 2.5
Information provided by The Real Estate Center