Sales off. Blame Inventory shortage!

Dallas Area Residential Sales Report for January – McKinney, TX

Sames of single family homes fell 22% in January compared to last year. Pending sales declined 12%. Buyers are just having a really hard time finding a home to purchase due to the extremely low inventory. The average sales price rose 20% and the median sales price was up by 21%. We are starting to see problems with appraisals as prices rise.  New listings declined 33%. Active listings are 82% lower. The months of inventory now stands at 0.3 months.

Sales: 168

Average Sales Price: $ 523,801

Median Sales Price: $465,000

Pending Sales: 264

New Listings: 239

Active Listings: 107

Months of Inventory: 0.3

Information provided by The real Estate Center

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