Dallas Area Residential Sales Report for April
Sales off slightly. Prices up sharply
Sales fell 3% as compared to last April. Pending sales dropped 4%. The average sales price increased by 19% while the median sales price rose 23%. The good news if you are a buyer was a 6% rise in new listings and a 33% jump in active listings. The months of inventory now stands at 1.1 months. That’s better than the 0.9 months in March but a very long way from the 6 months that’s considered a balanced market.
We are seeing a drop off in the number of people attending open houses and while the best homes are receiving multiple offers above the list price, we are starting to see some price reductions. Look for price
The majority of the sales are in the $300,000 to $600,00 price range representing about 54% of total sales.
Average Sales Price: $486,134
Median Sales Price: $400,000
Pending Sales: 11,024
New Listings: 13,100
Active Listings: 9,263
Months of Inventory: 1.1 months