Dallas Area Residential Sales Report for May – -Allen, TX

Sharp drop in sales as inventory continues to decline.

Home sales fell 22.3% in May as compared to last May. Properties under contract were also off by 10% as a combination of higher interest rates and continuing inventory shortages took it’s toll on buyers. This however did not effect prices with the median sales price rising 48,9% and the average sales price jumping 47,2%. Buyers paid on average 108.9% above the original list price. new listings were off by 4.4% and active listings dropped 12.3%. The months of inventory now stands at 1.1 months.

Sales: 115

Under contract: 99

Median Sales Price: $700,000

Average Sales Price: $733635

Ratio of Sales Price to Original List Price: 108.9%

New Listings: 173

Active Listings: 128

Months of Inventory: 1.1

Information Provided by The Texas Real Estate Center