Dallas Area Residential Sales Report for July – Plano, TX
Buyers are still paying over list price.
Sales dropped sharply in July compared to last July down 31%. Pending sales did a little better off 28.9%. Sales prices continued to rise with the median sales price up 19.8% and the average sales price rising 11.8%. Buyers paid a little less over list price coming in at 102.2%. You have probably read in the papers that new listings were up sharply, but that’s not the case in Plano. New Listings declined by 14.1%. Because of the drop off in sales and pending sales Active listings increased by 19.2% and the months of inventory rose to 1.8 months. We are still very short of the 6 months that’s considered a balanced market.
Pending Sales: 167
Median Sales Price: $538,888
Average Sales Price: $574,833
Ratio of Sales Price to Original List Price: 102.2
New Listings: 366
Months of Inventory: 1.8 months