Dallas Area Residential Report for July – McKinney, TX

Sales off sharply as prices continue to rise

Sales declined 37.2% compared to a yrar ago. Pending sales did a little better only  off by 22.4%. The median sales price rose 18.7% while the average sales price climbed 31.5%. Buyers paid 100.5% of the original list price. This was down 6.7%. The number of new listongs fell by 12.3% and the active listings increase 49% due to falling sales. This took the months of inventory to 2 months. This is still a very low supply. Buyers really do not have that much to choose from.

Sales: 206

Pending Sales: 163

Median sales Price: $535,000

Average Sales Price: 591,154

Ratio of Sales Price to Original List: 100.5%

New Listings: 351

Active Listings: 458

Monyhs of Inventory: 2 months

Information provided by The Texas Real Estate Center