Dallas Area Residential Sales Report for August – Plano, TX

Closed sales were off by 26.9% compared to last August. Pending sales fell 18.7%. The average sales price rose 20% while the median sales price increased by 21.7%. The sales price to list price was 98.5%. A number you would expect to see in a normal market. New listings declined 3.2% while active listings came in 34.2% higher. The months of inventory took a huge percentage jump of 65.3% but that really is only taking it from 1.1 month to 1.8 months. Inventory is still a very long way from the 6 months that is comsidered a balanced market. We believe that the inventory levels have topped out and will decline for the rest of the year. The low supply will help support prices and will keep North Texas from experiences a large price drop that other areas of the country may experience.

The Plano Balloon Festival is coming up the end of this month!

Sales: 239

Average Sales Price: $647,500

Median Sales Price: $637,404

Rationof sales price to list price: 98.5%

New listings; 305

Acrive Lisrings: 412

Months of Inventory: 1.8 months