Richardson, TX Residential Sales Activity Report for December

Single-Family:

Sales were down in the Richardson area in December by 22%. There are still a lot of buyers out there, but due to the extreme shortage of properties for sale, they just cannot find a home to buy. The average sales price increased by 22% and the median sales price jumped 18%. These price increases are also being fueled by the shortage of properties especially in the lower price ranges. Pending sales were up by 11%. We did see a small increase of 7 percent in the new listings, but the number of active listings declined by 12%. The months of inventory is at 0.9%. Yes, that’s right: less than 1 month’s supply!

Sales: 80

Average Sales Price: $238,112

Median Sales Price: $211,750

Pending Sales: 62

New Listings: 64

Active listings: 93

Months of Inventory: 0.9

Condos and Townhouses:

There are relatively few condo and townhouse complexes in Richardson so these numbers tend to jump around.

Sales were up by 91% in December. The average sales price increased by 7% while the median sales price also increased by 7%. The number of pending sales was up by a whopping 375%. I told you these numbers can jump around. New listings increased by 33% but the active listings dropped by 49%. The months of inventory declined to 1.6 months.

Sales: 21

Average Sales Price: $112,830

Median Sales Price: $80,120

Pending Sales: 19

New Listings: 12

Active Listings: 21

Months of Inventory: 1.6

Leases:

We are starting to see a decline in lease activity in a number of areas along with declines in rental rates. At this point I do not know if demand is slacking or if the shortage of rental properties is forcing potential tenants into apartments.

Leases were down by 14%. The average rent declined by 8% and the median rent was flat. In this case, it looks like there were simply more properties leasing in the lower price ranges and pulling the average down: but it is something to keep an eye on. The number of pending leases was up by 78%. The new listings were down by 13% and the active listings declined by 13%. The months of inventory remains very low at 1.1 months.

Leases: 24

Average Rent: $1,319

Median Rent: $1,400

Pending Leases: 16

New Listings: 28

Active Listings: 46

Months of Inventory: 1.1