Single-Family:
The sales of single-family homes were flat in February. The average sales price increased by 8% while the median sales price was up by 9%. Pending sales rose by 9%. The number of new listings dropped by 1% but the active listings declined 16% causing the months of inventory to fall to 3.2 months.
Sales of homes below $170,000 are just terrible with declines in every price range in double digits due to the low inventory. Yesterday I heard an agent with a nice home in Allen priced at $150,000 recieved 70 offers. Homes above the $170,000 number for the most part are seeing double digit increases in sales with home in the $200,000 to $400,000 range being most in demand.
Sales: 5,593
Average Sales Price: $249,715
Median Sales Price: $191,000
Pending Sales: 6,239
New Listings: 8,358
Active Listings: 16,140
Months of Inventory: 3.2
Condos and Townhouses:
Condo and townhouse sales were up by 9%. The average sales price jumped by 11% and the median price by 16%. Pending sales increased by 17%. The new listings fell by 2% and the active listings by 21%. The months of inventory dropped to 3 months.
Sales: 420
Average Sales Price: $228,498
Median Sales Price: $172,200
Pending Sales: 461
New Listings: 575
Active Listings: 1,075
Months of Inventory: 3
Leases:
There was a sharp drop of 15% in the number of signed leases in February. The average rent increased by 5% and the median rent was up by 6%. The number of pending leases increases by 148%. New listings fell by 8% but the active listings increased by 1%. there is some obvious gyrations going on this month in the leasing market.
Leases: 2,546
Average Rent: $1,475
Median Rent: $1,380
New Listings: 2,643
Active Listings: 3,529
Information provided by The Real Estate Center at Texas A&M.
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