McKinney, TX Residential Sales Report for January

Single-Family Homes:

Sales in January were up by 11% in McKinney. The average sales price jumped 19% while the median sales price climber by 27%. While prices are surely go up, these large increases in the averages are caused by the lack of sales in the lower price ranges. There was an 8% drop in the number of pending sales. We continue to see declining new  and active listings. New listings were off by 22% and active listings by 21%. The months of inventory now stands at 1 month.

Sales: 153

Average Sales Price: $290,055

Median Sales Price: $262,000

Pending Sales:  137

New Listings: 181

Active Listings: 236

Months of Inventory: 1

There are not enough condos and townhouses in McKinney to report numbers on.

Leases:

Leases were off by 7% in January. The average rent declined by 2% and the median rent by 3%. It looks like just the opposite of sales with a few more rentals in the lower price ranges pulling the averages down. Pending leases jumped by 231%. We did see the new listings increase by 14%

and the active leases by 46%. even with these nice increases the months of inventory is a 1.4 months. Not a lot to chose from!

Leases: 75

Average Rent: $1,621

Median Rent: $1,550

Pending Leases: 42

New Listings: 97

Active Listings: 123

Months of Inventory: 1.4

Information provided by The Real Estate Center at Texas A&M.