Single-Family:
Sales were up by 12% in March as compared to a year ago. The average sales price and the median sales price were both up by 9%. Pending sales increased by 3%. The number of new listings fell by 3% and the active listings dropped by 15%. The months of inventory now stands at 2.7 months. If you are looking in the $100,000 to $250,000 price range the months of inventory is about 1.5 months. Inventory levels do not approach normal until you get to $500,000 and above.
Sales: 7,854
Average Sales Price: $255,125
Median sales Price: $197,000
Pending Sales: 7,588
New Listings: 10,271
Active Listings: 16,478
Months of Inventory: 2.7
Condos and Townhouses:
Condo and townhouse sales increased by 7%. The average sales price jumped sharply and was up by 16%. Looks like there were some sales of high-end condos that pulled this average up. The median sales price rose 9%. The pending sales was up by 13%. New listings fell by 3% while the active listings dropped by 26%. The months of inventory for condos and townhouses is even tighter that for single-family and stands at 2.4 months.
Sales: 540
Average Sales Price: $242,979
Median Sales Price: $183,000
Pending Sales: 608
New Listings: 699
Active Listings: 1.019
Months of Inventory: 2.4 months
Leases:
Leasing activity was down by 2%, The average rent increased by 7% and the median rent also by 7%. Pending leases took a huge jump being up by 179%. Not sure if this is just seasonal or what. The good news is that the new listings increased by 17% and the active listings by 3%. Unfortunately with the still large demand the months of inventory is only about 1.5 months. It’s really hard to find a good rental.
Leases: 2,8741
Average Rent: $1,563
Median Rent: $1,450
Pending Leases: 1,768
New Listings: 3,493
Active Listings: 3,263
Information Provided by The Real Estate Center at Texas A&M.
No comments:
Post a Comment