Single-Family:
Sales were up by 7% in April compared to a year ago. The average sales price increased by 8% while the median sales price jumped 14%. This disparity is indicative of a market where the largest number of sales are taking place in the upper price ranges. Pending sales were up a healthy 14% so we can look forward to May sales being up. The number of new listings climbed by 5% but as in months past the active listings declined by 15%. The months of inventory now stands at 2.7 months.
Sales: 8,232
Average Sales Price: $264,307
Median Sales Price: $207,000
Pending Sales: 8,700
New Listings: 12,245
Active Listings: 17,436
Months of Inventory: 2.7
Condos and Townhouses:
Condo and townhouse sales increased by 13%. The average sales price jumped 16% while the median sales price was up by 11%. Pending sales climber by 15%. The number of new listings was up by 1% but there was a sharp decline of 23% in the number of active listings. The months of Inventory fell to 2.3 months.
Sales: 614
Average Sales Price: $224,889
Median Sales Price: $179,100
Pending sales: 578
New Listings: 772
Active Listings: 1,060
Months of Inventory: 2.3
Leases:
Leases increased 1% in April. The average rent increased 6% and the median rent by 7%. Pending leases climbed by 140%. This is coming off a low base last year. New Listings were up a slight 2% while active listings were flat.
Leases: 2,946
Average Rent: $1,632
Median Rent: $1,500
Pending Leases: 1,772
New Listings: 3,214
Active Listings: 3,085
Information provided by The Real Estate Center at Texas A&M.
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