Single-Family:
Sales were off by 2% in April. Not a shortage of buyers. Just that buyers can not find a home to purchase due to the very small inventory. The average sales price rose 6% and the median sale price climbed by 9%. Very few sales of homes in the lower price ranges. Pending sales were up by 7%. We saw an increase of 11% in the number of new listings while the active listings were up by 6%. while this is good news, it only increased the months of inventory to 0.9 months.
Sales: 103
Average Sales Price: $230,707
Median Sales Price: $215,000
Pending Sales: 109
New Listings: 144
Active Listings: 89
Months of Inventory: 0.9
Condos and Townhouses:
Condo and townhouse sales were down by 7%. The average sales price declined by 5% while the median sales price increased by 10%. Pending sales jumped by 31%. the number of new listings increases by 129%. The active listings rose by 18%. These increases caused the months of inventory to climb to 2.5 months. Still a tight market.
Sales: 13
Average Sales Price: $100,617
Median Sales Price: $98,250
Pending Sales: 17
New Listings: 32
Active Listings: 33
Months of inventory: 2.5
Leases:
Leasing activity remains strong with the number of leases up by 26%. The average rent was up by 1% while the median rent increased by 2%. The pending leases jumped 182%. Last April was a slow month for leases. The new listings increased by 2% and the active listings fell by 3%. The months of inventory now stands at 1 months making it difficult to find a property to lease.
Leases: 44
Average Rent: $1,500
Median Rent: $1,450
Pending Leases: 31
New Listings: 51
Active Listings: 37
Months of Inventory: 1
Information provided by The Real Estate Center at Texas A&M.
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