Single-Family:
Single-Family sales were flat in May. The average sales price increased by 10% while the median sales price rose by 4%. Pending sales jumped 43% so we can anticipate good sales numbers in June. New listings were also flat and as is usual active listings continued their decline being off by 20%. This dropped the months of inventory to 1.8 months.
Sales: 91
Average Sales Price: $360,481
Median Sales Price: $332,500
Pending Sales: 77
New Listings: 108
Active Listings: 113
Months of Inventory: 1.8
Condos and Townhomes:
Condo and townhouse sales were up 50%. The average sales price fell by 4% and the median sales price dropped by 16%. Looks like the majority of the sales were in the lower price ranges thus pulling the averages down. Pending sales jumped 54%. The number of new listings climbed by 19% but this did not help the active listings which declined by 43%. the months of inventory dropped to 1.6 months. The last several months have seen a sharp decline in the number of units on the market. It appears that investors have been buying the lower priced units to use as rental properties.
Sales: 33
Average Sales Price: $71,315
Median Sales Price: $59,500
Pending Sales: 40
New Listings: 38
Active Listings: 41
Months of Inventory: 1.6
Leases:
Leases were down by 41% in May. There is a very low inventory and renters are having a hard time finding something to rent. The average rent increased by 16% and the median rent by 27%.
Pending leases were off by 10%. the number of new listings increased by 9% but the active listings fell by 21%. This reduced the months of inventory to 1.4 months.
Leases: 20
Average Rent: $1,431
Median Rent: $1,350
Pending Leases: 9
New Listings: 36
Active Listings: 41
Months of Inventory: 1.4
Information provided by The Real Estate Center at Texas A&M.
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