Single-Family:
Sales were down by 11% in Plano in May. The average sales price jumped by 22% while the median sales price climbed by 19%. Buyers are having a hard time finding a house to purchase and the homes that are selling are in the upper price ranges. It’s very hard to find a home under $200,000.
Pending sales also declined by 13%. The new listings fell by 11% while the active listings dropped by 6%. the months of inventory declined to 1.5 months.
By the way, Plano was rated the 2nd best City for Families in the country.
Sales: 345
Average Sales Price: $375,203
Median Sales Price: $318,500
Pending Sales: 308
New Listings: 477
Active Listings: 443
Months of Inventory: 1.5
Leases:
Leases were off by 5% for the month. The average rent dropped 3% while the median rent was flat. Don’t read any trend starting here yet. The pending leases were up 100%. The number of new listings increased by 12% and the active listings by 53%. while these numbers look like an increase in inventory, they only brought the months of inventory up to 1.4 months. Still a very low number.
Leases: 190
Average Rent: $1,876
Median Rent: 1,800
Pending Leases: 110
New Listings: 253
Active Listings: 222
Months of Inventory: 1.4
Information provided by The Real Estate Center at Texas A&M.
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