Single-Family:
Sales were of by 13% in McKinney as compared to a year ago. Several of the other northern suburbs had either small increases or declining sales in July. Due to the large amount of new construction in these areas, I believe that these declines are due to builders just not being able to meet the demand in a timely manor. The average sales price rose by 7% while the median sales price increased by 6%.
Pending sales climbed by 7%. The number of new listings increased by 7% but the active listings were flat. The months of inventory remained at 1.7 months. Not much of a supply.
Sales: 286
Average Sales: Price: $299,311
Median Sales Price: $ 270,750
Pending Sales: 288
New Listings: 383
Active Listings: 389
Months of Inventory: 1.7
Leases:
Leases were down by 3%. The average rent was flay and the median rent fell by 2%. Really nothing much changing. Pending leases jumped 183%. The new listings declined by 5% and the active listings dropped by 8%. The months of inventory remains very tight at 1.1 months.
Leases: 112
Average Rent: $1,722
Median Rent: $1,650
Pending Leases: 79
New Listings: 146
Active Listings: 97
Months of Inventory: 1.1
Information provided by the Real Estate Center at Texas A&M.
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