Far North Dallas Residential Sales Report for August

Single-Family:

Sales were down by 15% in August compared to a year ago. However, the pending sales number was up by 25% so it looks like everything is just a wash. The average sales price jumped 40% while the median sales price rose 14%. The large jump in the average sales price was caused by several large High priced properties selling.
As has been typical for a long time now the number of new listings fell by 5%. The active dropped by 22% and the months of inventory now stands at 2.1 months. When you consider that some of the houses on the market are overpriced for their location or condition there are really not very many homes to choose from.

Sales: 107
Average Sales Price: $513,845
Median Sales Price: $379,450
Pending Sales: 100
New Listings: 127
Active Listings: 214
Months of inventory: 2.1

Condos and Townhouses:

Condo and townhouse sales were strong in august up 37%. The average sales price climbed by 9% and the median sales price increased by 17%. As with the single family homes these increases to some extent were caused by more sales in the upper price ranges.
The pending sales number was up by a healthy 63% so we can anticipate that the September sales number will be good. The new listings fell by 22% and the active listings by 52%. The months of inventory now stands at 1 months. Very difficult if you are a buyer.

Sales: 74
Average Sales Price: $160,613
Median Sales Price: $128,000
Pending Sales: 62
New Listings: 51
Active Listings: 42
Months of Inventory: 1

Leases:

Leasing activity increased by 9%. The average rent fell by 2% and the median rent was also off by 2%. Just some monthly gyrations. Pending leases increased by 48%. The new listings rose 48% helping the active listings to increase by 7% and the months of inventory to climb to 2 months.

Leases: 49
Average Rent: $1,800
Median Rent: $1,620
Pending Leases: 37
New Listings: 83
Active Listings: 90
Months of Inventory: 2

Information provided by The Real Estate Center at Texas A&M