Richardson, TX Residential Sales Report for August

Single-Family:

Sales were down by 3% in August as compared to a year ago. However, the pending sales number jumped by 40% so we can anticipate that September's number will be good. The average sales price rose 16% while the median sales price increased by 18%. As has been the case for many months now an abnormal number of sales are in the upper price ranges thus pulling the averages up.
The new listings fell by 10% and the active listings declined by 2%. The months of inventory is now at 1.4 months.

Sales: 120
Pending Sales: 139
Average Sales Price: $250,990
Median Sales Price: $231,000
New Listings: 130
Active Listings: 137
Months of Inventory: 1.4

Leases:

Leasing activity increased a strong 54% in August. The average rent fell by 1% while the medians rent rose by 1%. This really is just flat. The pending leases jumped 60%. New listings shot up by 63% but this increases was gobbled up by the closed and pending leases leaving the active listings down by 4%. The months of Inventory fell to 1.3 months.

Leases: 60
Average Rent: $1,614
Median Rent: $1,620
Pending Leases: 32
New Listings: 67
Active Listings: 54
Months of Inventory: 1.3  

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