The Dallas area market for single-family home and condos/townhouses remained strong in September and the pending sales numbers indicate the October will be a good month.Single-Family:
Sales were up 16% as compared to a year ago. The average sales price increased by 6% and the median price by 9%. We are still seeing the sales concentrated in the upper price ranges. Sales below $150,000 declined mostly due to the fact that there is so little properties below this price point on the market.
Pending sales jumped by 20%. The number of new listings increased by 14% but the active listings continued their decline dropping by 2%. The months of inventory now stands at 2.5 months.
Sales: 9,053
Average Sales Price: $252,240
Median Sales Price: $202,000
Pending Sales: 8,645
New Listings: 10,123
Active Listings: 20,771
Months of inventory: 2.5
Condos and Townhouses:
Sales were up by 13%. The average sales price jumped by 15% and the median price increased by 12%. The hot price points for condos and townhouses in September was $250,000 50 $500,000. Sales below $150,000 declined for the sales reason as single-family. Just nothing on the market.
Pending sales were up a strong 26%. We saw a good increase of 11% in the new listings but as usual the number of active listings fell. In September the active listings declined by 16% leaving the months of inventory at 2.2 months.
Sales: 567
Average Sales Price: $239,262
Median Sales Price: $184,000
Pending Sales: 572
New Listings: 693
Active Listings: 1,187
Months of Inventory: 2.2
Leases:
Leasing activity was up by 1%. The average rent increased by 3% and the median rent by 7%. Pending leases were up 7%. The number of new listings rose 1% and the active listings dropped by 7%. It's really hard to find a good property to lease in the Dallas area.
Leases: 2,713
Average Rent: $1,588
Median Rent: $1,500
Pending Leases: 1,472
New Listings: 3,543
Active Listings: 3,904
Information provided by The Real Estate Center at Texas A&M
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