Sales of single-family homes were up slightly in September. Condo and townhouse sales jumped while leasing activity was flat.
Single-Family:
Sales in September as compared to a year ago were up 1%. The average sales price rose 16% and the median sales price was up by 19%. Sales were concentrated in the upper price ranges. There are very few homes for sale below $200,000.
Pending sales increased a whopping 46% so we can look forward to good sales numbers in October.
The number of new listings climbed by 31% and the active listings by 16%. It's good to see more supply coming on the market but these increases only raised the months of inventory to 1.3 months. Still a very short supply.
Sales: 120
Average Sales Price: $245,402
Median Sales Price: $232,500
Pending Sales: 117
New Listings: 126
Active Listings: 128
Months of inventory: 1.3
Condos and Townhomes:
Condo and townhomes sales jumped 80%. The average sales price increased by 20% while the median price was up by 42%. Pending sales also showed a healthy increase of 50%. There was a small rise of 5% in the number of new listings but the active listings fell by 25% dropping the months of inventory to 1.6 months.
Sales: 18
Average Sales Price: $99,503
Median Sales Price: $97,880
Pending Sales: 18
New Listings: 23
Active Listings: 27
Months of Inventory: 1.6
Leases:
New Leases declined by 3%. The average rent fell by 4% while the median rent was flat. This is just some monthly gyration in the makeup of leases for the month. Pending leases increased by 3%. The new listings climbed by 16% and the active listings grew by 10%. The months of inventory only increased to 1.3 months. A very tough market to find a good rental.
Leases: 38
Average Rent: $1,434
Median Rent: $1,500
Pending Leases: 33
New Listings: 50
Active Listings: 55
Months of Inventory: 1.3
Information provided by The Real Estate Center at Texas A&M
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