Sales increased by 4% in October as compared to a year ago. The average sales price rose 5% and the median sales price climbed 9%. We continue to see the sales concentrated in the upper price ranges. The price range between $200,000-$400,000 represents about 38% of all sales and 30% of all listings.
Pending sales jumped 20%. We did see an increase of 8% in the number of new listings and a 1% increase in the active listings. The months of inventory now stands at 2.5 months. This is way short of the 6 months that is considered to be a balanced supply.
Sales: 8,138
Average Sales Price: $250,375
Median Sales Price: $200,000
Pending Sales: 8,378
New Listings: 9,655
Active Listings: 20,254
Months of Inventory: 2.5
Condos and Townhouses:
Condo and townhouse sales were up by 3%. the average sales price increased 4% while the median sales price climbed 12%. As in single-family we see the same price range representing most of the sales. Pending sales were up a healthy 17% so we can anticipate a good sales number for November. New listings fell 3% and the active listings dropped 14%. the months of inventory is now at 2.2 months making it very hard to find a good condo or townhouse.
Sales: 562
Average Sales Price: $219,621
Median Sales Price: $174,500
Pending Sales: 556
New Listings: 650
Active Listings: 1,193
Months of Inventory: 2.2
Leasing:
Leasing activity dropped 2%. The average rent rose 7% and the median rent was also up by 7%. Pending leases increased by 7% so the decline in October leasing really does not mean anything. The number of new listings fell 4% while the active listings declined by 9%. Not really much out there to lease.
Leases: 2,739
Average Rent: $1,573
Median Rent: $1,480
Pending Leases: 1,484
New Listings: 3,381
Active Listings: 3,955
Information provided by The Real Estate Center at Texas A&M
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