Sales fell 5% in the Garland area for the month of July. The average sales price increased 13% while the median sales price rose14%. We continue to see the sales concentrated in the upper price ranges mostly due to the extreme shortage of properties in the lower ranges. Pending sales dropped 12% so we can anticipate that the August sales number will be down. The number of new listings declined 9% and the active listings fell by 33%. The shortage of inventory is making it very difficult for buyers to find anything to purchase. The months of inventory now stands at 1month.
Sales: 190
Average Sales Price: $185,251
Median Sales Price: $169,000
Pending Sales: 207
New Listings: 243
Active Listings: 164
Months of Inventory: 1
Information provided by The Real Estate Center at Texas A&M
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