Single-Family:
Sales were up a strong 36% in The Lake Highlands/NE Dallas Area in June. The average sales price increased by 7% while the median price rose 9%. As in other areas the sales are concentrated in the upper price ranges.
Pending sales took a drop of 21%. The number of new listings increased by 13% and the active listings by 7%. this increased the months of inventory to 2.1 months. Still a very short supply.
Sales: 83
Average Sales Price: $344,708
Median Sales Price: $329,000
Pending Sales: 59
New Listings: 105
Active Listings: 132
Months of Inventory: 2.1
Condos and Townhomes:
Condo and townhome sales were up by 17%. The average and median sales prices jumped 61% and 161% respectively. These huge increases are due to several sales in the upper price ranges pulling the averages up. Also, investors have purchased a lot of the lower end condo units to use as rental properties and the supply of lower price ranges units are dwindling.
Pending sales increased a hefty 100%. The number of new listings was flat while the active listings declined by 49%. The months of inventory dropped to 1.7 months.
Sales: 28
Average Sales Price: $104,123
Median Sales Price: $102,800
Pending Sales: 46
New Listings: 32
Active Listings: 43
Months of Inventory: 1.7
Leasing:
Leasing activity was down by 16% in June. The average and median rents fell by 20%. Looks like there was a lot of leasing of condos in the lower price ranges. Pending leases jumped by 200%. The new listings fell by 35% and the active listings by 48%. The months of inventory fell to.9 months. difficult to find something to lease in this area.
Leases: 27
Average Rent: $1,214
Median Rent: $1,100
Pending Leases:20
New Listings: 277
Active Listings: 26
Months of Inventory: 0.9
Information provided by The Real Estate Center at Texas A&M.
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