Allen, TX Residential Sales Report for August

Single-Family:

Sales were off by 10% in allen as compared to a year ago. However, the pending sales number jumped 35% so it just looks like some sales got pushed into September. I suspect that some of the sales that got pushed back were builders new homes. Builder time frames are slipping due to labor shortages.
The average sales price increased by 12% while the median sales price rose 16%. As we have seen in other areas sales in Allen tend to be concentrated in the upper price ranges thus pulling the averages up. In addition Allen has a lot of new construction. About 25% of the listings in MLS are infact builder new homes. The average list price of a new home is $570,144 while the average price of a pre-owned homes is $423,256.
The number of new listings increased by 1% and the active listings fell by 9% dropping the months of inventory to 1.8 months.

Sales: 155
Average Sales Price: $346,332
Median Sales Price: $304,000
Pending Sales: 136
New Listings: 158
Active Listings: 214
Months of Inventory: 1.8

Leases:

Rental activity jumped 67%. The average rent was up by 2% and the median rent by 4%. Pending leases increased 25%. New listings climbed by 5% while the active listings fell by 9%. the months of inventory declined to 1.2 months making it real hard to find something to rent in Allen.

Leases: 67
Average Rent: $1,905
Median Rent: $1,750
Pending leases: 35
New Listings: 64
Active listings: 55
Months of Inventory: 1.2