Sales were up sharply in June in Richardson

Yes! Yes! I know! Sales are terrible and we are over run with foreclosures or at least that what you hear on TV and read in the papers.

Well here is the truth!

June saw a 26% increase in sales in the Richardson market. This increase was accompanied by a 4% increase in the average sales price and an 8% increase in the median sales price. Pending sales increased by 21%. While the number of new listing dropped by 2% and the number of active listings declined by 35%. This decline in the number of active listings along with the sharp increase of sales left the Richardson market with only a 3.2 month supply of homes on the market. This is an extremely low number!

Listing Agents are reporting that they are receiving multiple offers on the best properties as soon as they come on the market and Buyer Agents are saying that their clients are having to make offers over the listing price to get these properties. This is perticulary true in the West Richardson area.

This demand is being fueled by the shortage of quality properties currently on the market.

If you want to buy in the Richardson market, you better have a top agent that can get you in the best properties the day they come on the market and you better be prepared to write a full price offer or higher as soon as you get back to you agent's office if you expect to get the house.

June Sales:

Sales: 121

Average Sales Price: $184,214

Median Sales Price: $169,000

Pending Sales: 97

New Listings: 138

Active Listings: 251

Months of Inventory: 3.2