The Woodlands real estate inventory is 54% less than a year ago at the beginning of April; 65% less than April 2011. It is not uncommon to arrive at a home with a buyer to show, only to find a line of prospective buyers with their agents! Several price ranges, between $700’s to $1 million have shifted from a buyer’s market to a seller’s market, and for price ranges under $500k we have approximately one month of inventory or less!
Sales for all price ranges under $1 million are higher than last year, with several price ranges doubling year to date sales compared to same period last year. While prices are increasing due to low inventory and multiple offers over list, the appraisers are challenged to adjust for the changing market!
Months of inventory is defined by the National Association of Realtors as current inventory divided by the average number of monthly sales for the previous 12 months. A months of inventory above six is defined as a buyer’s market; a number below 6 is defined as a seller’s market. Six months is defined as a balanced market.
Days on market is defined as number of days from list date to contract date. This category always lags one month since it is based on contract activity. We are still maintaining a level above same period previous two years.
Home prices are experiencing the "Exxon Effect"! This chart compares the list price of a home to the actual sale price of the home. The 97% average for The Woodlands for the past 5 years is beginning to increase as our market continues to change.
The number of active buyers continues to improve despite record low level of homes for sale to visit.
This chart tells us the number of potential buyer visits to each active listing is more than double in several list price ranges. If you can significantly increase the number of buyers visiting your home for sale, the potential for a quick offer improves dramatically.
Visit Michele Flory for more information on The Woodlands real estate.
Comments(0)