Today I just finished mailing to my database the Executive Summary to my 2008 Montgomery County Single Family Residence Review. The actual report is 42 pages in length and shows all of the important data for 2008 as compared to 2007. The report really is not a shocker by any means. Unit sales were down just over 20% for 2008 versus 2007. However the good news is that the average sales price and median sales price for the four MLS areas that comprise our county held steady and in some cases were up. We really saw no price deterioration in our county. That is great news as far as I am concerned.

In really looking at the numbers I think I even saw some positive trends developing towards the end of the year. I have no idea if those upward spirals will continue but do feel that we will know shortly. Let's all say a prayer that we see a unit sales increase this year. IF you would like a copy of the report send me an email. Here is the summary. Have a great day.  Ron

Montgomery County Single Family Residence Real Estate Review - Executive Summary

This Executive Summary is part of a forty-two page report. The complete report may be obtained by contacting me at ronwickes@kw.com.

MLS Area 15 - The Woodlands area and west to the county line

Single Family Residence (SFR) unit sales were down 893 units or 20.53% in 2008 versus 2007. Yet even with this sales decline the average sales price increased $6,948 and the median price increased a minor $600. The average number of homes for sale on the active market stayed about the same and followed the same patterns as 2007. There was only a minor increase of twenty-two homes in this category. The average days on the market increased an average of six days per sale for 2008 versus 2007. The average home took 76 days to sell in 2008. Although values appeared to hold and it only took about a week longer to sell a home in this MLS area the sales decline did result in a higher average "months inventory" figure. This figure increased a little over half a month from 4.5 months average inventory for 2007 versus 5.2 months average inventory for 2008.

Overall MLS area 15 appeared to handle our decreased market in a fairly stable manner.

MLS Area 19 - Conroe and the eastern parts of Willis

Single Family Residence (SFR) unit sales were down 215 units or 19.06% in 2008 versus 2007. Yet even with this sales decline the average sales price decreased a hardly noticeable $35 and the median price decreased only $500. The average number of homes for sale on the active market stayed about the same and followed the same patterns as 2007. There was only a minor decrease of forty-five homes in this category. The average days on the market increased an average of thirteen days per sale for 2008 versus 2007. The average home took 91 days to sell in 2008. Although values appeared to hold and it only took about two weeks longer to sell a home in this MLS area the sales decline did result in a higher average "months inventory" figure. This figure increased a little over three quarters of a month from 5.9 months average inventory for 2007 versus 6.7 months average inventory for 2008. Overall MLS area 19 appeared to handle our decreased market in an okay manner.

MLS Area 39 - Lake Conroe, Montgomery and west Willis

Single Family Residence (SFR) unit sales were down 379 units or 25.44% in 2008 versus 2007. Yet even with this sales decline the average sales price increased a whopping $18,451 and the median price increased a huge $17,270. Although I can not say for sure I will hazard a guess that waterfront sales had an impact on these numbers. The average number of homes for sale on the active market stayed about the same and followed the same patterns as 2007. There was only a minor decrease of eighteen homes in this category. The average days on the market increased four days per sale for 2008 versus 2007. The average home took 101 days to sell in 2008. Although values appeared to hold and it only took about half a week longer to sell a home in this MLS area the sales decline did result in a higher average "months inventory" figure. This figure increased one and a half months from 7.7 months average inventory for 2007 to 9.2 months average inventory for 2008. Overall MLS area 39 took the most serious beating in 2008 yet average and median sales prices increased. Although I do not have the data to prove it I do believe that waterfront and prime water view properties had a heavy influence on these numbers.

MLS Area 40 - East Montgomery County

Single Family Residence (SFR) unit sales were down 116 units or 19.50% in 2008 versus 2007. Yet even with this sales decline the average sales price increased $1,004 and the median price increased $3,800. The average number of homes for sale on the active market stayed about the same and followed the same patterns as 2007. There was only a minor increase of four homes in this category. The average days on the market increased an average of twenty-four days per sale for 2008 versus 2007. The average home took 99 days to sell in 2008. Although values appeared to hold and it took about a month longer to sell a home in this MLS area the sales decline did result in a higher average "months inventory" figure. This figure increased a little over half a month from 6.5 months average inventory for 2007 versus 7.6 months average inventory for 2008. Overall MLS area 40 appeared to handle our decreased market in a fairly good manner.

Montgomery County Summary and Outlook

County wide SFR sales were down 21.20% in 2008 versus 2007 and down 24.4% from 2006. Yet if you look at some of the year end numbers in detail you may see some signs of a possible loosening in our market. It will probably take another month or two to see if these slight upward indicators hold true or not. County wide active listings are at their lowest level since before January, 2007. In the last four months of 2008, months of inventory dropped one month from a high of 7.8 to its' end of December, 2008 reading of 6.8.With this drop in inventory, historically low interest rates and pent up demand is it possible that we have seen the bottom and are now on the way up again? Only a couple of more months will answer that question. Please contact me for a copy of the full report, with any questions you may have and of course with referrals of people you know who are interested in buying or selling real estate. Have a GREAT DAY!

"You never know where the bottom of the market is until it has passed"