There were 230 homes sold in August….19% higher than August 2019! Our YTD sales are now off by 6%, down from the 9% last month. The last week in August with Hurricane Laura threatening Houston, played a little havoc on activity. Not to mention, everyone trying to figure out returning to school!
Inventory continues to be low, down 36% from a year ago. There are now 447 homes on the market in The Woodlands. Last year at this time we had 699 homes on the market.
Overall, our months of inventory is at 2.8 months, a little less than last month, and nearly 2 months lower than a year ago. This is a very healthy market for sellers and a challenging market for buyers trying to find homes!
This begs the question, why are we seeing some homes sit on the market? Buyers, even with less inventory, are looking for homes they have determined are move in ready. Now, maybe more than ever, as with COVID buyers do not want contractors in their homes. So, unless they are in the position to buy the home, do the remodeling prior to moving in, they move onto another house, or wait until one comes on the market that is move in ready, and this is when we see multiple offers on homes! If you have a home that is in need of updates, do it now. This is a prime time to be selling a home, with our low inventory, and there is no telling what next year will bring.
Interesting facts….homes priced under $500k have not only seen a decline in inventory, but, also a decline in sales. The price range with the largest increase in sales this year is for homes in the $900’s, by a dramatic 50% increase. The price range with the largest decrease in inventory is the $100’s with 86% less inventory, but, this is also due to less homes being available at this price point as homes increase in value. The next largest decrease in inventory is the $400’s, down by 56%. The price range with the least months of inventory is the $100’s with less than one month, closely followed by homes in the $200’s with 1.1 months of inventory, and the price ranges with the highest months of inventory are for homes priced over $1 million, and the months of inventory range from 10.3 to 85.5 months for homes priced over $3 million.
Subscribe to CommentsComment