You might wonder what really constitutes a luxury home. By definition, a luxury home is a home priced above $500,000 or is priced in the top 10% of the local market, whichever is greater. In the greater Houston area where prices vary so, a price of $500,000 or greater is a luxury home. In The Woodlands (HAR MLS area 15, location 107) however, where prices average a little more, a home priced at least $600,000 is classified as a luxury home. In 2007, there were 2549 single family homes sold in HAR MLS area 15, location 107. Of those, 257 single family homes were priced at least $600,000. 76 homes with the same MLS criteria sold for $1,000,000 or more in 2007. The highest priced home (in MLS) sold in 2007 sold for $3,174,500 in The Woodlands.
So how is 2008 stacking up in comparison? Interestingly, there have been 150 single family homes reported in MLS in The Woodlands that were listed for $600,000 or more that have sold and closed this year. The highest priced home sold so far this year in The Woodlands sold for $5,000,000. It was located in the gated section called Carlton Woods. This was a record sale for the resale market in The Woodlands.
To view all MLS listings, visit www.TheHometownTeam.com and find your luxury home. Carol is a certified luxury home specialist and is ready to assist you.
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