First, a sheepish “HELLO!”.  Darlene and I were so excited about the opportunity to begin a real blog on our site we just “dug right in” and started well…blogging.  But now it seems a little abrupt - like the salesman who calls in the middle of dinner and begins plowing into their script without introducing themselves, why they called, or most importantly, why they want to take up your time. 

 

In retrospect, the topic of our very FIRST blog should have been to introduce ourselves to you, explain our purpose behind doing a blog, and what we hope you, our friends, clients, customers and neighbors take from this blog.  So, please allow me to back up a bit and introduce ourselves.

 

Both Darlene and I are Realtors in the Houston area, mainly Friendswood, Pearland, League City, Clear Lake, and Alvin.  We have a driving passion for excellence – excellent customer service, excellent knowledge of the Real Estate business, excellent negotiation…anyway, you get the idea.   Also, we know…every Realtor says that same thing, but the number of referrals we generate from past clients and customers we feel demonstrates our commitment to excellence, and we feel truly blessed to watch that our very special network of clients and friends grow exponentially as others tell others about our service.

 

We also happen to feel like our clients are friends and family.  Which means we treat them very special, because they (you) are. We decided to put a blog on our site to extend that special connection we have with you by helping you demystify the home buying and selling process and helping you clarify what you want to buy, where, prices, etc.  Because the truth is, the process of selling or buying a home is one of the most complicated transactions there is. 

 

We also hope you will also log in at times when you aren’t buying or selling.  We will be posting information about areas, events, activities and interesting tidbits that may have nothing to do directly with Real Estate, but have everything to do with enjoying the high quality of life in Houston and the Friendswood/Clear Lake/Pearland/League City areas.

 

Most importantly, please know that this is your blog.  In other words, we want this blog to be interactive and relevant to YOU!  If there is a topic that we haven’t addressed that you need information about or are “just curious” – write and ask us.  We don’t always have the “answer” but rest assured we will do our best to find out.   If you enjoy the topics – we would love for you to say so and conversely, as much as we try, we aren’t “always right” so if you disagree with something we say, we hope you will let us know that, too.

 

Which brings me to the last point:  One important reminder is that this is a blog – it consists of opinions, our opinions and those are not necessarily facts (as hard as we try to get it right).  For example if we blog about a mortgage topic and it applies to your situation, don’t just take our word for it, find a qualified Mortgage lender and verify everything with them before taking action. 

 

Finally, if there is anything we can do to assist you, or your friends, family, or neighbors with their Real Estate needs, buying or selling, please know it would be our privilege to serve them and add them to our wonderful Real Estate family.

 

We’re looking forward to talking with you, soon!

 

Val

 

 

 

Darlene and I always recommend doing a home inspection to our clients who are buying a new home.  Many times they want to save themselves the money and anyway, they reason – it’s a new home – and there is a home warranty from the builder!  Then they ask:  “Do I really need an inspection on a new house?”

Absolutely!  In fact, The Texas Association of Realtors found in a study that 45% of defects found in pre-owned homes were present when the home was purchased new. 

There are many valid reasons for getting an inspection on a new home. 

1)      Although your builder should stand behind their warranties and guarantees, making needed improvements and correction to the construction after you live in the home or address code and repair items after your closing may be costly, inconvenient or at the very least, complicated.

2)      Many people argue that the builder assures them they have their inspectors come in to insure their home is up to code, and most of the time city inspectors are required to inspect as well.  That’s true.  However, city inspectors are overworked –many times inspecting up to 20 homes per day (khou video) and they occasionally miss code violations.  The builder’s inspector works for the builder – not you.  The money you spend to have an inspector who represents your interest can save you thousands in the long run.

3)      Another thing to remember that this is a business for New Home Builders, and cost savings is cruitcal to their profitability.  As a result, occasionally they try to save money by putting in less costly compoents for a significant savings to them. For example, they are building 100 homes in a subdivision. If they can save $10 on one component of every house, they will save $1,000. There are thousands of components to a home. If they can save $10 on 100 components, now that’s $1000 per house or $100,000 for the subdivision. And sometimes they can save a lot more. It’s a smart business decision on the part of the builder, but if those components are sub-par or improperly installed, it is either the builder’s cost or your future cost, and as your Realtor, you are the one we represent.

Let’s protect your investment and get a qualified inspector to give you a professional opinion of your homes current condition and any future problems. 

If you want to know more tips about new home buying, and how we can help you, give us a call! 

Below are a few links to help you in your home buying process.

National Association of Home Builders Guide

 American Home Guides

Building a Green Home

Regards,

Darlene and Val

Your GM Team

YTD Review of the Market for Houston and surrounding areas:

 

Houston Overall Statistics March YTD 2007

§         Single-family home sales were 13% less than found in First Quarter YTD 2007 sales with 13,240 MLS recorded sold units, In First Quarter YTD 2005, there were 12,504 MLS recorded home sales indicating that although the market is down from last year, it is up by 6% from what is currently known as the third greatest year in Houston history.

§         Dollar volume sold in MLS through First Quarter 2008 is $2,667,682,458 which is a 10% decline in dollar volume sold over last year.  However, dollar volume is currently up by 20% from YTD 2005.  

§         Average sales price YTD is $201,487 or 3% greater than this time last year.  And how far we have come from 2005 where the average sales price was $176,544, or 14% less than current.

§         Active listings are up by 10% with 35,053 single-family homes on the market.  In 2005, there were 29,339 single-family homes on the market or 19% fewer homes than currently found.

§         Contracts written, which represent 2008 First Quarter buyer demand in Houston are down 12% over this time last year with 11,109 homes that have gone under contract.

§         Average sales price per square foot is $87, which is the same as last year. 

§         Days on the Market, a statistic that is good if it is declining has gone up by 11% since last year and the average time to sell a home in Houston is 90 days.  

The Houston market sales year-to-date seems to be one of extremes, particularly in sales closed by price class.  The number of homes sales in

 

1.       homes priced below $79,999 are up,

2.     homes priced between $80,000 - $599,999 are down in number of units sold since last year [except $300,000-$399,999 is even with last year]

3.     homes priced between $600,000-$699,999 are up 2% over last year

4.     homes priced between $700,000-899,999 are down over last year

5.     homes priced from $900,000-$999,999 are up by 9% and

6.     The largest increase of any price class above $80,000 is homes priced $1,000,000 and more.  There has been a 28% increase in home sales in this price class since last year.  The high-end and low-end of the housing market is driving buyer demand more than any other price class.  It is unusual for Houston to see this type of price swing, which has atypically been like our average sales price depicts a predominantly middle market.

§         Although the Houston market in the first quarter is not as strong as last year, it is one of the most positive markets in the nation and consistently at the top of nationwide lists in terms of value for the dollar and a great place to invest.

 

Atascocita – Area 1

 

• Single-family home sales in the Atascocita area have declined 13.4% over March YTD 2007.  The market has experienced 504 home sales since the beginning of the year and last year there were 582 units sold during the same time frame.
• Contracts initiated this year are 7.91% less than those found a year ago.  There were 512 units that went under contract in March and last March there were 556. 
• Listings are up by 7.36% and there are currently 1,386 units on the market as compared to 1,291 last year.
• Median sales price YTD has declined 2.33% and currently stands at $146,500 and last year the median sales price was $150,000.  Median sales price is where half the homes sold above and half the homes sold below.
• The Atascocita area currently has 6.2 months of inventory.  Months-of-inventory is an indicator of the status of the market.  Currently, if no new listings came on the market, it would take 6.2 months to deplete the current supply.  Rather than being a buyer or seller market, Atascocita currently represents a balanced market, where neither the buyer nor the seller has an advantage.
• In March 2008, the Atascocita area was #8 on the Houston Hotness Index because 13.3% of its’ entire inventory went under contract during that one month.  Current market data indicates the market is one of the top ten hottest selling areas in Houston.

 

 

Bear Creek – Area 8

 

·        Single-family home sales in Bear Creek experienced a 27.6% decline in the area in the First Quarter. There were 446 MLS recorded home sales, and in the First Quarter 2007, there were 616…

·        Listings are up ever so slightly in the Bear Creek Market area by 1.53% over this time last year with 1,059 homes listed and on the market.

·        The most important metric revealing current buyer demand is contracts pending.  They are down by 152 units with 354 homes receiving contracts in the First Quarter.  First Quarter contracts written last year registered at 506.

·        The median sales price is higher than last years’ and currently stands at $146,380, an increase of 2.02%.  Last year, the median sales price was $143,480.

·        The Bear Creek Market area currently has 5.2 months of inventory, which is a considerable increase in supply. Last year, the Bear Creek Market had 4.2 months of inventory.  This is still a sellers’ market and one of the best times ever to sell a home in Bear Creek!

·        In March 2008, 11.1% of all listings in the Bear Creek area received a contract during the month, according to the Houston Hotness Index published by the Houston Association of Realtors for March 2008. 

 

 

Clear Lake Area 7

§         Clear Lake was ranked #2 on the March Houston Hotness Index because 14.4% of all its’ listings went under contract during that one month!  The hotness ratio is pending sales [buyer demand] as a percent of listings.

§         Clear Lake single-family home sales have declined by 64 units over first Quarter 2008 with 408 homes sold as compared to 472 last year.

§         Contracts written and scheduled to close year-to-date are 53 units behind last year for a total of 314 MLS recorded pending sales.

§         Homes listed and on the market in Clear Lake are up by 3 units or .40% from this time last year with 750 single-family homes on the market today as compared to 747 last year.

§         Clear Lake’s Average sales price is up by 4.87% and currently stands at $187,339, as compared to $178,637 last year during the same time frame.  The median sales price is also up slightly and currently stands at $149,900, representing a 3.38% increase over March YTD 2007’s $145,000.

§         Days on the market register at 83, which represents 5 more days it took to sell a home than it did last year.

 

The Heights – Area 9

 

§         The Heights single-family home sales have declined by 93 units over March YTD 2007 with 433 homes sold in 2008 as compared to 526 last year, a 17.68% increase.

§         Contracts written and pending to close year-to-date are 85 units behind last year for a total of 305 MLS recorded pending sales.

§         Homes listed and on the market in The Heights are up by 8.6% from this time last year with 1,314 single-family homes on the market today as compared to 1,210 last year.

§         The Heights Average sales price is up by 13.04% and currently stands at $250,693, as compared to $221,775 last year during the same time frame.  Median price, where half the homes sold above and half the homes sold below the median price is up 22.88% and it is currently $239,000.

§         Days on the market register at 97, which is 20 days more than it took to sell a home last year.

§         The Heights was ranked #32 on the March Houston Hotness Index because 8.2% of all its’ listings went under contract during that one month!

 

 

North Area 12

·        Sales in the North Market area in the First Quarter of 2008 have declined by 37 units in comparison to 2007.  The area recorded 416 closed single-family home sales and in 2007 experienced 453.

·        Listings are up in the North Market area by 6.23% over this time last year with 1,126 homes listed and on the market.

·        Contracts pending are up by .47% with 425 homes receiving contracts in the First Quarter of 2008.  Contracts pending in the First Quarter of last year registered at 423.

·        Average sales price is slightly higher than last years’ average sales price and currently stands at $109,374 representing a decrease of 5.55%.  Last year, average sales price was $115,798.  The median price where half the homes sold above and half sold below in the First Quarter of 2008 was $104,140, down 6.18% from last year.

·        The North Market area currently has 6.9 months of inventory, indicating the market is balanced, however further excess inventory could put it in a buyer’s market.

·        A home seller in the North Market can expect to sell a comparably priced home for an average of 96% of the list price.  The average price per square foot in the North area is $57.

 

 

Northwest 13

 

·        Sales have declined in the Northwest Market area in comparison to First Quarter 2007 by 9.02% with 605 MLS recorded home sales!

·        Listings are up in the Northwest area by 5.12% over this time last year with 1,662 homes listed and on the market.

·        Contracts pending are down by 14.13% with 547 homes receiving contracts YTD through First Quarter 2007.  Contracts pending in the First Quarter last year registered at 637.

·        Average sales price is higher than last years’ average sales price and currently stands at $175,703 representing an increase of .22% Last year; average sales price was $175,309.  Paradoxically, the median, where half the homes sold above and half the homes sold below the median sales price, are down by .67% and currently stand at $144,030.

·        The Northwest Market area currently has 6.8 months of inventory.

·        In March 2008, 9.8% of all listings in the Northwest area received a contract during the month, according to the Houston Hotness Index.

 

Far Northwest 14

 

·        Sales declined in the Far Northwest area over first Quarter 2007 by 6.35% with 413 MLS recorded home sales!

·        Listings are up in the Far Northwest Market area by 14.51% over this time last year with 1,034 homes listed and on the market.

·        Contracts pending are up by 2.99% with 379 homes receiving contracts YTD through First Quarter 2008.  Contracts pending First Quarter last year registered at 368.

·        Average sales price is also higher than last years’ average sales price and currently stands at $211,757 representing an increase of 12.69% Last year; average sales price was $187,919.

·        The area currently has 6.2 months of inventory.

·        In March 2008, 13.3% of all listings in the area received a contract during the month, according to the Houston Hotness Index, earning the area a 7^th place ranking in the entire MLS area.

 

 

 

Conroe – Montgomery County NW – Area 39

 

·        Sales are down by 27.11% in NW Montgomery County from this time last year over First Quarter 2007 with 242 homes sales recorded in MLS as compared to 332 last year.

·        Contracts written year-to-date are down by 27.16% with 177 recorded pending contracts year-to-date as opposed to 243 last year.

·        Listings are down over this time last year by 1.54%.  There are currently 961 homes on the market in the area.

·        Average sales price is up over last year by 1.3.72% and currently stands at $250,857.  The median sales price is also up by 16.14% and is currently $187,500.

·        The area has 8.4 months of inventory. The average price per square foot is $100 and average days to sell a home are 105, which is up from last years’ 101.

·        The Houston Hotness Index indicates that the Conroe area sold 6.4% of its supply in the month of March.

 

East / Wood forest Area 2

 

·        Sales are down in the East by 13.44% in First Quarter 2008 with 483 homes sales recorded in MLS as compared to 558 last year.

·        Contracts written year-to-date are down by 5.5% or a total of 481 units recorded in MLS as pending contracts in First Quarter 2008 in contrast to 509 last year.

·        Listings are up over this time last year by 261 units or 19.91%.  There are currently 1,572 homes on the market in the area.

·        Average sales price is down from last year [8.80%] and currently stands at $90,592.  The median price is $85,900, down 10.47% from 2007.

·        The area has 6.7 months of inventory, and is approaching a buyer’s market.  The average price per square foot is $59 and average days on market to sell a home are 74, which is down from last years’ 85.

 

 

Fort Bend Sugar Land Z 29

 

§         Sugar Land area [Z29] ranked Number 1 on the Houston Hotness Index in March, with 16.2% of its listings receiving a contract during the month. 

§         The hotness ratio is measures pending sales as a percent of active listings, [current buyer demand] whereas actual sales are a measure of buyer demand in previous months.  In the entire Houston MLS market area, Sugar Land had a higher percent of pending sales than any other market area in March.  As a result, Sugar Land has experienced a 20.74% decline in single-family home sales over First Quarter 2007 with 298 home sales as compared to 376 home sales last year.

§         Contracts written in Sugar Land in First Quarter 2008 are 246 units pending to close, which is 10 fewer units than last year.   

§         Sugar Land’s average sales price is up by 7.57% over First Quarter 2007 and now stands at $259,704 as compared to last year’s $241,429. 

§         Sugar Land homes on the market are up by 25.73% with 606 homes on the market as compared to last year’s 482.  However, if current demand continues as expected, this increase in inventory could very rapidly be absorbed.

§         There are 4.1 months of inventory in Sugar Land and that makes for a very healthy seller’s market.  It takes 65 days on average to sell a home in Sugar Land, which are 8 more days that it took last year.    

§         Sugar Land will continue to heat up as summer approaches,  It is a great time to sell your home in Sugar Land due to its’ higher average sales price, and current buyer demand.  Look for 2008 to be another positive chapter in Sugar Land real estate history.

 

 

 

Fort Bend Missouri City Z 38

 

• Missouri City has experienced 77 fewer home sales in the First Quarter 2008 than it did in 2007 with 413 home sales recorded in the Houston Association of Realtors® Multiple Listing Service.
• Contracts written in Missouri City are down by 22 units in comparison to First Quarter 2007 and now records 409 units pending to close. 
• Missouri City’s average sales price declined 1.44% over year-to-date first Quarter 2007 and now stands at $163,404 as compared to last year’s $165,784.  The Missouri City median sales price of $129,900 is 3.06% less than First Quarter of last year.
• Missouri City homes on the market are down by 5.27% with 1,042 homes on the market as compared to last year’s 1,100.
• There are 6.1 months of inventory in Missouri City as compared to last year’s 6.7, and the market is approaching a sellers market.  It takes 100 days on average to sell a home in Missouri City whereas last year, it took 86.
• According to the March Houston Hotness Index, the Missouri City area [area 38] had 14.1% of all listings receive contracts during the month, earning it a 5^th place ranking on the Houston Hotness Index.
• Sellers’ should precision price their homes in accordance with the most recent sold comparables and monitor market activity to insure the home stays competitively priced   

 

Fort Bend West Area 37

 

• Single family home sales in the West Fort Bend area are down by 22.38% over first Quarter 2007, with 385 recorded home sales YTD.
• Contracts initiated First Quarter 2008 are up by .53%, or 381 units and that indicates that demand is rising for the area.
•  Listings are up by 18.24% in the Fort Bend West area with 1,154 listings currently on the market in comparison to 976 last year.
• Average sales price for the Fort Bend West area has increased by 2.97% over First Quarter 2007 and is currently $179,422.  The median price, where half of the homes sold above and half sold below the median price of $154,950 has risen 1.13% from First Quarter 2007 to First Quarter 2008.
• The Fort Bend West area currently has 6.8 Months of Inventory, meaning if no other listings were taken, it would take 6.8 months to deplete the current supply of homes. 
• According to the MLS Houston Hotness Index for March, Fort Bend West had 12.8% of its inventory go under contract during the month.  The list price/sales price ratio of homes in the area is 95% [meaning that on average, a seller could expect a reasonably priced home to sell for 95% of the list price].  Average price per square foot in the area is $72.

 

 

 

Fort Bend Southwest Area 30

 

• Fort Bend Southwest was #16 on the Houston Hotness Index for March had 12% of all inventory go under contract during the month.
• Single family home sales in the Southwest Fort Bend area are down by 20.25% over first Quarter 2007, with 256 recorded home sales YTD.
• Contracts initiated First Quarter 2008 is also down by 19.32%, or 238 total units.
• Listings are up by 15.59% in the Fort Bend Southwest area with 697 listings currently on the market in comparison to 603 last year.
• Average sales price for the Fort Bend Southwest area is up by 9.37% over First Quarter 2007 and is currently $212,704.  The median price is up by .84% and is currently $179,500 as compared to $178,000 last year.
• The Fort Bend Southwest area currently has 6 Months of Inventory, meaning if no other listings were taken, it would take6 months to deplete the current supply of homes, given current demand.
• The list price/sales price ratio of homes in the area is 96% [meaning a seller could expect a reasonably priced home to sell for 96% of the list price].  Average price per square foot in the area is $80, up from last year’s $77 a square foot.

 

 

 

 

 

Katy / Cinco Ranch Area 36

•       The Katy/Cinco Ranch Area was Number 6 on the Houston Hotness Index for March 2008.  13.9% of all active listings went under contract during the month.

•       The area has experienced 503 homes sales YTD or a 1.3.28% decline over First Quarter 2007. 

•       There has been a 13.49% decline in average sales price, which currently stands at $240,793.  The median has gone up 3.38% since the First Quarter of last year and is currently $205,990.

•       The Katy / Cinco Ranch area has experienced a 13.49% decline in pending sales for a total of 417 YTD.

•       There is no shortage of homes on the market as the area experienced a 33.99% increase in homes on the market. There are currently 954 homes on the market.

•       The market has 4.4 months supply of inventory, which still indicates an appreciating market, but not as strong as the 3.1 months of inventory experienced last year.

 

Far West – Katy

Area 25

 

• Single family home sales in the Far West area are down by 11.45% over March YTD 2007, with 603 recorded home sales YTD.
• Contracts initiated YTD 2007 is also down by 4.25%, or 586 total units.
• Listings are also up by 9.31% with 1,526 listings currently on the market in comparison to 1,396 last year.
• Average sales price for the Far West area is down by 2.08% over March YTD 2007 and is currently $137,109.  The median sales price [where half the homes sold above and half the homes sold below] was $124,950, a 3.51% increase over last year.
• The Far West area currently has 5.7 Months of Inventory, meaning if no other listings were taken, it would take 5.7 months to deplete the current supply of homes.
• According to the MLS Houston Hotness Index for March, Far West had 14.2% of all inventory go under contract during the month, earning a ranking of #4 out of 44 on the Hotness Index… 
• The list price/sales price ratio of homes in the area is 97% [meaning a seller could expect a reasonably priced home to sell for 97% of the list price].  Average price per square foot in the area is $63.  Days on the market have increased from 2007 to the present – from 93 days to 74 days.

 

 

Galveston County Area 33

 

§         Single-family home sales in Galveston County were down 10.47% in First Quarter 2008 over the previous First Quarter with 838 home sales recorded in the Houston MLS year to date. There were 936 closed home sales last year during the same time frame.

§         Pending contracts recorded first Quarter 2008 were down by 15.01% compared to last year.  Pending units recorded year-to-date currently stand at 640 units whereas last year, pending units were 753.

§         Galveston Homes on the Market reached the 2,710 mark in March 2008 and are up by 4.27% over last year, where inventory was 2,599.

§         Galveston County’s average sales price is $188,819 and that figure is down by 1.49% over last year. The median sales price is down by 3.14% and currently stands at $154,000.

§         Galveston County currently has 8.2 months of inventory. Days on the market [DOM] to sell a home in Galveston County is currently 96 and that is more than last year’s 95 DOM.

§         With the increase in supply, the market indicates that listings should be precision priced at its current 94% list price/sales price ratio or higher.

§         Galveston County was ranked 33rd on the Houston Hotness Index in March because 8.2% of its listings went under contract during that one month.

 

Hempstead East Area 10

 

• Single-family home sales are down by 72 units in the East Hempstead area over First Quarter 2007 with 412 home sales recorded in MLS year to date.  There were 484 single-family home sales last year during the same time frame.
• Pending contracts declined over first Quarter 2007 by 15.83%.  Pending units recorded year-to-date currently stand at 303 whereas last year, pending units were at 360.
• Hempstead East Homes on the Market are up by 15.87% over last year.  There are currently 1,000 homes on the market as compared to 863 last year.
• The median sales price in the Hempstead East is up by 2.74% at $161,500.  The median is the midpoint sales price where half of the homes sold above that price and half of the homes sold below. The average sales price is $186,590 and that figure is 9.81% higher than last year’s $169,928. 
• Months’ inventory is still indicative of a sellers’ market with 5.6 months of inventory.  Days on the market to sell a home in the Hempstead East area are currently 82, and last year, DOM was 75.
• In March 2008, the Hempstead East area ranked #18 on the Houston Hotness Index because 11.7% of all listings went under contract during the month.

 

 

Kingwood Area 32

 

§         In First Quarter 2008, Kingwood was #26 on the Houston Hotness Index because 9.4% of all listings went under contract during that one month.

§         Single-family home sales are down in Kingwood over First Quarter 2007 by 45 units or 16.98% with 220 home sales recorded in MLS year to date compared to 265 closed last year during the same time frame.

§         Pending contracts [how the hotness index is ranked] displayed a decline over First Quarter 2007 by 28.33% in First Quarter 2008.  Pending units recorded year-to-date currently stand at 172 whereas last year, pending units were at 240.

§         Kingwood Homes on the Market are up by 27.7% over last year.  There are currently 521 homes on the market in Kingwood as compared to 408 last year.

§         Kingwood average sales price is $220,261 and that figure is up by 16.31% over last year.  The median sales price, where half the home sold above and half sold below the median is $175,000, which is 9.44% more than found last year. 

§         Kingwood represents a seller’s market with 5.5 months of inventory.  Days on the market to sell a home in Kingwood are currently at 84 days, and last year, it was 73.

 

 

Southwest Inner Loop Z 17

 

• Single-family home sales declined in the Inner Loop from First Quarter 2007 to First Quarter 2008 by 59 units with 200 homes sales recorded in the Houston MLS.
• Pending contracts, which represent buyer demand year-to-date, has experienced a 23.29% increase of 34 units.  Pending contracts currently stand at 112 pending sales and last year, it experienced 146 pending contracts. 
• Listings have increased from this time last year by 28.89% and the current inventory stands at 522 homes on the market.
• Average sales price has risen by 14.05% since this time last year and average sales price is currently $678,275.  The median price, where half the homes sold above and half the homes sold above is $585,000, which is up from the time last year by 13.37%.
• The average price per square foot in the SW Inner Loop is $208 and last year the average was $191.
• Homes listed in the SW Inner Loop can expect to net 97% of the list price on average and sell on the average after 77 days on the market.

 

 

 

Spring Branch Area 24

 

• Single-family home sales are down in the Spring Branch area by 1.76%.  There were 167 home sales First Quarter 2008 and last during the same time frame, there were 170.
• Contracts initiated during the First Quarter of 2008 showed a contraction with a 23.48% decline over last year during the same time frame. There were 152 contracts initiated last year and 132 this year.
• Listings have increased by 4.14% from this time last year.  There are currently 352 active listings whereas last year, there were 338.
•  The average sales price is up over this time last year by 3.79%.  The current average sales price is $227,598 and last year it was $219,284.  The median price, where half the homes sold above and half sold below the median is $159,000.  The median price is up 2.42% over last year.
• There are currently 5.2 months of inventory in the Spring Branch area, meaning that if no new listings came available on the market, it would take 5.2 months to deplete the current supply.  This represents a market more favorable to a seller, even though current sales are not keeping up with last years’ exuberant market.
• A home priced comparably in the market can expect to sell for an average of 97% of the list price.  Homes sold year-to-date have sold for an avera