Home Prices in The Woodlands – A Trend or a January Fluke?

January is typically the month of the year with the least amount of real estate sales activity – other than new listing activity.  Otherwise, December holds the usual record as the month for the least amount of new listings.

So, how did the market perform in January this year?  Here are some month-over-month statistics to illustrate:

  • Unit sales (number of homes sold) were down 5.5% over January 2011 and up 23.2% over January 2010
  • Inventory (number of homes for sale) is down 24.6% over January 2011 and down 12.4% over January 2010
  • The average price of homes sold this January was $438,980 up 20.4% over January 2011 and up 23% over January 2010.  A trend or a fluke?  This is an interesting statistic, and while likely skewed by a luxury property (or two) sold during a month with a minimal number of unit sales, still one to keep an eye on.  With inventory so low, this could be the beginning of a new trend.
  • Average days on the market was at 79 days – down from 102 days in January 2011 and up from 71 days in January 2010.

How much inventory is currently on the market?  Here is a breakdown by price range and months of supply:

Up to $200,000                   2.4 months

$200,001 – $300,000         3.7 months

$300,001 – $400,000         3.5 months

$400,001 – $500,000         3.2 months

$500,001 – $600,000         3.1 months

$600,001 – $700,000         4.4 months

$700,001 – $800,000         8.7 months

$800,001 – $900,000         9.7 months

$900,001 – $1,000,000     11.1 months

$1,000,001+                          12.7 months

Please note – for properties under $700,000, The Woodlands would commonly now be considered a seller’s market.

For more details on market conditions in your own neighborhood, please contact us for a complimentary market analysis.  Our goal is to always help guide you in making wise and profitable real estate decisions with the most updated market information.

 

Photo credit – Images of Money

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