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The Woodlands real estate starts 2013 with inventory of available homes for sale at a record low and written contracts at record high. We are already experiencing multiple offers at or above list price.
We are starting the year with the inventory of homes for sale down 49% from this time a year ago, and 64% from this time in 2011!
Some sellers have already taken advantage of the market, our sales for the month of January are 45% higher than last January!
This chart compares written contracts with new listings enterting the market. Notice the several list price ranges with number of contracts exceeding new listings. This is going to be an interesting market this year.
Months of Inventory is defined by the National Association of Realtors as current inventory divided by the average number of monthly sales for the previous 12 months. A months of inventory above six is defined as a buyer’s market; a number below 6 is defined as a seller’s market. Six months is defined as a balanced market. The average Months of Inventory in The Woodlands as of February is 1.6.
This year is expected to trend significantly lower than previous two years.
Here is a comparison of Days On Market between homes listed over $500,000 and homes listed under $500,000.
Our list price to sale price percentage is still very close to our historical 97%. This is another number expected to trend up as we enter the seasonal curve.
The number of monthly property showings remains strong despite low inventory.
This chart compares the average number of showings(potential buyer visits) for each active listing by list price range. The low inventory has almost doubled the number of showings in almost every list price range.
Visit www.MicheleFlory.com for more details by list price range.
The post The Woodlands Real Estate February 2013 appeared first on The Woodlands.
