The Woodlands real estate market continues to mirror last year's sales at even lower inventory levels.
With interest rates at record lows plus continued employment gains in our market, The Woodlands real estate market will be extremely hot as we enter the "real estate season" Active Listings - Total active listings in The Woodlands is 651 as of March 1, 2010 versus 676 same month last year.
Historically, our inventory of homes for sale peaks in July of each year.
New Contracts - As of February 28, 2010, 141 homes were under contract in The Woodlands.
Total homes under contract were 99 at the end of January 2010.
We are following the seasonal trend that peaks in May.
Months Of Inventory - This term is defined as the average monthly number of homes sold during a previous 12 month period divided by the 13th month's number of total active listings.
A number above 6.
0 is a buyers markets; more listings than buyers.
A number below 6.
0 is a sellers market; more buyers than sellers.
A range of 5.
0 to 6.
0 is considered a balanced market.
The Woodlands months of inventory as of March 2010 is 5.
3; a balanced market.
Example of a sellers market within our community -There is a strong buyer need for "custom leisure" homes in The Woodlands.
Custom leisure homes are similar to patio homes, except they are built by a custom versus a production builder.
The square footage can range from 3,000 to 5,000 square feet with prices ranging from $300,000 to over $1 million.
Average List Price Versus Sale Price - Both January and February averaged 95.
2% of list price.
Prior to 2009, sale price in The Woodlands averaged 97% of list price.
Due to economic conditions, we have lost an average of 1.
8%.
How many sections of the country would like to have this percentage? Visit Michele Flory at http://www.
MicheleFlory.
com for three-year month-to-month graphs of the above topics.