What's happening in the real estate market?
Below is the market update from the Houston Association of Realtors year to date as of the end of July, 2008. This information is for Area 25 - Far West Houston which includes 'Katy City Limits'.
There were 1601 sales YTD in 2008 vs 1901 in 2007, this represents a drop in sales of 15.78%. The average sales price YTD is $137,582 which is an increase of .44% of 2007.
The median price home is down 4.69% - from $127,160 in 2007 to $121,200 in 2008. Sales price per square foot has gone from $66 in 2007 to $64 in 2008 - a drop of 3.03%. There have been 3320 new listings YTD - vs 3977 in 2207. That's a reducdtion of 16.52% on the market this year. As a result there are 188 fewer pending sales this year or 12.04% less. The days on market for home has increase for 73 in 2007 to 87 in 2008. There is currently 6 months inventory on the market - which means that if no additional home go on the market all the homes listed would be sold in 6 months.
Keep in mind that there are variations in the market within the area - to see what is happening in your neighborhood go to SmithFamilyTeam.com and order your personalized Market Report.
Data compliled by the Houston Association of Realtors Multiple Listing Service.
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