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 June, 2008. This information is for Area 25 - Far West Houston which includes 'Katy City Limits'.
Single family home sales are down by 18.01% in comparison to June YTD 2007, with 1,329 recorded home sales YTD.
Listings are down by 28 units in comparison to last year or 1.77% with 1550 listings currently on the market compared to 1,578 last year.
Average sales price for the Far West area is down by .66% over June YTD 2007 and is currently $136,391. The median sales price (where half the homes sold above and half the homes sold below) was $122,900, a 3.61% decline over last year.,
The Far West area currently has 6.4 months of inventory, meaning if not other llistings were taken, and buyer demand stayed at current levels, it would take 6.4 months to deplete the current supply of homes.
The list price/sales price ratio of homes in the area is 97% (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 substantially due to a flood of inventory, from 2007 to present - from 73 days to 88 days.
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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