 Market Report for JuneJuly 12, 2010 Dear Woodlands Area Real Estate Market Watchers: I was optimistic that the drop in sales we saw in May would be just a blip, but now with June written sales down as well, it is a double blip at least and perhaps a trend. July sales so far are on the slow side too. Statistically, our market overall is still relatively balanced. However, there is much more inventory in the lower price ranges than there has been for quite some time. Sellers are starting to feel it. The key for sellers is to have their homes realistically priced and exceptionally well staged. We are at close to 1100 home on the market in our area, and the average days on market is 150. Listings, sales and inventory graphs are attached. Details by price range are shown in the Market Report table. Remember, the important "market" to focus on is your price range. I have added Written Sales to this chart, since this is the forecast for closed sales activity in the next 30 to 45 days. I am expecting to see the fall off in closed sales starting this month, July, from the slowdown in written sales we saw starting in May. Here is the comparison of sales for May 2009 vs. May 2010: What's Happening in Your Price Range? Closed Sales Written Sales Price Range (M) June-09 June-10 Difference June-09 June-10 Difference Under $100 5 6 20% 5 1 -80% $100's 49 53 8% 52 38 -27% $200's 63 54 -14% 70 42 -40% $300's 42 39 -7% 36 37 3% $400's 24 20 -17% 20 16 -20% $500's 12 15 25% 17 10 -41% $600's 5 14 180% 7 8 14% $700's 4 4 0% 10 8 -20% $800's 5 4 -20% 4 0 -100% $900's 3 3 0% 0 3 - $1,000+ 7 5 -29% 3 9 200% Total Sales 219 217 -1% 224 172 -23% If you'd like more information specific to your price range, just give me a call. I have lots of details I can share with you. Inventory of homes on the market continues to increase However, there was another dramatic increase in new listings that came on the market in April, presumably because sellers were trying to catch any buyers who may be able to take advantage of the tax credits before April 30th. Interest rates for mortgages have dropped to record lows at about 4.5% for a 30 year mortgage with 0 points. If you are thinking about buying, now is certainly a great opportunity and I'd love to help you! If you know of someone who might be interested in these trends, please feel free to forward this message on, or send me their email address and I’ll add them to the distribution list, or just refer them to my website. And of course, if you’d rather not continue to receive these monthly updates, just let me know. As always, if you or someone you know needs to sell or buy a home, I’d love to help. I promise to take great care of you or anyone you refer to me! Best regards— |
