• Single family home sales in the Far West area are up by a whopping 14.84% over November YTD 2006, with 2,940 recorded home sales YTD.
• Contracts initiated YTD 2007 is also up by 38.15%, or 2,448 total units.  This is one of the highest increases in contracts pending in the entire MLS area.
• Listings are also up by 54.84% with 1,646 listings currently on the market in comparison to 1,063 last year.  While most of Houston has experienced an increase in supply, no area known has experienced as much as this area.
• Average sales price for the Far West area is up by 4.07% over November YTD 2007 and is currently $139,484.  The median sales price [where half the homes sold above and half the homes sold below] was $127,740, a 2.19% increase over last year.
• The Far West area currently has 6.1 Months of Inventory, meaning if no other listings were taken, it would take 6.1 months to deplete the current supply of homes. This still represents a seller’s market, with the market pendulum approaching a balanced market.
• According to the MLS Houston Hotness Index for November, the Far West had 11.6% of all inventory go under contract during the month, earning a ranking of #10 out of 46 on the Hotness Index.
• The list price/sales price ratio of homes in the area is 97% [meaning a seller could expect a competitively priced home to sell for 97% of the list price].  Average price per square foot in the area is $66.  Days on the market has increased from 2006 to the present – from 70 days to the current 76 days.

 Data compiled by the Houston Association of Realtors® and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors®.