Spring Branch Area 24

• The Spring Branch area ranked 16^thon the Houston Hotness Index for the month of December 2007 because 9.9% of all listings went under contract during that one month.
• Single-family home sales are down in the Spring Branch area by 19.94%. There were 843 home sales in 2007 and in 2006, there were 1,053 units sold.
• Contracts initiated during 2007 showed similar trends with a 22.56% decline over 2006. There were 491 contracts initiated this year and 634 contracts initiated in 2006.
• Spring Branch listings have declined by 9.9% from this time last year. There are currently 364 active listings whereas in 2006, there were 404.
•  The average sales price was up in 2007 in comparison to 2006 by 9.1%. The current average sales price is $230,558 and last year it was $211,320. In 2005, the average sales price in Spring Branch was $186,046, and current average sales prices are 24% above that level. This metric demonstrates the appreciation home sellers have enjoyed in Spring Branch over the last two years! The median sales price is up 3.83% and currently stands at $155,750.
• There are currently 4.8 months of inventory in the Spring Branch area, meaning that if no new listings came available on the market, it would take 4.8 months to sell the current supply. This represents a market favorable to a seller.
• A home priced comparably in the market can expect to sell for an average of 97% of the list price. Homes sold year-to-date have sold for an average of $111 per square foot.