Gary Greene's Real Estate Blog
Houston West Real Estate Market Area 31 for May YTD 2008
Posted on June 11, 2008
>Single-family home sales in the West Houston area have declined by 14.63% through May YTD 2008 over May YTD 2007 and currently register 321 units sold.
>Contracts written are down from this time last year by 65 units and there are currently 227 units recorded pending as opposed to 292 last year.
>Listings are down by 1.23% from this time last year with 481 homes on the market.
>Average sales price YTD in the West Houston area is $298,882 and that is 4.43% more than May YTD 2007 average sales price of $286,196. The median, where half the homes sold above and half sold below the midpoint is down 1.05% over last year and is $207,750.
>Homes in the West Houston area sell at an average sales price of $110 a sq. ft. A seller can expect to sell his home for an average of 97% of the list price and take an average of 81 days on the market to sell. Months of Inventory currently stand at 6.8, representing a market edging away from a sellers market and into a balanced market.
>West Houston registered #30 on the Houston Hotness Index in May [measures contracts written during the month as a % of current listings] because 9.6% of all current inventories went under contract during that one month.
>West Houston registered #30 on the Houston Hotness Index in May [measures contracts written during the month as a % of current listings] because 9.6% of all current inventories went under contract during that one month.
Data compiled by the Houston Association of Realtors Mulitple Listing Service and written by Toni Nelson, Director of Strategic Initiatives.
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