Written Contracts for the month of July, based on current velocity, are projected to total 222 Listings Pended or Placed Under Contract. Last July (2007) there were 301 Listings Pended or Placed Under Contract. The difference is 26.24%. 26.24% fewer listing placed under contract than last year at the same time.
What else you should know.
From here, sales will slow through February of 2009. Historically (see graph) the total number of contracts written per month declines. School begins anew, the holiday season kicks off and seasonally there are simply fewer buyers in the market place. Also, we expect that "For Sale" listing inventory will ebb for the same reasons.
Sellers: Now is the time to make adjustments. Staging, merchandising, painting, interior and exterior cosmetic enhancements and price adjustments should be made now. The longer you wait, the harder it will become to sell your property. Want to sell your property? Take action now.
Buyers: The selection of inventory is healthy, interest rates are expected to climb. Yes there are fewer sales than last year, but The Woodlands and Houston real estate markets are not even in the same solar system as Florida, Arizona or California. Real estate markets are local, forget the national news, study local conditions. SOLD prices have NOT declined, prices have actually appreciated. It's not expected to change. When you find what you like, take action, buy it.
Realtors: Listing Inventory is up, sales are down. To thrive in this market will require extra effort and actions, actions that are dramatic and remarkable. More marketing, more connecting, more follow through, more follow up, more communication, more patience, more networking, more service. Time to step up everything, puny milk toast performance will be wheeled to curb like those big brown trash cans. If I can support your efforts to shine remarkably, let me know.
Want more market data: Months Supply Of Inventory, Average List Price To Sales Price Percentages, Days On Market, Average Sold Prices - Click HERE for all the gritty details
Want more economic news the Greater Houston Area Economy and where we're headed? Click HERE.
If you have any questions about this material, I'd be happy to help, leave me a comment, or email me at Ken@KenBrand.com or you can call me on my cell phone = Ken Brand 832-797-1779.
All this real estate market data for The Woodlands is complied from the Houston Association of Realtors, Multiple Listing Service. By Ken Brand