You might wonder?
How did last month’s wall street meltdown effect the real estate market in The Woodlands Texas?
As you’ll see from the picture below, written contracts for the month of October were down 34% compared to October 07′.
Tepid sales appears to be the result of emotional stresses. What do I mean? Qualified buyers are postponing their buying decisions because they are uneasy, not because their jobs are in jeopardy or they can’t get financing or they don’t have the means.
Like a stretched red-rubber band, pent up demand is building and we suspect that post-election and as wall street stabilizes, buyer activity will buzz-back and sales will snap forward.
Another question I’m frequently asked is, “Is there mortgage money, can you get a home loan?” The answer is a definite YES. Mortgage rates are low too.
A couple of other tidbits:
Average Number of Days On The Market For Active MLS Listing Inventory = 100 Days.
Average Number of Days On The Market For MLS Homes That SOLD and Closed in October = 79 Days.
Take Away: If your home has been on the market for more than 100 days, adjust something – the staging/merchandising, the marketing or the price position.
Averages October MLS Sold Price in The Woodlands = $321,143 (All Brokers Combined)
Average October MLS Sold Price to List Price = 95.6% (All Brokers Combined)
Average October Prudential Gary Greene, Realtors Sold Price to List Price = 97.6%
I’ll publish more market statistic information in the next couple of days. If you have any questions or comments, I welcome your call: 832-797-1779
Download The Woodlands Texas – Listing Inventory & Written Sales Real Estate Report – October 2008 Here.
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