Looking at AVG Sold Prices in 2007 vs 2008 in Kingwood, Humble, Atascocita TX
Looking at Sold Price in 2007 vs 2008 in Kingwood, Humble, Atascocita TX
Okay, I had several phone calls asking why I thought the market is still good despite the last post showing decline in sales volume. Let’s spend some time looking at the sold price in 2007 vs 2008 year-to-date in the Kingwood, Humble, Atascocita TX real estate markets. I think if you are considering selling a home, you will be pleasantly surprised.
Kingwood Market Area
1/1/07 - 11/11/07 | AVG Sales Price $213,838
1/1/08 - 11/11/08 | AVG Sales Price $217,053
AVG Sales Price Increase 1.5%, Sales Volume Down 18.8%
Days on Market Increase from 59 DOM to 68 DOM (NOT MUCH DIFFERENT)
Atascocita Market Area
1/1/07 - 11/11/07 | AVG Sales Price $171,464
1/1/08 - 11/11/08 | AVG Sales Price $169,885
AVG Sales Price Decrease .9%, Sales Volume Down 23.6%
Days on Market Increase from 78 DOM to 84 DOM (NOT MUCH DIFFERENT)
Humble Market Area
1/1/07 - 11/11/07 | AVG Sales Price $152,769
1/1/08 - 11/11/08 | AVG Sales Price $153,610
AVG Sales Price Increase .5%, Sales Volume Down 11.4%
Days on Market Increase from 79 DOM to 91 DOM (NOT MUCH DIFFERENT)
Let’s look at specific neighborhoods in the northeast Houston area. Remember real estate is local!
Summerwood Market
1/1/07 - 11/11/07 | AVG Sales Price $240,006
1/1/08 - 11/11/08 | AVG Sales Price $258,448
AVG Sales Price Increase 7.7%, Sales Volume Down 19.3%
Days on Market Increase from 86 DOM to 91 DOM (NOT MUCH DIFFERENT)
Eagle Springs Market
1/1/07 - 11/11/07 | AVG Sales Price $223,151
1/1/08 - 11/11/08 | AVG Sales Price $223,379
AVG Sales Price Increase .1%, Sales Volume Down 24.5%
Days on Market Increase from 93 DOM to 98 DOM (NOT MUCH DIFFERENT)
Greentree Market
1/1/07 - 11/11/07 | AVG Sales Price $199,456
11/1/08 - 11/11/08 | AVG Sales Price $205,704
AVG Sales Price Increase 3.1%, Sales Volume Down 8.9%
Days on Market Increase from 48 DOM to 55 DOM (NOT MUCH DIFFERENT)
How should you interpret the numbers above?
1. Sales volume is down. No question about it, sales volume is down. My professional opinion is that when sales volume is down, it is a great time to sell. With less volume comes less competition. This does not mean that buyers are still not considering price and condition of the property.
2. AVG sales prices increase. In most cases, AVG sales prices continue to increase. Some factors such as new construction, varying greatly in price range, in the rapidly growing areas can account for some of the decline along foreclosures. Read the papers and look at the national markets, price increases are not happening in other places. Be thankful for such a stable market. Some price points may do better than others in this market, but the averages speak volumes.
3. Minimal changes in Days on Market (DOM): Days on market 2007 vs 2008 year-to-date has not changed that much. We are talking only days and not months.
How can you take advantage of this market? Contact Jeremy Williams of Keller Williams Realty Northeast serving the residents of northeast Houston including Kingwood, Humble, and Atascocita (Summerwood, Eagle Springs, Lakeshore, Summer Lake Ranch, Fall Creek). To learn more about Jeremy’s real estate services, visit his website www.williams4yourhome.com or read his blog at NE Houston Real Estate | Williams4YourHome.
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