Dear Friend,
Last week was the annual Keller Williams Mega Agent Camp hosted in Austin and virtually. As always, we had Gary Keller take the stage with his statistics and commentary on the state of the market. Typically (pre-Covid) The Woodlands and Montgomery County did not always follow the country in residential real estate sales. Now, we are following the trends. Below are a few of the 30+ slides that were shown to discuss the state of the market. Supply and demand has been the main reason for home price increases. Home prices continued to rise as the inventory continued to drop. Home unit sales in The Woodlands has been down every month this year as much as 60% compared to prior year. Inventory has been down as well with similar percentages causing a very fast inventory turn with buyers and sellers seeing homes "flying " off the market. It still continues, but is slowing. With Buyers experiencing higher interest rates (currently 5.4%) and an concerns for the economy, we are seeing buyers reluctant to purchase. We are still clearly in a sellers market with 1-2 months of supply in inventory. A stable market is 6-7 months of supply. Inventory is starting to increase, but at a very slow rate. Average price in The Woodlands has increased 53% in the past 10 years to $700,000 and nationally around 115% to $395,000. Long term the average is typically +4% which The Woodlands has followed. We do not typically have big swings in price, but have stayed stable (until the pandemic) making it a stable real estate market. We can't predict the future, but most economists are predicting the current market to stay the way it is for a 1-2 years and that is what we are predicting as well. I am always available if you have any questions. Have a great weekend!
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