By: Sam Parikh
Every time Kasteena and I sit down with anyone, the question that is always popping up these days is "how is the market?"
While the broad Houston market may have some challenged areas, West University as a micro-economy is doing as great as it was last year going into spring. People start to buy in March, and the most closings happen in April, May, June (topic for another blog post) in our market.
We are seeing strong signs in Jan and Feb so far. Compared to last season the average sales price is holding steady at $1.4M, and we are seeing price strength in that people are getting the price they are listing for (95% sales to list price fulfillment, same as last year). Days on market is a little longer, 77 days compared to 60. And momentum is 13 houses sold to 18 in the same period last year.
However, that is a small absolute number in a small amount of data. Low interest rates are still contributing to strong home sales in spite of lower commodity prices and fluctuating stock markets. Be discerning, location and condition are making a difference, so buy and sell smart.
Keep Living West U - I'm looking forward to seeing everyone at Yoga in Park!