This week in residential real estate in Georgetown, Texas
April 20, 2008 at 9:03 am , by Jenel Looney
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A combined 59 homes either went into Pending status or sold this week here in Georgetown, TX, while 46 homes were added to the market. 276 homes have sold in MLS areas GTE and GTW so far this year, an average of 2.5 homes sold per day. However, over the past 30 days, an average of 2.8 homes have sold per day. Things really are picking up. That may not seem like a significant change, but over the course of a year, that means more than 100 additional homes will sell. If the pace continues to rise, we’ll see a lot more happy home sellers and home buyers. |
| In the chart below, I’ve noted the average list price of each category, plus the average actual sales price of homes that went to the closing table this week. The average sales price is still under $200,000. The least expensive home sold for just under $80,000, and the most expensive sold for just under $350,000. 11 of the 27 homes sold are in Sun City Texas. Those homes sold for an average of $228,277. |
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| The homes that sold this week spent an average of 82 days active on the market. One Sun City home, shockingly, went on the market on April 12 and went to the closing table on April 14. I can’t even fathom how that would happen. The buyers must have paid cash and not required an inspection. I would never recommend buying a home without an inspection. It is possible the sellers had the home pre-inspected. (I guess I could fathom a possibility, after all.) |
| The over-$400,000 market is still seeing slow sales. 19 homes have sold for more than $400,000 so far this year, while we currently have 158 homes on the market in this price range. If my math is correct - admittedly, a pretty big “if” - that means that we have about 2.5 years of inventory in this price range. How did I come up with this number? I divided 19 by 110, the number of days so far this year, to come up with .17 homes selling per day. Then I divided 158 by .17 to come up with an estimated 929 days that it will take to sell these homes. 929/365 days per year equals 2.54 years. Ouch! |
| Using the same formulas, we have 375 days of inventory priced in the $300,000’s, 235 days of inventory in the $200,000’s, and 171 days of inventory for homes priced under $199,000. |
Category Georgetown Real Estate / Tags: /
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