This week in residential real estate in Georgetown, Texas
May 18, 2008 at 8:31 pm , by Jenel Looney
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| 29 residential properties went into pending status this week in the MLS areas GTE and GTW. Very exciting for both the buyers and the sellers. I was very interested to note that a significant portion of these homes - 14% - are priced at over $400,000. If you’ve been reading my articles, you know that this market segment has been languishing more than homes in lower price ranges. In fact, only 30 homes listed for $400,000 or more have sold so far in 2008, an average of about 6 per month. There are currently 166 homes active on the market in this price range, which means we have a current inventory of 27 months. None of the homes that sold this week were listed at more than $400,000. | |
| So I see the four pending properties as very good news. Let’s keep an eye out in weeks to come to see if this is a blip, or if buyers of high-end homes have finally realized what economists nationwide have been saying all along - Central Texas is the place to be, as far as the economy goes. Our outlook is good. Homes have continued to appreciate in value. Now is a fantastic time to shop for your new dream home. | |
| One word of caution: Pending sales don’t always make it to the closing table. If you go to the top of this page and enter “this week” in the search engine, you can scroll down to see the trends since I’ve started tracking the MLS numbers regularly. Take particular note of the number of homes listed as “Back on Market” each week. Most of these homes were in Pending status and then the deal fell through for some reason. We’ll have to wait and see if any of the current Pending deals of high-end homes make it to the closing table. I remain very optimistic. |  |
Category Georgetown Real Estate / Tags: /
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