THE WOODLANDS, TX - Over the past year, buyers looking to purchase homes in The Woodlands have found a short supply of available properties as low mortgage rates and an improving economy drive up demand. With little available inventory of homes and a flood of homebuyers on the market, buyers are often being forced to take what they can get at higher prices than are typical in The Woodlands Real Estate market, one with fewer available homes, real estate experts say.

Real estate experts define a seller's market as one in which there is less than a six-month supply of available homes. Home supply is determined by the number of homes listed in Multiple Listing Services compared to the annual rate of home sales.

Over the past year in The Woodlands Real Estate Market, there has been less than a two-month supply. 2,415 homes were sold between May 2012 and April 2013 in the five ZIP codes that encompass The Woodlands. Those homes spent an average of 57 days on the market before they were sold.

In The Woodlands in 2012, 1,007 homes were sold, ranking the community third in the U.S. among master-planned communities in new home sales. 927 homes have been sold in The Woodlands area since Jan. 1. Of those, 377 spent less than 10 days on the market, while 117 spent less than two days on the market.

Real estate experts point to several factors for the change in the market in The Woodlands, including an improved economy and low mortgage rates. The rate for a 15-year loan is about 2.6 percent, while a 30-year loan carries a rate of about 3.3 percent.

In addition, the strong job market in The Woodlands has led homebuyers to seek out the community. According to data published by The Woodlands Area Economic Development Partnership, there were 83,309 jobs in The Woodlands in 2012. The unemployment rate in The Woodlands was 2.9 percent, compared to Houston's 6.1 percent.

Over the past few years, there has been a an average demand of about 32,000 new homes in the Greater Houston area per year, while builders have been building only about 25,000 new homes per year.This trend has led to about 8,000 potential buyers per year who have subsequently turned to the leasing market.

Buyers in today's market are facing fewer options when it comes to available homes while also being forced to pay prices that are often above list prices. Although homebuyers were previously able to view about 10 to 15 homes in their price range before buying.

Buyers who are able to pay a higher down payment on a home, and those who have fewer financing contingencies, have a better chance of having their offer on a home selected.

For more information about The Woodlands real estate market, please contact Tamborrel Properties at (832) 482-9367.

" Posted by Tamborrel Bulox Team on
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