The Sugar Land area market is strong, with sales prices up and new listings down as there are 21 less listings in November 2012, down 13% over November 2011, and the number of sold properties increased 13 percent. The Median Sales Price increased 2% to $251,250 compared to last year, and is well above the Houston Metropolitan Areas Median Price of $169,000. In all of Sugar Land, the Average Days on the Market increased from 77 in November 2011 to 81 in November 2012.
As we've seen throughout 2012, Sugar Land and its master-planned communities are experiencing low inventory, and its the lowest we've seen in more than 10 years, which is driving up sales prices. Sugar Land has only 2.6 months of inventory compared to 6.7 months of inventory at the same time last year.
The average days on the market of all of the sold properties for the last 6 months in Greatwood is 53 days; 52 days in New Territory; and 81 days in Riverstone's Sugar Land section. Homes in Sugar Creek have average days on the market for sold properties of 71 days; 60 days in Sweetwater; and Telfair's average is 76 days.
Since the National Association of Realtors began keeping statistics 60 years ago, the historical average for days on the market is 180, so Sugar Land is doing very well.