Note: Due to the large volume of homes sold, I usually need two months to compile data. So in May, I’ll be using March data, obtained from the Houston Association of Realtors.
To date, the mortgage company and loan problems you have been reading about have affected Houston housing much less than most other areas of the country. The year 2007 was the second best year in Houston on record based on the HAR stats. Total property sales were lower in 2007 than in 2006, but total dollar volume was a record high. So in a nutshell, less homes were sold, but for more money.
This trend has continued in 2008. March 2008 total property sales declined 17.3 % from March 2007, the seventh straight month of decline. The good news is that in Houston the March 2008 average sales price increased over last year by 2.0% to $208,105.The median price which is a price where half the homes sold for more and half sold for less was $151,000, the same as March 2007.
Townhomes and condo sales were down in total sold and sales prices. In March 2008, the average sale price was $159,012, a 9.7% decline from last year. The number of units sold declined by 8.5 % from last year, however this was the highest level since August 2007.
In closing, the Houston housing market is still stronger in pricing than other areas of the country, although the foreclosures, sub prime lending problems and rising costs of gas, food, etc. have affected us. Our employment numbers and cost of living are considered some of the best in the country. In Houston, in recent years, you have been able to purchase a home for less than in many other cities and the value has increased. According to the National Association of Realtors, Houston’s current median sales price for a single family home is $151,000, compared to the national average of $193,900. We had the second best year on record in 2007. This indicates the great value of living in Houston. If your credit is good and you look on the bright side, this mortgage mess has caused interest rates to decline, making this a good time to buy.
Recently, downtown Houston has been transferred into a dynamic area of the city for both entertainment and residential living. Many new lofts and townhomes have been built in and near downtown and other buildings have been converted from commercial to residential use.
Houston has major league football, baseball, basketball ( men’s and women’s), and soccer teams, as well as AHL hockey. It also has separate horse and greyhound racing tracks.
For the theatre lovers, Houston is one of the few cities that has permanent ballet, orchestra, opera, and theatre companies.
Houston offers most everything you could possibly desire in real estate.
For More Information:Copyright © 2008 Realty Times. All Rights Reserved.
HOUSTON REAL ESTATE
Houston real estate, buyers and sellers always keeps me interested in the needs of those buying, selling, renting and building new construction. It is what makes me passionate for the business. After selling real estate for over 19 years, you would think that I’ve encountered most everything that you can imagine in the residential real estate business. However, I continue to have something new or different come up in almost every transaction. Therefore, I am constantly learning. What I learn . . . I try to share.
Bellaire, TX is basically a city and a community of homes located near downtown Houston. Many people want to live in this community because of the city environment, location, schools, and homes. Homes now sell for anywhere from the mid $200’s to over $3,000,000. There are some custom built homes that are probably worth considerably more.
There is very little that you can buy right now for under $300,000. However, Bellaire does have a few gems that will entice many. There are a number of townhomes that offer much more than some of the surrounding communities. Some of these features include low maintenance fees, small yards, one and two story properties and some with master bedrooms located downstairs.
5714 INNSBRUCK, BELLAIRE, TX
I recently listed a lovely townhome at 5714 Innsbruck in Bellaire, TX that has quite a few of the features that people request on a regular basis. It offers:
- Low maintenance fees of $25. per month
- Some front yard, a large side yard and bit of a back yard
- Two story home
- Downstairs master bedroom presently used as a study/family room
- Gleaming wood floors
- Corner brick gaslog fireplace with a pretty mantle
- Granite kitchen counters with tumbled travertine backsplash
- Double paned window and doors
- Large walk-in closets and ceiling fans in each bedroom
- Very nice bathrooms
- Back patio area
- Well located inside Loop 610 in Bellaire, TX
- Zoned by HISD to Horn Elementary, Pershing Middle (can apply for Pin Oak Middle) & Bellaire High schools (sought after schools)
- Price in the mid $200’s.
PICTURES OF 5714 INNSBRUCK, BELLAIRE, TX
There is very little that you can buy in Bellaire for the price of this nice three bedroom, two bath, two garage home. Prices are historically and continually rising in Bellaire. Buying a townhome like this one that I listed is a great deal in my opinion . . . if you want to live in Bellaire, TX.
If you are looking to buy or sell in Bellaire, TX . . .would this information be helpful to you? What would you add or delete to make this post better?