Bellaire, TX Market Conditions Report – May 2008

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Market Conditions for Bellaire, Texas

Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS

May  2008.

According to information that I reviewed on Houston Association of REALTORS Multiple Listing Service, there are currently 164 single family residential homes on the market priced from $215,000 for a 1065 sq. ft., 3 bed/1 bath home on a 7345 sq. ft. lot priced mainly for the land to a high of $2,899,000 for a 9662 sq. ft., 5 bedroom/ 5 full, 2 half bath, 3 car garage home on a 18,450 sq. ft. lot built in 2004. The average list price per sq ft is $243.78. Fifty four homes are for sale for over $1,000,000 and 22 homes are priced at $400,000 or less. As of 5/20/2008 there are an additional 41 homes pending under contract priced from $229,000 to $2,295,000.

March Single Family Home Sales – Bellaire

During the month of March 2008, 21 single family homes closed with sale prices ranging from $227,500 to $1,250,000. The average sales price per average sq. ft. was $206.69/ sq. ft.

Single Family Home Sales – Bellaire – April

In April 2008, 21 sales closed with an average sales price per average sq. ft. of $213.84. The low sales price was $199,500 for a 2 bed/ 1 bath, 1130 sq. ft. home on a 5125 sq. ft. lot near the railroad tracks. The highest reported sales price was $1,710,000 for a 5 bed/6 full 2 half bath, 6700 sq. ft., new construction home on a 15,990 sq. ft. lot.

Townhomes

There are presently reported to be 6 townhomes actively on the market, priced from $176,950 to $310,000. The average list price per sq ft is $145.36.Three sold in April 2008 for an average of $142.20 per sq. ft.

Bellaire New Construction

New construction in Bellaire is still strong and the prices are increasing due to rising building costs and lot prices. For the most part, construction in Bellaire originated in the late 40’s and 50’s. Many of these original homes have been and are being purchased at lot value with the old homes being replaced with larger, new construction homes.

ZIP Code: 77401

Bellaire Texas Location and Characteristics

 Bellaire, Texas, located on both sides of Interstate Loop 610 West, is surrounded by Houston and many subdivisions including West University Place, Southside Place, Meyerland, Willow Meadows, and Afton Oaks. It’s a very short distance to the Galleria, Reliant Stadium, downtown Houston, the Theater District, and the Medical Center.

Bellaire is zoned for residential, commercial, and light industrial sections. The city is well known as a residential city. The city is well-liked for its police and fire protection, parks and recreation facilities, library, public works department, and recycling center.

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Market Conditions in Houston, TX May 2008

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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.

 

Mortgage Company and Loan Problems

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.

Sales Decline BUT Prices Increase

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 Condos – Down in Solds and Sales

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.

Houston Housing Market is Stronger Than Other Areas of the Country

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.

Local Houston Characteristics

Known as both the Bayou City and Space City, Houston was founded in 1836 and named after General Sam Houston. With a population of close to 2 million, it’s the 4th largest city in the United States. The city has been a dynamic center of business since the early 1900s and is also the leader in space technology, being home to NASA and the Johnson Space Center. The port area is thriving and connected to the city by the Houston Ship Channel. Other well known areas are Interstate 10’s Energy Corridor, the Galleria, and the world class Texas Medical Center. Houston’s feel is diverse, with both a high rise skyline and waterways like the Buffalo Bayou, which winds through the city.

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.

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Categories: Market Reports, Neighborhoods

Houston, TX Market Condition Report – March 2008

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Note: Due to the large volume of homes sold in Houston, Texas, we usually need two months to compile data. So in March, I’ll be using January data which I obtained from the Houston Association of Realtors.

At the present time 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 statistics. Total property sales were lower than 2006, but the total dollar volume was a record high which is greatly appreciated by home sellers. So in a nutshell, there were less homes sold in Houston, Texas, but the ones that did sell sold for more money.

However, January 2008 sales declined 17.2 % from January 2007, to the lowest level in three years. January is usually low while folks recover from the holiday season, but this year we may be affected by the nation’s real estate and sub prime mortgage problems. The good news is that in Houston the January average sales price increased over last year by 4.9% to $190,233.The median price which is a price where half the homes sold for more and half sold for less was $139,000, a 2.8 % decrease from last year.

Townhomes and condo sales were down in total sold, but higher in sales prices. In January 2008, the average sale price was $160,455. This is a 9.1 % increase in price over January 2007.

In closing, the Houston housing market is still stronger in pricing than other areas of the country, although the foreclosures and sub prime lending problems appear to have affected us all. In Houston, in recent years, home buyers 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 35.1 % less than the national average. 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 for home buyers to find their new single family residential homes.


Location Characteristics: Known as both the Bayou City and Space City, Houston was founded in 1836 and named after General Sam Houston. With a population of close to 2 million, it’s the 4th largest city in the United States. The city has been a dynamic center of business since the early 1900s and is also the leader in space technology, being home to NASA and the Johnson Space Center. The port area is thriving and connected to the city by the Houston Ship Channel. Other well known areas are Interstate 10’s Energy Corridor, the Galleria, and the world class Texas Medical Center. Houston’s feel is diverse, with both a high rise skyline and waterways like the Buffalo Bayou, which winds through the city.

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, Texas offers most everything you could possibly desire in real estate.

Meg and Jim Zoller – The Zoller Group of Keller Williams Realty, The Metropolitan

Please view our website, http://www.finehomeshouston.com/ . Also, feel free to contact us at:

Direct: 713-661-0884

Toll Free: 800-808-6153

E-mail: Meg@FineHomesHouston.com or Jim@FineHomesHouston.com

Cells: Meg – 713-875-4844 Jim – 713-545-6338

Categories: Market Reports, Neighborhoods

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