Houston, TX Market Condition Report – March 2008
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:
Toll Free: 800-808-6153
E-mail: Meg@FineHomesHouston.com or Jim@FineHomesHouston.com
Cells: Meg – 713-875-4844 Jim – 713-545-6338