Real Estate in Houston Latest Market Report

Online, March 18, 2010 (Newswire.com) - Thanks to a surge in the upper end housing market, the total dollar volume of homes sold in Houston for February rose 6% while the total number of sales slightly declined 6%. The average sales price also showed a significant increase (12%) due to this activity in the upper end market. Among the other areas to show impressive increase in sales were the Condos/Townhomes in Houston increasing 9%, High Rise Residential increasing 6% and the three rental markets increasing from 10% - 37%. Our biggest winner of the month goes to the single family home price category of $400,000 - $500,000 with a tremendous gain of 53% followed by $500,000 - $600,000 showing a 38% increase.
The next important statistic to look at is the months of inventory of homes in Houston. In February, the average ticked up a bit to 6.3 months of inventory but still well below the national average of 7.8 months. Most experts agree that a 6-8 month supply shows equilibrium in the market meaning it is not a buyers or sellers market. All of the price categories in February reflected this range with the exception of categories of $400,000 and up with a maximum months of inventory in the $1,000,000 and up market capping at 18.4 months.
One of the most watched groups of sales, foreclosures in Houston, showed a significant drop slipping by 18.7%. With the exception of investors and buyers looking for a good deal, this number definitely shows some strength in the market considering that a little over a year ago almost 30% of all sales were Foreclosures. The lack of Foreclosures on the market adds a definite plus by maintaining property values and the look of a neighborhood.
For any detailed questions real estate in Houston or the surrounding areas, please contact Our First Nest Realty at www.ourfirstnest.com or email us a [email protected]