APRIL 2009 Newsletter Housing Trends eNewsletter
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
Please click here to view the APRIL 2009 Newlstter Housing Trends eNewsletter. http://thegraceyteam.housingtrendsenewsletter.com?Newsletter_ID=225&Period_ID=172"
If you are interested in determining the value of your home, click the link for a free evaluation report: http://thegraceyteam.housingtrendsenewsletter.com?Newsletter_ID=225&Period_ID=172.
MAY 2009 Newsletter Housing Trends eNewsletter
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
Please click here to view the MAY 2009 Newsletter Housting Trends Newsletter"http://thegraceyteam.housingtrendsenewsletter.com?Newsletter_ID=226&Period_ID=173"
If you are interested in determining the value of your home, click the link for a free evaluation report: http://thegraceyteam.housingtrendsenewsletter.com?Newsletter_ID=226&Period_ID=173"Home.
| December 2008 Sales |
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Houston's Real Estate Market Closes The Books On 2008 With Continued Sluggish Sales And Lower Pricing |
Demand for rental properties soars as consumers await economic relief from Uncle Sam |
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HOUSTON — (Jan. 20, 2009) — Property sales throughout the greater Houston area ended 2008 as they began, with lower volume following two consecutive record years. Overall property sales fell 16.0 percent last month when compared to December 2007, and sales of single-family homes were down 13.5 percent, according to new monthly data compiled by the Houston Association of REALTORS® (HAR). However, the figures show dramatic improvement from November, when both total property and single-family sales volume declined by more than 30 percent.
The average price of a single-family home in Houston dropped 10.4 percent last month to $192,135 compared to December 2007, but rose 1.0 percent to $208,266 on a year-to-date basis. At $145,000, the median price of a single-family home in December fell 6.1 percent year-over-year. The median price represents the figure at which half of the homes sold for more and half sold for less. On a year-to-date basis, the median price was unchanged at $152,000.
Sales of all property types in Houston for December 2008 totaled 5,126, off 16.0 percent compared to December 2007. Total dollar volume for properties sold during the month was $960 million versus $1.2 billion one year earlier, a 24.5 percent decline. Full-year 2008 sales of 69,220 properties produced $14 billion in total dollar volume, which was 15.9 percent lower than the 2007 full-year total dollar volume, but flat in comparison to 2005.
Rental properties remained in high demand in December, with leases of single-family homes up 26.2 percent and townhouses/condominiums up 24.6 percent on a year-over-year basis. This continues to suggest that many consumers are opting to rent property instead of purchase until they’re convinced of meaningful improvement in the economy.
“Lower mortgage rates are a good first step to reviving the real estate market, but many consumers are looking to Washington for the full scope of the economic stimulus plan before committing to major spending,” said Vicki Fullerton, HAR chair and Broker of Record at RE/MAX of The Woodlands & Spring. “This wait-and-see approach has kept Houston’s rental market strong, and even with December’s lower home prices, we’re maintaining an even keel when you compare Houston to the national picture.”
2008 Annual Market Comparison
For the full-year 2008 Houston housing market, the numbers showed mixed results. There was a 17.3 percent decline in volume of total property sales and total dollar volume tumbled 15.9 percent, which matched the market’s 2005 full-year total dollar volume. However the average sales price for a single family home in 2008 was $208,266, or a 1.0 percent increase on a year-over-year basis, with the median single-family home price of $152,000 flat compared to 2007.
| CATEGORIES | FULL YEAR 2007 | FULL YEAR 2008 | PERCENT CHANGE | | Total property sales | 83,736 | 69,220 | -17.3% | | Total dollar volume | $16,645,129,318 | $13,996,770,410 | -15.9% | | Average single-family sales price | $206,393 | $208,266 | +1.0% | | Median single-family sales price | $152,000 | $152,000 | 0.0% |
December Monthly Market Comparison
The month of December brought Houston’s overall housing market disappointing results when all listing categories are compared to December of 2007. Total property sales and total dollar volume fell, as did average and median single-family home sales prices. Total year-to-date property sales were down 17.3 percent.
The number of available properties, or active listings, at the end of December fell 11.7 percent from December 2007 to 43,748. That’s 3,606 fewer active listings than November 2008 and is considered an indication that inventory levels are balanced. Month-end pending sales – those listings expected to close within the next 30 days – totaled 3,290, which was 12.8 percent lower than last year and suggests another likely sales decline next month. The month’s inventory of single-family homes for December came in at 5.7 months, down 3.1 percent from one year earlier and the lowest level of 2008.
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| CATEGORIES | December 2007 | December 2008 | PERCENT CHANGE | | Total property sales | 6,099 | 5,126 | -16.0% | | Total dollar volume | $1,273,304,959 | $960,732,530 | -24.5% | | Average single-family sales price | $214,363 | $192,135 | -10.4% | | Median single-family sales price | $154,500 | $145,000 | -6.1% | | Total active listings | 49,556 | 43,748 | -11.7% | | Total pending sales | 3,773 | 3,290 | -12.8% | | Months inventory* | 5.8 | 5.7 | -3.1% |
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| * Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market. |
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Single-Family Homes Update
At $192,135, the average sales price for single-family homes dropped 10.4 percent from December 2007, when it was $214,363. The median price of single-family homes in November was $145,000, off 6.1 percent from one year earlier. That compares to the national single-family median price of $180,800 reported by the National Association of REALTORS®. These data continue to demonstrate the higher value and lower cost of living that prevail in the Houston market.
Additionally, total December sales of single-family homes in Houston came in at 4,443, down 13.5 percent from December 2007 and the 16th consecutive monthly drop.
HAR also reports existing home statistics for the single-family home segment of the real estate market. In December 2008, existing single-family home sales totaled 3,527, an 8.7 percent decrease from December 2007. At $171,774, the average sales price for existing homes in the Houston area fell 11.5 percent compared to last year. The median sales price of $130,000 for the month was also down 6.1 percent from one year earlier.
Townhouse/Condo Update
The number of townhouses and condominiums sold in December fell compared to one year earlier. In the greater Houston area, 378 units were sold last month versus 498 properties in December 2007, translating to a 24.1 percent decrease in year-over-year sales.
The average price of a townhouse/condominium dipped to $167,344, down 3.4 percent from one year earlier. The median price fell 9.7 percent to $125,000 from December 2007 to 2008.
Lease Property Update
Demand for single-family and townhouse/condominium rentals increased again in December. Single-family home rentals rose 26.2 percent in December compared to a year earlier, while year-over-year townhouse/condominium rentals were up 24.6 percent.
Houston Real Estate Milestones in December Full-year 2008 average single-family home sales price rose 1.0 percent to $208,266; Single-family home rentals increased 26.2 percent; Townhouse/condominium rentals increased 24.6 percent; Lowest month’s inventory of single-family homes for all of 2008 (5.7 months); Fewest single-family active listings since December 2005 (27,612). |
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The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 26,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 53,000 properties may be found on the Internet at http://www.har.com.
The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.
The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)
Founded in 1918, the Houston Association of Realtors® (HAR) is a 27,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of Realtors® in the United States.
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Well it is time for our first official volunteer blog post of 2009. Given the timing of this post it seemed only natural to make sure it included something relating to football so here goes and good luck to each of you in finding the best way to share YOUR time and talents with others.
Wow! If you're looking for a once per year volunteer activity that you can feel great about then the Greater Houston Souper Bowl of Caring if for you. This fantastic opportunity for volunteerism comes every year to our city in conjunction with Super Bowl and is in place to raise much needed food and supplies for Houston's busy food pantries. The group initially launched during 1990 in South Carolina when 22 churches raised $5,700 for the effort. Over the past 18 years the word has spread nationally and the group has achieved a non-profit status and received the Daily Point of Light of Award from the Points of Light Foundation. In 2007, Houston raised an awesome $1.8 Million for the cause.
Volunteering in the effort can mean a number of things. It can be as simple as purchasing food donation items from participating retailers or delivering donations to local drop stations. It can be as involved as spending time at the food banks organizing donations, or going even further by making an early-on committment to start your own food drive within your church, community, school, etc. There's room for any level of support in this opportunity and information is available online at SouperBowl.org. Every donation of time, money or product really does make a difference.
I want to blog about something I feel is important. As is often the case at the start of each year I sit down and think about my resolutions to the world and to myself. I know I’m not alone in this effort. Listing our hopes of self-improvement and accomplishment, I have often found that “baby-steps” meet with the most success in meeting our goals. Instead of trying to change radically, I try to select something small I can work on often to improve over the span of the coming year. In this spirit I have decided to choose the subject of volunteerism for improvement this year. I find that I have many opportunities for volunteering as I’m sure many of you do. However, I want to find more ways that I can really make a difference in the community here in NW Houston. In finding ways to make more of a difference, I want to share those with you, my web visitors. If you live here in the area perhaps you too will learn about something you had no idea existed and wish to join in to make a difference. If you don’t live here yet, but are thinking about a move to the area, perhaps this will show you a bit of the heart you will find at the center of this community.
Happy volunteering to you all. If you already participate or know of a great volunteering effort, I would welcome your input into this blog community.
Jason Gracey
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This report is for the Greater Houston Area Housing Market. If you would like to receive a market report for your own neighborhood, click here for a custom neighborhood market snapshot.
| November 2008 Sales |
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Houston Property Sales Volume and Prices Decline in November Amid Growing National Economic Woes |
NAR’s chief economist still pegs Houston as one of the nation’s top-performing real estate markets in 2009 |
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HOUSTON — (Dec. 16, 2008) — The ailing U.S. economy sent ripples across the greater Houston area in November as fewer properties were bought and sold versus one year earlier. According to new monthly data compiled by the Houston Association of REALTORS® (HAR), overall property sales fell 33.7 percent last month when compared to November 2007, with sales of single-family homes down 31.7 percent. Rental properties remained in demand for the month, with leases of single-family homes up 16.0 percent and townhouses/condominiums up 2.8 percent on a year-over-year basis.
The average price of a single-family home dropped 7.0 percent last month to $187,766 from $201,862 in November 2007. At $137,500, the median price of a single-family home in November fell 7.7 percent year-over-year. The median price represents the figure at which half of the homes sold for more and half sold for less. However, on a year-to-date basis, home prices are 2.0 percent above 2007 levels, continuing to place Houston on more solid footing than markets throughout California, Florida and Nevada that have experienced double-digit home depreciation since the housing market downturn began more than a year ago.
Sales of all property types in Houston for November 2008 totaled 3,906, off 33.7 percent compared to November 2007. Total dollar volume for properties sold during the month was $719 million versus $1.1 billion one year earlier, a 37.4 percent decline.
“These are some of the toughest economic times our country has ever experienced, and Houston consumers are understandably cautious as they absorb news about layoffs, declining oil prices and other negative financial reports,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “Many are opting to rent property for the time being.”
During a late November stop in Houston, National Association of REALTORS® Chief Economist Lawrence Yun praised the stability of Houston home prices and predicted that Houston and Denver would be the nation’s top performers in 2009. Yun forecast at least a five percent increase in Houston home pricing, also noting that local month’s inventory has held around six months while the national rate has been approximately 10 months, another positive indicator. He stated that despite weakness in the oil patch, overall local job growth would help Houston maintain its healthier performance relative to the nation.
“We are encouraged by Dr. Yun’s outlook for our market and hope that as Congress and the Obama administration iron out details of the federal financial bailout plan, local consumers realize that 2009 promises to be a sound time to buy or sell a home in Houston,” added Levitin.
November Monthly Market Comparison
The month of November brought Houston’s overall housing market disappointing results when comparing all listing categories to November of 2007. Total property sales and total dollar volume fell, as did average and median single-family home sales prices.
The number of available properties, or active listings, at the end of November fell 9.3 percent from November 2007 to 47,354. That’s 1,662 fewer active listings than October 2008, and is seen as an indication that inventory levels are balanced and that home prices should remain stable.
Month-end pending sales – those listings expected to close within the next 30 days – totaled 3,144, which was 24.4 percent lower than last year and suggests another likely sales decline next month. The month’s inventory of single-family homes for November came in at 6.1 months, unchanged from one year earlier and the lowest level since February of this year. |
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| ALL CATEGORIES | November 2007 | November 2008 | PERCENT CHANGE | | Total property sales | 5,887 | 3,906 | -33.7% | | Total dollar volume | $1,149,143,778 | $719,143,878 | -37.4% | | Average single-family sales price | $201,862 | $187,766 | -7.0% | | Median single-family sales price | $148,950 | $137,500 | -7.7% | | Total active listings | 52,217 | 47,354 | -9.3% | | Total pending sales | 4,159 | 3,144 | -24.4% | | Months inventory* | 6.1 | 6.1 | 0.0% |
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| * Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market. |
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Single-Family Homes Update
At $187,766, the average sales price for single-family homes dropped 7.0 percent from November 2007 when it was $201,862. The median price of single-family homes in November was $137,500, off 7.7 percent from one year earlier. That compares to the national single-family median price of $181,800 reported by the National Association of REALTORS®. These data continue to demonstrate the higher value and lower cost of living that prevail in the Houston market.
Additionally, total November sales of single-family homes in Houston came in at 3,401, down 31.7 percent from November 2007 and the fifteenth straight monthly drop.
HAR also reports existing home statistics for the single-family home segment of the real estate market. In November 2008, existing single-family home sales totaled 2,833, a 28.3 percent decrease from November 2007. At $164,694, the average sales price for existing homes in the Houston area fell 12.1 percent compared to last year. The median sales price of $125,200 for the month was also down 8.7 percent from one year earlier.
Townhouse/Condo Update
The number of townhouses and condominiums sold in October fell compared to one year earlier. In the greater Houston area, 421 units were sold last month versus 534 properties in October 2007, translating to a 21.2 percent decrease in year-over-year sales.
The average price of a townhouse/condominium dipped to $155,235, down 4.2 percent from one year earlier. The median price fell 9.8 percent to $118,250 from November 2007 to 2008.
Lease Property Update
Demand for single-family and townhouse/condominium rentals increased again in November. Single-family home rentals rose 16.0 percent in November compared to a year earlier, while year-over-year townhouse/condominium rentals were up 2.8 percent.
Houston Real Estate Milestones in November Lowest month’s inventory of single-family homes since February 2008 (6.1 months); Fewest active listings since December 2006 (30,167). |
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The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 26,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 53,000 properties may be found on the Internet at http://www.har.com.
The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.
The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)
Founded in 1918, the Houston Association of Realtors® (HAR) is a 27,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of Realtors® in the United States.
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Lamar Terrace, Houston - Announcing a price reduction on 5310 Saint George Square LN, a 2,706 sq. ft., 3 bath, 3 bdrm 2 story. Now 
MLS® $525,000 - .
Property information
New Carpet!
• 2,241 sq. ft., 2 bath, 4 bdrm single story "Open Plan" - MLS® $157,500 - JUST REDUCED!
Champion Spring, Spring - JUST REDUCED SUPER CUTE HOME IN HEART OF CHAMPIONS. Immaculate 1-story home w/extra attention paid to details. Fresh custom pain throughout, architectural arches & crown molding make this home stand out in the crowd. Open floor plan is modern. Spacious kitchen keeps everyone connected and creates a natural center to the home. Master suite is large and features spa-like bath with double sinks & whirlpool tub. Attractive tile floors in entry, kitchen, breakfast & baths. New carpet installed May 1st! Ready for move-in & minutes from The Vintage.
Property information
• 1,616 sq. ft., 2 bath, 3 bdrm single story - MLS® $128,900 - JUST REDUCED!
Fairfield Inwood Park, Cypress - Wonderful home nestled in Fairfield brings you to the heart of neighborhood living with ammenities at your doorstep such as walking paths, parks, pools and shopping. This charming 3 bedroom has been well-maintained & recently updated with new carpet & gleaming wood floors in the kitchen & breakfast area. Gorgeously appointed bath is modern & sleek in appearance. Den has soaring high ceilings and wood burning fireplace. Bedrooms are spacious and all new fixtures give the home a warm elegant feel.
Property information
Welcoming Community
• 3,259 sq. ft., 2 bath, 4 bdrm single story - MLS® $224,900 - REDUCED by $5K!
Village Creek, Cypress - Super clean and bright newer home tucked away in beautiful Village Creek Neighborhood. Walking trails, neighborhood playground and pool await you in this friendly community. Lovely 2 story plan by Lennar is spacious and features waterfall, lagoon-style pool/spa. Located on cul-de-sac for low traffic. Home features soaring ceiling in den, private study, light & airy kitchen w/tile flooring, whirlpool tub & glass block in master bath, & spacious upstairs gameroom. Manicured landscaping. Come see!
Property information
Immaculate Condition
• 2,722 sq. ft., 2 bath, 4 bdrm 2 story - MLS® $170,000 - Incredible Low Price!
Village Creek, Cypress - Fabulously priced newer home in a neighborhood loaded with great features such as beautiful club house, lake/park setting, many trees, walking trails and only moments from convenient shopping on Hwy. 249. This lovely home sits nestled on cul-de-sac out of traffic and is in pristine condition. Could have just been built yesterday. Great kitchen & huge backyard is a real asset to this already amazing home. Seller is ready to go and has priced this one to move immediately. Come make it yours today!
Property information
Stunning Interior
• 3,829 sq. ft., 3 bath, 5 bdrm 2 story - MLS® $299,900 - Price Reduced - Great Buy
The Reserve at Cypress Creek, Cypress - OPEN HOUSE! Sunday, November 16, 1:00PM until 3:00PM. Stunning home on corner lot of cul-de-sac in the beautiful Reserve at Cypress Creek. This lovely neighborhood boasts stately, matrure trees, a park with walking paths, area playground, and a relaxing pond takes center stage. Impressive 2-story entry showcases eye-catching tile with granite accents inlaid. Study, formal dining room and den set a relaxing, welcoming tone with warm wood flooring, tasteful decorator paint, and beautiful fixtures. Large island kitchen with tile backsplash and granite counters makes the perfect center for this home and includes a butlers pantry. Den and upstairs gameroom are wired for surround sound. Home features sprinkler and alarm system. Master suite is downstairs with whirlpool spa tub and huge closets. 4 Additional bedrooms upstairs - all with large closets and plenty of room. This home is beautifully maintained and has a great floor plan. Come see it today.
Property information
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Memorial Club, Houston - We invite everyone to visit our open house at 14336 Misty Meadow Lane on October 18 from 2:00 PM to 4:00 PM.
Property information
• 2,469 sq. ft., 2 bath, 4 bdrm single story - MLS® $150,000 - Bargain!
Canyon Village at Cypress Spring, Cypress - Located on a quite cul-de-sac this spacious 4 bedroom, 2-1/2bath has all the features that make a comfortable, cozy home. The downstairs Master Bedroom has a walk-in closet. The Master Bath features a roomy double vanity, separate shower and jacuzzi tub. The huge backyard has plenty of room for relaxed outdoor entertaining.
Property information
Windrose, Spring - Announcing a price reduction on 6606 Brightonwood Court, a 4,144 sq. ft., 3 bath, 5 bdrm 2 story. Now MLS® $535,000 - $30,000 PRICE REDUCTION!!.
Property information