Houston property sales decline for a second consecutive month following expiration of the homebuyer tax credit. The average price of a single-family home continues to appreciate, reaching its second highest level for an August in Houston
A post-homebuyer tax credit calm prevailed across the greater Houston area for the second straight month in August, with property sales volume down, though not as dramatically as it was in July. Despite the decline, the average price of a single-family home continued to climb.
According to the latest monthly data compiled by the Houston Association of Realtors® (HAR), August sales of single-family homes throughout the Houston market fell 16.7 percent compared to August 2009. Declines were recorded in all pricing segments.
The average price of a single-family home rose 2.2 percent from August 2009 to $216,522. The August single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 0.6 percent from one year earlier to $159,000.
Foreclosure property sales reported in the Multiple Listing Service (MLS) dipped 2.4 percent in August compared to one year earlier. The median price of August foreclosure sales slid 1.1 percent to $85,000 on a year-over-year basis.
Sales of all property types in Houston for August totaled 4,977, down 15.3 percent compared to Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Katy real estate is greatly affected by the oil and gas business particularly since petroleum tends to be a mobile industry. Compared to to other fields of employment, there are an inordinate amount of oil employees transferred in and out of our area at any time. This is the primary reason why there are always a lot of homes on the market in Katy, particularly on the south-side of I-10.
According to Ron Hanlen of Network Funding, there is another factor currently driving Katy real estate inventory levels: Mortgage interest rates. Despite dire predictions about the impending rise of mortgage interest rates, rates have held onto historic lows, in the 4′s.
Ron said, “Once the tax credit expired, everyone expected that listings would go down. But they haven’t…they have gone up. With all of the negative media attention on housing it would be easy to consider that it is because the sellers are distressed in some way. Maybe they lost their job or they are trying to sell the home before it goes into foreclosure.
But here is the real reason why listings are up: Interest rates are at an all-time low. Despite the constant bombardment of negative media coverage, the vast majority of existing Read the rest of this entry »
Spoken by Julie Q. Fuelling |
I’ve had the busiest spring of my 21-year real estate career!s As the April 30th deadline to qualify for the tax credits, $8,000 for first-time home buyers and $6,500 for existing home owners, loomed, home sales got really crazy.
It was not unusual for brand new listings to have multiple offers. Bidding wars ensued. Here in Katy, particularly on the southside of I-10, it was impossible to believe that a real estate recession exists.
Nationwide, the tax credit bills created a strong upswing in home sales. To read the rest of this story, see OnlyKaty.com.
Spoken by Julie Q. Fuelling |
Cinco Ranch was the nation’s number one master-planned community (MPC) for new-home sales in 2009, according to a report by RCLCO, an independent real estate advisory firm.
With 887 new-home sales in 2009, Cinco Ranch was one of only two Houston MPCs on RCLCO’s top 10 list to report a sales increase from the previous year.
Sales increased 14% last year in the 7,600-acre community, located at Grand Parkway and Cinco Ranch Blvd. in Katy. The increase helped Cinco Ranch grab the top spot in the study, after ranking number two in 2008 behind a Las Vegas development.
The only other Houston area community with a sales increase for 2009 was Telfair in Sugar Land, also by Newland Communities. With 450 new-home sales in 2009, Telfair ranked fourth nationally in the RCLCO study.
“These results are outstanding for us,” said Bob McLeod, Chairman and CEO of Newland Read the rest of this entry »
Spoken by Julie Q. Fuelling |
Firethorne sold 238 new homes in 2009, achieving a record high for annual sales for the Katy/Fulshear residential development. Last year’s home sales represent a 16.6 percent increase over 2008 (204 homes). The previous record for the four-year-old development was 218 sales in 2007. The 1,400-acre master-designed community is located 15 miles west of Houston’s Energy Corridor.
“We’re very pleased with these figures,” noted Firethorne General Manager Wayne Meyer. According to Meyer, Firethorne has been holding its own thanks to continued growth in the Katy and Fulshear areas and for being part of one of the greatest school districts in the state. “BP America and Conoco/Phillips have relocated employees here, plus three major Houston hospitals are expanding in this area — two under construction and one on the drawing board,” he noted. Read the rest of this entry »
Spoken by Julie Q. Fuelling |
New-home sales in west Houston’s Cinco Ranch community are up 8% for the first nine months of 2009, compared to the same period in 2008.
A total of 697 new homes were sold in Cinco Ranch during the first three quarters of 2009. That compares to 643 new homes sold during the same time last year in the 7,600-acre master-planned community.
Relocation sales have remained strong in Cinco Ranch, accounting for one in three new-home sales in the community so far this year, according to Heather Gould, marketing director for Newland Communities.
“Now in its 19th year of development, Cinco Ranch has built up strong brand equity and awareness among home buyers and Realtors, which has fueled Read the rest of this entry »
Spoken by Julie Q. Fuelling |
It’s no secret that the northside of Katy Freeway has taken a beating in the real estate market over the last two years. Dominated by foreclosures and short sales, a pre-foreclosure property, prices have plummeted while inventory has soared. Thankfully, statistics are starting to show movement towards some level of recovery.
Let’s look at the last six months of statistics. Below, see pricing. While, it does not show a truly positive change, it is moving upward from its recent low. Today, the average price is approximately $122,000.
Another dominant factor is days on the market, see below. How long does it take a home to sell? What is the average? As plotted below, the average days on the market in 77449 is 155. This is a decline from July’s high of 160. Some of these quicker sales represent foreclosures and short sales that do not remain on the market for long but conventional sales are doing better, too.
What’s the current status of inventory? Increasing or decreasing? Decreasing is far better for sellers. Guess what! The number of houses on the market in 77449 is going down. For a more detailed explanation of how inventory affects the market, read my earlier article on absorption rates. See the details of the inventory decline below.
To obtain detailed data on Zip Code 77450, see OnlyKaty.com.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404 or via email. I have specialized in Katy real estate for over 20 years. Experience does count!
Spoken by Julie Q. Fuelling |
Let’s take a look at the most recent real estate statistics for Zip Code 77494. The median single family home prices this week is $295,000. As graphed in the chart below this weeks prices continued to pull back from their recent highs.
Local conditions are currently quite strongly in the Buyer’s Market zone with several months of inventory available at the current sales rate, buyers should find ample choice. However, inventory is no where near it’s early summer high. For an in-depth explanation, see my earlier article on absorption rates.
Days on the market is another vital statistic when evaluating market conditions. While time for sale has steadily gone up from the low dip in June, market time has not returned to the high in early April. There is another downward turn a the beginning of this week. This bodes well for Zip Code 77494.
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404 or via email. I have specialized in Katy real estate for over 20 years. Experience does count!
Spoken by Julie Q. Fuelling |
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