Houston real estate sales in November 2009 experienced:
- A 33% increase in single-family homes or a total of 4,519 sales.
- A 42% increase in dollar volume sales for a total of $899,046,012.
- A 7% increase in average sales price which is currently $150,000.
- Days on the Market [DOM] – the time it takes on average to sell a single-family home in Houston declined 15% and is currently 76 DOM.
- Pending sales dropped 15% for a total of 2,304 contracts written and recorded in November.
- Current listings are down 10% for a total single-family listing count of 27,220.
While most of these statistics are very positive, it should be noted that the comparison is with November 2008, which was suffering the aftermath of Hurricane Ike.
Houston real estate sales November YTD 2009:
For the first time this year, single-family home sales have moved from double-digit declines to single-digit declines YTD. Thus, the Houston real estate market is moving in the right direction and experiencing improvement with every month that passes in 2009.
|
Houston Market Improvement Comparison 2009 of Single-Family Homes |
||||
|
Market Indicator |
February ‘09 |
June ‘09 |
Nov. ‘09 |
% Improved from June ‘09 |
|
# units sold |
-24% |
-20% |
-8% |
+60% |
|
Dollar volume sold |
-33% |
-24% |
-11% |
+54% |
|
Average Sales Price |
-12% |
-6% |
-3% |
+50% |
|
Median Sales Price |
-8% |
-2% |
0% |
+100% |
|
# of Pending Sales |
-23% |
-21% |
-14% |
+33% |
|
Active Listings |
-20% |
-22% |
-20% |
-.9% |
The current market statistics for Houston November YTD overall are as follows:
- Sales YTD are 49,928 single-family homes, an 8% decline since YTD 2008.
- Dollar volume sold is down from November YTD 2008 by 11% with $10,102,602,394
- Average sales price is currently $202,343, down by 3%.
- Median sales price is $153,000, and equal to last year [half of the homes sold above and half below this midpoint range.
- # of contracts written [pending] is 33,405 and that represents 14% fewer than found last year.
- Active listings, a metric that is good if on a decline, are currently 27,709 or 20% less than last year.
The November 7th legistlative extension and expansion of the 2009-2010 Homebuyer IRS Tax Credit should stimulate home sales, more so than the original tax credit. The expansion is not limited to first-time homebuyers and increased the income limits to $225,000. For more information on the IRS Tax Credit, click here.
The IRS Tax Credit should help bring Houston back to normal sooner than it would have without this program.
What home price classes are the hottest selling in Houston right now? The following table indicates by price class the hottest selling price ranges in Houston in 2009:
|
Top Ten Selling Price Classes Houston Single-Family Real Estate Nobember YTD 2009 |
|||
|
Price Class |
Sales Year to Date |
Active Listings |
Months of Inventory |
|
1. $200,000-$249,999 |
5,198 |
2,654 |
5.7 |
|
2 $300,000-$399,999 |
3,540 |
2,470 |
7.7 |
|
3. $250,000-$299,999 |
3,506 |
2,161 |
6.8 |
|
4. $130,000-$139,999 |
2,888 |
1,177 |
4.5 |
|
5. $120,000-$129,999 |
2,846 |
1,366 |
5.3 |
|
6. $110,000-$119,999 |
2,533 |
1,320 |
5.7 |
|
7. $140,000-$149,999 |
2,448 |
1,232 |
5.5 |
|
8. $150,000-$159,999 |
2,397 |
1,070 |
4.9 |
|
9. $90,000-$99,999 |
2,230 |
1,175 |
5.8 |
|
10.$160,000-$169,999 |
2,191 |
1,029 |
5.2 |
As you can see, the top 10 selling price classes in Houston range from a low of $90,000 to a high of $399,000, and therein lies the largest demand for single-family homes in the Houston Multiple Listing Service.
To view homes available in every price range, go to www.GaryGreene.com .
With every month that passes in 2009, the Houston real estate market has consistently improved. To move from a sales decline of 24% in February to 8% in November is a remarkable feat, in and of itself. Furthermore, the market improvement comparison table [first table above] indicates that not only are sales improving, all metrics that comprise a good real estate market have consistently improved during the year. This is a market of opportunity, particularly with the IRS Tax Credit and historically low interest rates. Houston is expected to return to pre-recession levels in 2011 and home prices will rise. The best time to capitalize on a “bounce-back” is before it bounces back. That time is now.
Information derived from Houston Association of Realtors® Multiple Listing Service. Data compiled by Toni Nelson, Director of Strategic Initiatives, Prudential Gary Greene, Realtors®
Tags: Houston Home sales, Houston Real Estate, Houston Real Estate Market
