July YTD 2009

Each month that passes in 2009 brings more positive news about the Houston real estate market and its buoyancy.  The percentage declines we experienced in the first quarter of 2009 are declining.  Slowly but surely we are climbing back to a more normal market.

Houston Single-Family Market Improvement Comparison 2009
Market Indicator	February ‘09	June ‘09	July ‘09	% Change from 02/09 to 07/09
# of units sold	-24%	-20%	-17%	+7%
Dollar Volume Sold	-33%	-24%	-21%	+13%
Avg. Sales Price	-12%	-6%	-5%	+7%
Median Sales Price	-8%	-2%	-1	+7%
# of Pending Sales	-23%	-21%	-20%	+3%
Active Listings	-20%	-22%	-22%	-2%
July 2009 Report from Real Estate Center at Texas A & M and Houston Association of Realtors

The table above displays how the Houston area market appeared to reach bottom in February with almost one fourth of the number of units and one third of the dollar volume dissolving from the previous year-to-date.  However, as time marches through 2009, those declines have declined.  See the column above “% Change from 02/09 to 07/09” to see the market improvement.  The only market indicator that is not in a positive position is the number of active listings, which  are down by 22% over this time last year and down 2% from February 2009.  Reduced inventory is a positive indicator and prevents real estate values from declining.

Here is a summary of Houston Single-Family Real Estate Market statistics for July 2009 year over year comparison:

 

• Sales reached 30,790 units sold, a 17% decline over July YTD 2008.
• Dollar volume sales reached $6,212,573,724, a 21% decline during the same time frame.
• Average sales price is $201,772, a 5% decline over July YTD 2008.
• Median sales price [half of the homes sold above the median and half below, and not subject to extreme fluctuations like average sales price] is $152,000 and that figure is down by only 1% from this time last year.
• # of pending sales or homes that have gone under contract year-to-date are 21,701 or a 20% decline over July YTD 2008.
• Active listings are 27,898 or 22% below those found in July YTD 2008.

The Brookings Institute ranked Houston the #1 housing market in the nation; see July 10, 2009 blog for details.  Houstonians are fortunate to have weathered this economic downturn better than any in the nation.

 

What home prices are the hottest selling in Houston right now?  The following table displays by price class the hottest selling price ranges in Houston in 2009:

Top 10 Selling Price Classes Houston Single-Family Real Estate July YTD 2009
Price Class	# Sales YTD	Active Listings	Months of Inventory
1.     $200,000-$249,999	3,179	2,885	6.6
2.  $300,000-$399,999	2,167	2,743	9.0
3.  $250,000-$299,999	2,164	2,395	8.2
4.  $120,000-$129,999	1,684	1,357	5.5
5.  $130,000-$139,999	1,682	1,218	5.0
6.  $110,000-$119,999	1,528	1,339	5.9
7.  $150,000-$159,999	1,456	1,115	5.5
8.  $140,000-$149,999	1,446	1,196	5.8
9.    $90,000-$99,999	1,370	1,138	6.0
10.$100,000-109,999	1,290	845	4.5

 As you can see, the top selling homes by price class in Houston year-to-date range from a low of $90,000 to a high of $399,999, and these price classes represent the highest buyer demand for single-family homes.

 

 

 

 

 

 

 

 

 

First-time home buyers are encouraged to capitalize on the 2009 First-Time Homebuyers IRS Tax Credit as it stands a good possibility of expiring on December 1.  See if you qualify by taking the quiz located on the lower left hand corner of http://media.garygreene.com/.  For more information on the First-Time Homebuyers Tax Credit, please be sure to visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit_how_to

 

 

 

 

 

 

 

 

 

 

 

 

 

Tags: Houston Home sales, Houston Real Estate Market