There is more blooming in Houston than just the azaleas and it’s all about real estate. For the first time since 2008, Houston overall real estate metrics moved into powerfully positive territory. Sales in April were up 27% and up 8% year-to-date. There is no doubt that the Homebuyer Tax Credit deadline qualification which required a contract be in place by April 30 was a significant spark plug to April sales.
Here is a table overview of the month and year-to-date:
|
|
April 2010 |
April 2010 YTD |
||
|
Metric |
Amount |
% Change From 4/09 |
Amount |
% Change From 4/09 YTD |
|
Sales |
5,321 |
27% |
16,019 |
8% |
|
Dollar Volume Sold |
$1,098,328,894 |
35% |
$3,275,788,774 |
19% |
|
Contracts written |
3,893 |
23% |
12,448 |
4% |
|
# of Listings |
30,186 |
9% |
29,141 |
5% |
|
Average Sales Price |
$206,414 |
7% |
$204,494 |
11% |
|
Median Sales Price |
$153,500 |
2% |
$150,000 |
6% |
What a refreshing change for Houston residential real estate since last year both for the month and the year. The table also indicates that the next month may be just as healthy due to a 23% increase in contracts written in April. This metric signifies current buyer demand and represents closings that will occur in the not too distant future.
What home price classes were the hottest selling in Houston through April YTD?
The following table indicates by price class the top ten hottest selling price ranges in Houston in 2010:
|
Ten Hottest Selling Price Classes Houston Single-Family Real Estate April YTD 2010 |
|||
|
Price Class |
Sales Year to Date |
Active Listings |
Months of Inventory |
|
1. $200,000-$249,999 |
1,585 |
3,137 |
6.5 |
|
2 $250,000-$299,999 |
1,138 |
2,529 |
7.5 |
|
3. $300,000-$399,999 |
1,087 |
2,894 |
8.5 |
|
4. $120,000-$129,999 |
956 |
1,517 |
5.6 |
|
5. $130,000-$139,999 |
885 |
1,429 |
5.4 |
|
6. $110,000-$119,999 |
828 |
1,406 |
6.0 |
|
7. $150,000-$159,999 |
752 |
1,370 |
6.1 |
|
8. $90,000-$99,999 |
745 |
1,141 |
5.4 |
|
9. $140,000-$149,999 |
734 |
1,334 |
6.0 |
|
10$80,000-$89,999 |
711 |
944 |
5.0 |
As you can see from the table above, Houston’s hottest selling home prices range from $80,000-$399,000.
The Low-End Market is Not so Hot.
The other 2010 paradigm in Houston’s hottest selling prices is the low-end market. Homes priced $70,000 and below are experiencing double-digit declines and the lower the price class, the higher the decline. The greatest decline in homes sales by price class in Houston is in the $19,999 price class and below. It experienced a 30% decline over last year.
Average Sales Price vs. Median Sales Price
While most home sales this year occurred in the center of the price class spectrum, the double-digit increases from the high-end skew the average sales price in Houston higher. The median sales price is the midpoint price where half the homes sold above and half sold below. Median sales price year-to-date [$150,000] has increased by 6% which is a healthy increase and far more representative of the Houston area than an 11% increase in average sales price.
The Houston Metropolitan Statistical area covers over 10,000 square miles. Houston is so large, it is like a mosaic. Some areas are shining brightly while others are not as lustrous. For a breakdown of activity by area with a map of the area, go to http://garygreene.mediaroom.com/index.php?s=38&cat=14.
What about Houston’s future real estate prospects?
The short version is that Houston recorded 2.55 million payroll jobs in May 2009, more than the job counts of 29 U.S. states, including Arizona, Colorado and Alabama. Jobs are the biggest driver of real estate sales in any community. There has been some job attrition since that time but Houston’s future prospects are among the best in the nation. For a more detailed analysis of Houston’s future in real estate, go to www.GaryGreene.com/blog and read the April 20th
article entitled: Houston, Best Place to Buy Real Estate Right Now.
To search for homes by price range, map and/or even foreclosures, go to www.GaryGreene.com.
Data provided by the Houston Association of Realtors® Multiple Listing Service, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors®
|
|
April 2010 |
April 2010 YTD |
||
|
Metric |
Amount |
% Change From 4/09 |
Amount |
% Change From 4/09 YTD |
|
Sales |
5,321 |
27% |
16,019 |
8% |
|
Dollar Volume Sold |
$1,098,328,894 |
35% |
$3,275,788,774 |
19% |
|
Contracts written |
3,893 |
23% |
12,448 |
4% |
|
# of Listings |
30,186 |
9% |
29,141 |
5% |
|
Average Sales Price |
$206,414 |
7% |
$204,494 |
11% |
|
Median Sales Price |
$153,500 |
2% |
$150,000 |
6% |
What home price classes were the hottest selling in Houston through April YTD?
The following table indicates by price class the ten hottest selling price ranges in Houston in 2010:
|
Ten Hottest Selling Price Classes Houston Single-Family Real Estate April YTD 2010 |
|||
|
Price Class |
Sales Year to Date |
Active Listings |
Months of Inventory |
|
1. $200,000-$249,999 |
1,585 |
3,137 |
6.5 |
|
2 $250,000-$299,999 |
1,138 |
2,529 |
7.5 |
|
3. $300,000-$399,999 |
1,087 |
2,894 |
8.5 |
|
4. $120,000-$129,999 |
956 |
1,517 |
5.6 |
|
5. $130,000-$139,999 |
885 |
1,429 |
5.4 |
|
6. $110,000-$119,999 |
828 |
1,406 |
6.0 |
|
7. $150,000-$159,999 |
752 |
1,370 |
6.1 |
|
8. $90,000-$99,999 |
745 |
1,141 |
5.4 |
|
9. $140,000-$149,999 |
734 |
1,334 |
6.0 |
|
10$80,000-$89,999 |
711 |
944 |
5.0 |
What a refreshing change for Houston residential real estate since last year both for the month and the year. The first table above indicates that the next month may be just as healthy due to a 23% increase in contracts written in April. This metric signifies current buyer demand and represents closings that will occur some time in the future
As you can see from the second table above, entitled TheTen Hottest Selling Price Classes in Houston April YTD 2010, the hottest selling prices range from $80,000-$399,000.
The High-End Market is Hot.
What a refreshing change for Houston residential real estate since last year both for the month and the year. The table also indicates that the next month may be just as healthy due to a 23% increase in contracts written in April. This metric signifies current buyer demand and represents closings that will occur in the not too distant future.
As you can see from the table above, Houston’s hottest selling home prices range from $80,000-$399,000.
