Note: Due to the large volume of homes sold, I usually need two months to compile data. So in May, I'll be using March data, obtained from the Houston Association of Realtors.
In March 2012, single family home sales volume increased 7.8% from March 2011. This follows February's huge 15.6% increase. Broken down, all price segments increased in sales volume, with the exception of those below $80,000 which decreased by 8.4%. The largest increase was 19.7% for the $150,000-$249,999 segment. The March 2012 average sales price increased from last year by 5.7 % to $227,270. The median price which is a price where half the homes sold for more and half sold for less was $161,750, a 7.8% increase over last year. Both prices are the highest levels ever in March.
Townhomes and condo March 2012 sales decreased 3.6 % in total sold from March 2011. In March 2012, the average sale price was $166,228, a 15.2 % increase from September 2010.
In closing, the Houston housing market is still stronger in pricing than other areas of the country. Our employment numbers and cost of living are considered some of the best in the country. Houston's favorable job and housing market have been mentioned in recent issues of BusinessWeek, Financial Times, Newsweek, Chicago Tribune, Washington Post, and Kiplinger's Personal Finance. In Houston, in recent years, you have been able to purchase a home for less than in many other cities and the value has increased. According to the National Association of Realtors,the single family month's inventory in Houston is 5.6 months compared to the national average of 6.4 months. One year ago, Houston's number was 7.5 months. This indicates the great value of living in Houston. If your credit is good, interest rates have declined to near 50 year lows making this a great time to buy. Interest rates are at historically low rates-if you haven't refinanced lately, you might consider it. I've read that 1% increase in interest rates will wipe out a 10% reduction in cost, so if you have been waiting to buy at the bottom, it's something to consider. I read in the Houson Chronicle that "the experts" are predicting that Texas will be the first state to recover from the economic downturn.
Location Characteristics: Known as both the Bayou City and Space City, Houston was founded in 1836 and named after General Sam Houston. With a population of close to 2 million, it's the 4th largest city in the United States. The city has been a dynamic center of business since the early 1900s and is also the leader in space technology, being home to NASA and the Johnson Space Center. The port area is thriving and connected to the city by the Houston Ship Channel. Other well known areas are Interstate 10's Energy Corridor, the Galleria, and the world class Texas Medical Center. Houston's feel is diverse, with both a high rise skyline and waterways like the Buffalo Bayou, which winds through the city.
Recently, downtown Houston has been transferred into a dynamic area of the city for both entertainment and residential living. Many new lofts and townhomes have been built in and near downtown and other buildings have been converted from commercial to residential use.
Houston has major league football, baseball, basketball ( men's and women's), and soccer teams, as well as AHL hockey. It also has separate horse and greyhound racing tracks.
For the theatre lovers, Houston is one of the few cities that has permanent ballet, orchestra, opera, and theatre companies.
Houston offers most everything you could possibly desire in real estate.
