Houston’s Real Estate Market & Where it’s headed 2013

stgeorge

Houston Real Estate Market & Lending Update

The credit for lending in Houston is freeing up, and Subprime loans are out the window. Last year local homes sales went up 29.1, boosting residential real estate lending for several local banks, not to mention mortgage refinance. Interest rates continue to be low, relatively steady home value appreciation. The healthy Job-creating economy, will continue to bring more demand.

Here is the problem for Houston Buyers, lowest inventory since year 2000. In December, single-family homes sales totaled 5,039, up 11.4 percent from December 2011. Sales of all property types totaled 6,055, up 12.5 percent from a year ago.

The average price and median price for single-family homes both reached their highest levels ever in Houston. The average price increased 11.3 percent over last year to 243,797, while the median priced was up 7.8 percent to 172,500.

The total dollar volume for all properties sold last month jumped 25.9 percent year over year to more than $1.43 billion, and HAR noted homes priced from $500,000 through the millions experienced the biggest increase in sales.

Additionally, the only price category to experience a decrease in sales was the portion of homes below, which decreased 17.7 percent from December 2011, and sales of foreclosed properties decreased 24 percent. Foreclosures made up 14.2 percent of reported sales, half the share they comprised at the beginning of last year.

Forward-looking indicators continued to improve, as well. Total pending sales at the end of December were up 6.2 percent year over year, and active listings were down 20.3 percent from December 2011. Meanwhile, the inventory of single-family homes dropped to a level not seen since the previous century. It reached 3.7 months, down 36.2 percent from the same time a year earlier and the lowest level since December 1999. Nationally, the single family home inventory is at 4.8 months.

The upper-end market is exceptionally hot. In January, the sales of houses priced above $500,000 and into the million-plus bracket were up 52 percent over January of 2012, the association reported .

The Market is not expected to cool down anything soon. The sales pending at the end of January were up 13 percent over January of last year,  and spring selling season will be excellent. In short, Realtors are going to be running fast for a while.

Houston luxury real estate experts. Whether you are interested in buying or selling, or just simply browsing for your next dream home, you can find it for sale on our real estate website.

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HOUSTON HOME SALES BLOSSOM IN MARCH 2013| Realtor Albert Cantu TEOH Properties

Downtown Houston

Downtown Houston

HOUSTON HOME SALES BLOSSOM IN MARCH
Aggressive home buying shrinks inventory further while driving the median price to a record high
HOUSTON — (April 16, 2013) — It’s hard to tell that the spring home buying season has begun because real estate transactions throughout Greater Houston never slowed during the traditionally quieter winter months. The addition of nearly 119,000 jobs over the past 12 months and the resulting need for housing, combined with continued low interest rates, helped make March Houston’s 22nd consecutive month of positive home sales.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), home sales jumped 17.0 percent compared to last March. Housing inventory, which had been at a 13-year low of 3.6 months during the first two months of the year, shrank slightly in March to 3.5 months.
The lower supply of homes and added demand sent prices higher. The median price of a single-family home—the figure at which half the homes sold for more and half for less—rose 6.5 percent to $172,000, an all-time record high for Houston. The average price rose 4.6 percent year-over-year to $236,195, the second highest level ever.
Contracts closed on 5,779 single-family homes. That is the largest one-month sales volume since August 2012. All housing segments experienced gains except for those priced under $80,000. Homes selling between $80,000 and $250,000 registered the greatest sales volume increase.

“REALTORS® continue to see multiple offers on single-family homes and condos throughout the Houston market, which suggests that our local economy is growing stronger by the day,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “Governor Rick Perry recently stated that Texas is the fastest growing state in the country, and most of those people seem to be coming to the Greater Houston area because our job market is better than that of Dallas, Austin and San Antonio.”
In reporting the addition of 118,700 net jobs during the past year, the U.S. Bureau of Labor Statistics ranked Houston No. 1 for job growth among the 20 most populous U.S. cities. The 4.5 percent hiring increase returns Houston to its previous job peak of the fall of 2011.
Foreclosure property sales reported in the HAR Multiple Listing Service (MLS) declined 27.2 percent compared to March 2012. Foreclosures currently make up 12.3 percent of all property sales, down from 15.8 percent one month earlier. The median price of foreclosures climbed 5.8 percent to $86,000.

March sales of all property types in Houston totaled 7,006, a 19.4 percent increase over the same month last year and the largest one-month volume since last August. Total dollar volume for properties sold leapt 23.6 percent to $1.6 billion versus $1.3 billion a year earlier.
March Monthly Market Comparison
March brought positive results to Houston’s overall real estate market when all sales categories are compared to March 2012. On a year-over-year basis, total property sales, total dollar volume and average and median pricing all rose.
Month-end pending sales totaled 4,433. That is up 6.5 percent from last year and portends the likelihood of another month of positive sales when the April figures are tallied. Active listings, or the number of available properties, at the end of March declined 22.1 percent from March 2012 to 32,704.
Housing inventory in Houston held at 3.6 months in January and February, but slipped slightly in March to 3.5 months. That remains the lowest level recorded since 1999. Inventory first fell below a five-month supply in August 2012 and then dropped below a four-month supply last December. The inventory of single-family homes across the United States stands at 4.7 months, according to the latest report from the National Association of REALTORS® (NAR).

CATEGORIES MARCH 2012 MARCH 2013 CHANGE
Total property sales 5,866 7,006 19.4%
Total dollar volume $1,276,756,997 $1,578,481,653 23.6%
Total active listings 41,997 32,704 -22.1%
Total pending sales 4,162 4,433 6.5%
Single-family home sales 4,941 5,779 17.0%
Single-family average sales price $225,809 $236,195 4.6%
Single-family median sales price $161,500 $172,000 6.5%
Months inventory* 5.6 3.5 -37.7%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Single-Family Homes Update
March sales of single-family homes in Houston totaled 5,779, up 17.0 percent from March 2012. That marks the 22nd straight monthly increase.

Broken out by housing segment, March sales performed as follows:
$1 – $79,999: decreased 17.1 percent
$80,000 – $149,999: increased 15.1 percent
$150,000 – $249,999: increased 23.1 percent
$250,000 – $499,999: increased 30.7 percent
$500,000 – $1 million and above: increased 20.5 percent

The median price of a single-family home rose 6.5 percent from last year to $172,000, the highest level ever recorded in Houston. At $236,195, the average sales price for single-family homes achieved the second highest ever, up 4.6 percent year-over-year.
HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In March 2013, existing home sales totaled 4,915, a 23.3 percent increase from the same month last year. The average sales price rose 4.9 percent year-over-year to $221,714 while the median sales price jumped 10.3 percent to $159,900.
Townhouse/Condominium Update
March sales of townhouses and condominiums rocketed 47.1 percent from one year earlier. A total of 550 units sold last month versus 374 properties in March 2012. The average price edged up 2.8 percent to $173,155 while the median price increased 3.0 percent to $139,000. Months inventory was 3.7 months compared to the 6.8 months level it held in March 2012.

Lease Property Update
Houston’s lease property market saw generally positive results in March. Rentals of single-family homes increased 7.8 percent compared to March 2012 and year-over-year townhouse/condominium rentals were flat. The average rent for single-family lease homes was $1,552 while it was $1,393 for townhouses/condominiums – representing increases of 4.3 percent and 5.0 percent respectively.
Houston Real Estate Milestones in March
Single-family home sales increased 17.0 percent year-over-year, accounting for the market’s 22nd consecutive monthly increase and the largest one-month sales volume since August 2012;
Total property sales rose 19.4 percent compared to one year earlier and also accounted for the largest one-month sales volume since August 2012;
Total dollar volume jumped 23.6 percent, increasing from $1.3 billion to $1.6 billion on a year-over-year basis;
At $172,000, the single-family home median price reached an historic high for Houston;
At $236,195, the single-family home average price reached the second all-time highest level;
3.5 months inventory of single-family homes is the lowest level since 1999 and compares to the national average of 4.7 months;
Sales of townhouses/condominiums shot up 47.1 percent year-over-year.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.

The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.

The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.) Founded in 1918, the Houston Association of REALTORS®

(HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.

Lofts On Post Oak- Uptown Houston, TX

Lofts On Post Oak- Uptown Houston
1901 Post Oak Blvd
Houston, TX 77056

How convenient is this: your Lofts on Post Oak home is a quick walk away from the incredible stores of The Galleria, as well as many other retail shops. And when a friends says let’s have something really good to eat,” you’re in the right place, because dozens of the city’s best-known restaurants, bars and cafes are in the Uptown area. There’s nothing like living in the epicenter of cool.
Midrise:
1/1 – $150,000-265,000
2/2- $300-425K

Tower:
1/1 plus Study -$300-400,000
2/2 – $375-600’s

Floor Plans

Unique 8 Story Tower & 4 Story Mid-Rise
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Computer Libraries with Desks
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Separate Walk-In Showers
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Super Service: Day and night, the Lofts of Post Oak staff is at your service. Call for valet help or concierge service and it’s done. Whether you need your best jacket cleaned or you need a shuttle to the airport, your wish is our command. Naturally, Lofts service includes careful attention to maintenance and security issues as well.