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.

Mosaic On Hermann Park Condos| Houston, TX 77004

Mosaic On Hermann Park Condominiums

Mosaic On Hermann Park Condominiums

Mosaic on Hermann Park, your home of towering high style in Houston’s heartbeat. This is location to live for.The city center: a mile and a half away. The Texas Medical Center and Rice University: less than a mile. The historic Museum District: a stone’s throw. The 445-acre park: it’s your yard. The Mosaic Condos gives you the best of a vibrant city, from park to work to chic to shop . . . with breathtaking views, equally amazing value, and exquisite interiors as individual as you are.

Record Sales
The pace of Houston home sales has never been brisker, as a super-low supply of homes for sale is igniting bidding wars for houses in many neighborhoods. Sellers are getting offers from multiple buyers on the day their house goes up for sale. And home prices are going up fast.

The inventory of homes for sale is at its lowest point since 1999, according to the Houston Association of Realtors.

Historically, January is a slow month for Realtors. But not this January.

January property sales in Houston totaled 4,680, a 29 percent increase over January of last year, the Realtors Association Reported

The Texas Medical Center is the largest medical center in the world with one of the highest densities of clinical facilities for patient care, basic science, and translational research.[1] Located in Greater Houston, the center contains 50 medicine-related institutions, including 15 hospitals and two specialty institutions, three medical schools, four nursing schools, and schools of dentistry, public health, pharmacy, and other health-related practices.[2] All 50 institutions are not-for-profit. Exceeding one thousand acres in size, the center is larger than downtown Dallas.[3] Some member institutions are located outside of the city of Houston.[4][5] The center is where one of the first and largest air ambulance services was created and where one of the first successful inter-institutional transplant programs was developed. More heart surgeries are performed in the center than anywhere else in the world.[6]

The Texas Medical Center receives 160,000 daily visitors and over six million annual patient visits, including over 18,000 international patients. In 2010, the center employed over 93,500 people, including 20,000 physicians, scientists, researchers and other advanced degree professionals in the life sciences.[7]

The Houston Museum District consists of 19 museums within a 1.5 mile radius of the Mecom Fountain. The Houston Museum District Association is dedicated to collaborative efforts that maximize use of the artistic, scientific and educational resources.

The Houston Museum District is an association of museums, galleries, cultural centers and community organizations located in Houston, Texas, dedicated to promoting the arts, sciences, and cultural amenities of the area.
The Houston Museum District currently includes 19 museums that recorded a collective attendance of over 7 million in 2011. All of the museums offer hours with free admission, and 12 of the museums are free all the time.[1]
Bordered roughly by Rice University, the Neartown area and Texas Medical Center, the Museum District specifically refers to the area located within a 1.5-mile radius of the Mecom Fountain in Hermann Park. The Museum District is served by four stops on the METRORail, one specifically named for it and is easily accessible from US 59, State Highway 288 and Main Street.

The beginnings of the Museum District are found in 1977, when it became apparent that some action needed to be taken to provide easier access to the museums of the area. This call for community improvement evolved into the non-profit Montrose Project by the mid-80s but changed into the Museum District Development Association of Houston (MDDAH) shortly thereafter. Based on the works of this organization, the Museum District was formally recognized by the City of Houston in 1989. The founding organization was dissolved in 1994, but the Museum District is now under the auspices of the Houston Museum District Association, founded in 1997.
The Museum District attracts visitors, students and volunteers of all ages, backgrounds, and ethnicities to learn about and celebrate art, history, culture, and nature around the world.