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.

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St. George Place| Lamar Terrace Galleria Houston, TX 77056

stgeorgeviewSt. George Place

St. George Place Est. 1989
St George Place, originally known as Lamar Terrace, is a peaceful enclave located in the shadow of the Galleria. This inner loop neighborhood is bordered to the north by West Alabama, to the south by Richmond Avenue, to the east by South Rice, and to the west by Chimney Rock.

In 1989, Robert Silvers bought and formed 107 lots out of portions of an older subdivision, Lamar Terrace, from the Federal Savings & Loan Insurance Corporation. Mr. Silvers tore down many of the original homes, and petitioned Houston’s city council to rebuild the neighborhood. With its new name, St George Place, and a plan, Mr. Silvers was awarded the city’s first tax-increment reinvestment zone (TIRZ) and Public Improvement District, making it possible to institute zoning in place of deed restrictions that had expired. Of all the TIRZs that have followed since in Houston and other Texas cities, St. George Place is often regarded as the most successful. In the years since St George Place was formed, the neighborhood has been transformed from a once blighted area of town into a premier Uptown-Galleria area residential neighborhood full of new home construction, beautiful streets, and a fun and active neighborhood civic association (the SGPCA). The SGPCA oversees and manages the community’s Security and Landscape Maintenance contracts and activities. Likewise, the SGPCA stays actively involved in issues and solutions that continue to ensure that St. George Place is an attractive, safe, friendly, and resident-focused neighborhood. It’s placement within the southwest corner of the Galleria Mall offers residents only a short walking distance to the most premier shopping area of Houston.

The area has also been transformed by the addition of new streets, lighting, and a new elementary school. Spectacular two story homes featuring designs from Houston’s best architects dominate the subdivision. The style of homes focuses on Mediterranean style, French Country Custom, Spanish, and occasionally a traditional home. Since its revival, only a smattering of original Lamar Terrace homes still stand and, when offered for sale, are sold for lot value.
Students living in St. George Place attend schools served by the Houston Independent School District.

St. George Place / Lamar Terrace 2010 Real Estate Info

Number of Homes in St. George Place 361
Average Bedrooms 3.3
Average Baths 2.5
Median Square Ft. 3,137
Median Lot Square Ft. 6,600
Median Year Built 1999
Zip Code 77056
Tax Rate 2.5237
School Houston ISD
City Houston, Texas
Area Houston Uptown, Galleria Post Oak
County Harris

St. George Place / Lamar Terrace 2012 Real Estate Market Report

Number of Homes Sold 17
Sales Price Range $290,000 to $ 1,024,550
Average Sales Price $549,056.00

Square Foot Price Change Data 1994 – 2010 for Lamar Terrace

Crawford Realty Advisors
All information is subject to change and should be independently verified.

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