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12/4/2012 Market Status & Trends

The Sugar Land area market is strong, with sales prices up and new listings down as there are 21 less listings in November 2012, down 13% over November 2011, and the number of sold properties increased 13 percent. The Median Sales Price increased 2% to $251,250 compared to last year, and is well above the Houston Metropolitan Areas Median Price of $169,000. In all of Sugar Land, the Average Days on the Market increased from 77 in November 2011 to 81 in November 2012.

As we've seen throughout 2012, Sugar Land and its master-planned communities are experiencing low inventory, and its the lowest we've seen in more than 10 years, which is driving up sales prices. Sugar Land has only 2.6 months of inventory compared to 6.7 months of inventory at the same time last year.

The average days on the market of all of the sold properties for the last 6 months in Greatwood is 53 days; 52 days in New Territory; and 81 days in Riverstone's Sugar Land section. Homes in Sugar Creek have average days on the market for sold properties of 71 days; 60 days in Sweetwater; and Telfair's average is 76 days.

Since the National Association of Realtors began keeping statistics 60 years ago, the historical average for days on the market is 180, so Sugar Land is doing very well.

4/24/2012 Housing Market Steady

Despite the national medias attempt to portray the housing market as dismal with doom and gloom stats and predictions, we all have to realize the most important aspect of a downturn in housing. There is no national housing market, and to continue to give statistics for the entire nation as a whole, is doing the housing industry an injustice.

Yes, housing in many areas of the country have experienced foreclosures and corrections in home values. More than 50 percent of foreclosures nationwide occurred in three states and two cities: California, Michigan and Florida; and the cities of Phoenix and Las Vegas.No market was immune to the lending industry giving mortgages to anyone who was breathing, so there were foreclosures everywhere, but they werent as widespread as many would lead us to believe. Many areas experienced a stable real estate market and continue to grow.

Case in point: As the fourth largest city in America, the Houston real estate market enjoyed a 10th consecutive month of rising sales in March, with homes selling quickly enough to keep housing inventory at its lowest level since December 2008. Average and median prices achieved the highest levels ever for a March in Houston, with the average price coming just a few dollars shy of the all-time high set in June 2008.

According to the latest data by the Houston Association of Realtors, March sales of single-family homes rose 7.8 percent compared to one year earlier. That follows Februarys 15.6 percent jump, which was the biggest sales boost since last September. The March single-family home average price rose 5.7 percent year-over-year to $227,270, the highest level for a March in Houston and only $70 below the all-time high reached in June 2008.

The median price of a home climbed 7.8 percent to $161,750, also a record high for a March in Houston. The number of available properties at the end of March declined 17.8 percent from March 2011 to 41,997. For the second month in a row, the inventory of single-family homes were at the lowest level since December 2008 5.6 months.

These indicators continue to demonstrate that Houston has a balanced real estate market and with mortgage rates near all-time lows, the local market should be good for the foreseeable future. With new home starts lagging for the last few years, within a year or two, I believe well begin to experience a housing shortage which will spur more activity. And with that demand, prices should continue to see a steady climb as well.

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