Texas Realty Blog

½ Year Texas Home Sales Fall

The National Association of Realtors® latest forecast calls for improvement in existing home sales during the fourth quarter of 2008, as buyers start taking advantage of benefits provided in the recently signed Housing and Economic Recovery Act.

This forecast is certainly welcome news on the heels of the doom and gloom reports that are so prevalent these days. Let’s take a look at housing sale statistics for Texas’ major metropolitan areas for the first half of 2008 to see how our local markets have fared.

Housing Statistics January through June 2008

Austin

Number of Homes Sold:  12,072, down 19% from 2007

Homes Currently for Sale:  11,619, up 29% from 2007

Months of Inventory:  5.2, up 44% from 2007

Median Sales Price:  $189,400, up 4% from 2007

Average Sales Price:  $244,500, no change from 2007

Dallas

Number of Homes Sold:  25,291, down 16% from 2007

Homes Currently for Sale:  29,902, down 5% from 2007

Months of Inventory:  6.5, up 7% from 2007

Median Sales Price:  $159,000, down 2% from 2007

Average Sales Price:  $216,000, down 2% from 2007

Houston

Number of Homes Sold:  34,370, down 13% from 2007

Homes Currently for Sale:  40,799, up 4% from 2007

Months of Inventory:  6.5, up 12% from 2007

Median Sales Price:  $152,300, up 1% from 2007

Average Sales Price:  $206,800, up 2% from 2007

San Antonio

Number of Homes Sold:  10,188, down 17% from 2007

Homes Currently for Sale:  13,188, up 17% from 2007

Months of Inventory:  6.9, up 33% from 2007

Median Sales Price:  $150,000, up 2% from 2007

Average Sales Price:  $183,200, up 2% from 2007

Sales are down in all four major metropolitan areas, but prices have remained the same or appreciated in all areas except Dallas, which is excellent news for Texas.

Statistics provided by A&M University Real Estate Center.

Kiplinger Names Houston TX Best Place In America To Live!

As Kiplinger.com puts it, “How can you not love Houston?”

Thanks to its abundance of jobs and low cost-of-living, Houston TX was ranked the #1 Best City in America!

Since the oil bust of the 1980’s, Houston has made a “comeback” as the energy capital of the US.  It has also added over 100,000 aerospace, technology, and medical jobs since 2007.  Not only does Houston lead the nation in job growth, but real estate in Houston costs about half as much as other metro areas of the same size and overall cost-of-living is well below the national average. 

Guy Hagstette, director of Discovery Green, a new 12-acre park in central Houston, says the “comeback” isn’t really a “comeback” at all, because Houston had been planning for growth all along: "Before the energy business returned, the city made the wise decision to invest in its downtown."  Upgrades to the downtown area include an expanded convention center, a new stadium, a spiffed-up Main Street and a light-rail system.

The city’s improvements have attracted couples and empty nesters, as well as Fortune 500 companies.  The article specifically cites Sugar Land as Houston’s most up-and-coming suburb.  Fast-growing and family-friendly, the suburb that lies 20 miles outside of Houston boasts solid schools, a strong local economy and an affluent population (average household income is $133,354, more than twice the national average).

As for real estate, Sugar Land defines itself by its master-planned communities, each of which mixes homes, retail and recreation. Houses are relatively affordable: $350,000 will buy you a four-bedroom, two-bath home in the attractive Commonwealth development. Socializing revolves around each community's tennis courts, golf course, pool and clubhouse.

Are you ready to try a taste of the “sweet” life in Sugar Land or Houston?  Give me a call at 512-697-9140 or visit CopelandGroupRealty to learn more about Texas real estate.

San Antonio and Houston Named Solar America Cities

Last year, Austin was named one of a handful of Solar America Cities.  More of Texas will soon be relying on the power of the sun, as San Antonio and Houston were just named among twelve new Solar America Cities for 2008.

Through the U.S. Department of Energy’s Solar America Cities partnership, San Antonio and Houston will be working to accelerate the adoption of solar energy technologies for a cleaner, more secure energy future.  The cities’ solar partnerships (non-profit agencies, universities, solar companies, etc.) have committed to developing a sustainable solar infrastructure that removes barriers and encourages the adoption of solar energy by its residents and businesses, and increases the number of solar installations in the city. San Antonio and Houston will follow in Austin’s footsteps by taking a comprehensive, city-wide approach that lays the foundation for a viable solar market and provides a model for other cities to follow.

Spotlight: Builders Bet on Texas Lake Real Estate, Commit to 400-Acre Lake Houston Development

By DeeinAustin™

Fictional character J.R Ewing, from the popular 80s television drama, Dallas, was a betting man. What would the rich Texan do in today's housing market?

I think he'd take a peak at lake real estate in Texas, which are poised for a comeback in 2008. Investors and buyers know that know that the market for second homes, luxury estate, and lakefront estate homes in Texas are still in demand. 

We recently reported on Trinity River development in Dallas. Today's spotlight is on an upcoming 400-acre neighborhood development on the west side of Lake Houston.

A FEW DETAILS:

• This $90M-plus Parke Patterson Land Development project was announced a few weeks ago.
• Two Texas home builders have already committed. Next up is the retail developer.
• Estate lots will be 70-80' along 2000 feet of shoreline on West Lake Houston Parkway near Beltway 8.
• Trees and water amenities will be the central feature of the Houston lake front community.
• Townhouses and retail will be integrated.

ARE KIMBALL-HILL AND IMPERIAL HOMES BETTING ON TEXAS LAKE PROPERTIES IN 2008?

Sticker Shock! Sluggish December Smacks You in the Face

By DeeinAustin™

I wonder if anyone uses the term, "sticker shock" anymore. Sticker shock was used backed in the 80s and 90s to describe the raw, gut reaction that consumers had when they saw an extremely high price tag on a item. The term wasn't used to describe real estate, but I think you should prepare for sticker shock on December market stats.

If I had to describe the face of a sticker shock victim, it would look like what you'd expect from someone who had their hand struck with a hammer or who jumped in the Alaskan waters sans speedo.

A quick peek at December stats show that it was a sour month for Texas real estate. Lack of consumer confidence, high oil prices, less investors, and the holidays caused Austin real estate sales to be down 27% from 2006. Houston, Dallas, and San Antonio didn't beat last year either.

[Wait for the resounding OUCH...]

Now that the shock is over, let's break this down.

THE TRUTH ABOUT TEXAS REAL ESTATE

Year end results: Houston real estate holds it's own

Are you ready for the annual Texas real estate market statistics or am I the only person who ever gets excited about these things?

Ready or not, most December 2007 market statistics for the largest Texas real estate markets will be released within the next 2-3 weeks. I'll discuss them here, of course.

Houston releases their market statistics earliest, so will probably be covered first.

I have to say that the Houston market is one of the best all-around real estate markets in Texas. I spent my holiday vacation in Magnolia, Texas on the far Northwestern side of Houston. If I had to move from Austin, I'd live in Magnolia. It's rapidly growing, has tons of acreage lots and land, and is not far from the popular Woodlands area.

HOUSTON PRE-ANNUAL MARKET UPDATE   

Here's a quick primer for what you're going to see during the official annual  real estate market reports for Houston.

Texas Lawmakers Take "Green" Boot Approach to Sustainability

By DeeinAustin™

Let's face it. Non-Texans sometimes perceived our state as being behind on the times. Lately, Texas is being recognized for being forward-thinking when it comes to green practices and sustainability. Texas is not just growing a green thumb, we're passing laws that put a "green" boot in the backsides of corporations, developers and new construction builders to encourage them to adopt new practices.

Here's what I mean.

A friend who works for Pepsi-Co International mentioned that large corporations have implemented more strict green requirements from suppliers. In order to supply products or services to Pepsi-co, your company must regularly report measures in areas such as recycling, carbon footprint and sustainable practices. Round Rock-based Dell Computers, Inc. has similar green guidelines for suppliers.

Green requirements are being adopted by Texas State Agencies in the areas of green building, sustainable development of subdivisions, affordable housing, and commercial construction.

COOL GREEN INITIATIVES IN TEXAS

Community Spotlight: Sonoma in the Village Houston

by DeeinAustin™

I was reading the Texas Recon from the Texas Real Estate Research Center and came across a mixed-use development called Sonoma in the Village, which is in the Inner Loop in Houston. Sonoma is this week's Friday Spotlight.

According to Colliers, Inside the 610 Loop in the affluent West University neighborhood, Lamesa Properties is developing Sonoma in the Village, a 4-acre mixed-use project on the north end of Rice Village, Houston’s premier shopping and entertainment district adjacent to Rice University and the Texas Medical Center. (Picture provided by RiceVillageOnline.com)

ABOUT SONOMA IN THE VILLAGE

The Rice Village Wiki states that Rice Village has been one of Houston's oldest and most-loved shopping destinations since the 1930s. It is an unplanned, high density hodge-podge of old and new retail stores. Rice Village was once an ad hoc cluster of retail stores, but has grown to become one of Houston's more interesting and variable shopping destinations with over 300 shops in a 16-block area.

Houston Market Update October 2007: It's a Yawn

by DeeinAustin™

Houston housing market statistics are in for October 2007. Unlike Austin, Houston is in a buyer's market. The latest market update isn't horrible...but it's also not great. In fact, I have to say that they're sort of ho-hum.

Keep in mind that ho-hum is not a bad thing when other markets are seeing double-digit depreciation. Houston has long been a pretty stable real estate market. Unlike Austin and Dallas, you won't see wild appreciation in Houston, but you also won't often see the bottom fall out of their housing market.

According to the October 2007 Houston Board of REALTORS (HAR) statistics, the average days on market for single family homes is 83 days (correction). By comparison, the average days on market in Austin is less than 70 days, so buyers in both areas should be dealing with multiple offers on well-priced homes.

What type of market are you in?

• Buyers market: Greater than 6 months inventory
• Neutral Market: 4-6 Months inventory
• Seller's Market: Less than 3 months inventory

Most U.S cities have greater than 6-9 months inventory, so unless you live in Texas, you are most likely experiencing a buyer's market. The buyer's markets will probably continue at least until next summer or until lenders offer more mortgage options for stated or low-income buyers. 

VIEW THE OCTOBER 2007 HOUSTON REAL ESTATE MARKET STATISTICS 

Community Spotlight: Land of Oz in Houston is Sooo Over the Rainbow

By Maria Scinto

Seems like mixed-use developments are hot right now all over Texas  - and for good reason. Who wouldn't want the convenience of having shopping, dining, and entertainment facilities all within walking distance, free of the parking hassles and safety concerns that can come with living central?

AN INTERESTING NEW TWIST

A new twist to this trend seems to be "themed" developments, like Austin's arts and entertainment-oriented Villa Muse. Now according to the Houston Chronicle, developer David Wu is planning a project called "The Land of Oz".

No, there won't be yellow brick roads or green buildings as far as we know, but the development will be located in Houston's Chinatown area on the west side of Beltway 8 near Arthur Storey Park.

FEATURES OF THE LAND OF OZ DEVELOPMENT