Real Estate in Houston Latest Market Report

(I-Newswire) March 19, 2010 - Thanks to a surge in the upper end housing market, the total dollar volume of homes sold in Houston for February rose 6% while the total number of sales slightly declined 6%. The average sales price also showed a significant increase (12%) due to this activity in the upper end market. Among the other areas to show impressive increase in sales were the Condos/Townhomes in Houston increasing 9%, High Rise Residential increasing 6% and the three rental markets increasing from 10% - 37%. Our biggest winner of the month goes to the single family home price category of $400,000 - $500,000 with a tremendous gain of 53% followed by $500,000 - $600,000 showing a 38% increase.
The next important statistic to look at is the months of inventory of homes in Houston. In February, the average ticked up a bit to 6.3 months of inventory but still well below the national average of 7.8 months. Most experts agree that a 6-8 month supply shows equilibrium in the market meaning it is not a buyers or sellers market. All of the price categories in February reflected this range with the exception of categories of $400,000 and up with a maximum months of inventory in the $1,000,000 and up market capping at 18.4 months.
One of the most watched groups of sales, foreclosures in Houston, showed a significant drop slipping by 18.7%. With the exception of investors and buyers looking for a good deal, this number definitely shows some strength in the market considering that a little over a year ago almost 30% of all sales were Foreclosures. The lack of Foreclosures on the market adds a definite plus by maintaining property values and the look of a neighborhood.
For any detailed questions real estate in Houston or the surrounding areas, please contact Our First Nest Realty at www.ourfirstnest.com or email us a paul@ourfirstnest.com

About Our First Nest Realty:
Paul Silverman is owner of Our First Nest Realty in Houston, TX. He is a buyers agent who specializes in helping first time buyers find their home. In addition, Paul has over 15 years experience in the New Home industry in Houston and has served on a number of boards of real estate related organizations. He currently holds 9 professional designations.

Company Contact Information
Our First Nest Realty
9715 Hallmark Lane
Pearland, TX
77584
Phone : (832) 283-6601