Condo Market Oasis in Houston, Texas

Condo Market Oasis in Texas
While the rest of the country is dealing with the brunt of the bad economy, Texans find refuge in their strong GDP, low unemployment and solid median incomes.

All the news about the bad economy, difficultreal estate markets, and the overall purchasing slowdown must not have reached two cities in Texas, as the National Association of Realtors reports that both Dallas and Houston have seen upturns in the condo market there. This is attributed to these areas' high GDP, good median incomes and low unemployment rates. Furthermore, the considerably low median prices for new homes makes Texas more buffeted from the strains felt in places like South Florida and California.

The Dallas-Fort Worth-Arlington area was ranked number one with an 11.1% increase in median condo prices in the third quarter of 08, compared a year prior. The unemployment rate for the same period was 5.7%, a full 1.5% less that the national average. Combine that with a median annual income of $64.8k and many condos still selling at or below $150,000 and Dallas shows itself as an economic haven.

The Houston area, which included Baytown and Sugarland, for this study, came in third overall. The area saw an 8.1% increase in median condo prices for the third quarter of 08. It trumped Dallas with an unemployment rate of only 5.5. However, it could not do the same in terms of median income, reporting, a lower but respectable, $61.1K. Condos here are also a bit less expensive to comparable units in Dallas with median estimates at or around $135,000.


RE/MAX is a company built on the promise of exceptional customer service and I realize that your trust and loyalty must be earned through dedication, honesty, and passion! Let me offer you the same exceptional service that has made RE/MAX the success it is today!!


Brian Mitchell
RE/MAX CityView
602 Sawyer St 110
Houston, TX 77007
713-447-0963

HAR MLS Market Update for December 2010

MLS Report for December 2010

THE HOUSTON REAL ESTATE MARKET CONCLUDES 2010 WITH A FURTHER APPRECIATION IN HOME PRICES

Sales decline slows in December as average price reaches the second highest level of 2010

HOUSTON — (January 18, 2011) — The Houston real estate market put the wraps on 2010 with signs of improvement despite six consecutive months of declining sales. Prices of single-family homes across Greater Houston continued their upward march in December while sales volume sustained the smallest reduction since the declines began last July following expiration of the homebuyer tax credit. The average price achieved an all-time high for a December in Houston and the second highest level for all of 2010.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), December sales of single-family homes throughout the Houston market slipped 3.9 percent when compared to December 2009. Positive sales activity was recorded in three of the five segments of the housing market, with the $150,000 to $250,000 segment experiencing its first growth since last May.

Luxury home sales again helped push the latest pricing gains. The average price of a single-family home edged up 2.2 percent from December 2009 to $221,613 while the December single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 4.0 percent from one year earlier to $157,500. Foreclosure property sales reported in the Multiple Listing Service (MLS) declined 14.3 percent in December compared to one year earlier.

Foreclosures comprised 20.1 percent of all property sales in December, remaining consistent with the levels they held for much of 2010. The median price of December foreclosures fell 7.8 percent to $82,750 on a year-over-year basis.

December sales of all property types in Houston totaled 5,131, down 3.0 percent compared to December 2009. Total dollar volume for properties sold during the month was basically flat at $1.08 billion.

"We need to carefully watch how the Houston real estate market performs over the next couple of months before being able to truly determine how 2011 might pan out, but the December report contains encouraging signs," said Carlos P. Bujosa, HAR chairman and VP at Transwestern. "A slowdown in declining sales and improvement in pending sales bode well for real estate, however rising oil prices and concerns about the employment landscape are also factors to consider as we look ahead. Mortgage interest rates are edging up, and that might spur prospective homebuyers into making purchases earlier in the year."

2010 Annual Market Comparison

The Houston housing market concluded calendar year 2010 with strengthened pricing compared to 2009 and declines of 5.7 percent in single-family home sales and 4.6 percent in total property sales. On a year-to-date basis, the average price climbed 4.0 percent to $211,765 while the median price edged up 0.6 percent to $153,990. Total dollar volume for full-year 2010 dipped 1.2 percent to $12.3 billion compared to full-year 2009.

CATEGORIES	Full-Year 2009	Full-Year 2010	PERCENT CHANGE
Single-family home sales	54,531	51,428	-5.7%
Total Property Sales	63,803	60,871	-4.6%
Total dollar volume	$12,499,040,325	$12,364,327,660	-1.2%
Single-family average sales price	$203,626	$211,765	4.0%
Single-family median sales price	$153,000	$153,990	0.6%

December Monthly Market Comparison

The month of December brought Houston's overall housing market mixed results when all listing categories are compared to December of 2009. Total property sales declined slightly, total dollar volume was basically unchanged, and the average and median prices of single-family homes rose.

Month-end pending sales for December totaled 2,821, up 4.5 percent from last year, signaling the possibility of improved demand when the January figures are tabulated. December's figure was an improvement from November's 5.8 percent decline in pending sales and the 23.2 percent and 17.2 percent drops the market suffered in October and September, respectively. The number of available properties, or active listings, at the end of December rose 13.5 percent to 49,005 compared to December 2009. Ongoing growth in available inventory combined with declining sales volume pushed December's inventory of single-family homes to 7.2 months compared to 5.7 months one year earlier. However, the figure is the lowest it has been since May 2010 and remains favorable compared to the national inventory of single-family homes of 9.5 months reported by the National Association of REALTORS® (NAR).

CATEGORIES	December 2009	December 2010	PERCENT CHANGE
Total property sales	5,290	5,131	-3.0%
Total dollar volume	$1,096,550,998	$1,087,473,477	-0.8%
Total active listings	43,185	49,005	13.5%
Total pending sales	2,700	2,821	4.5%
Single-family home sales	4,475	4,301	-3.9%
Single-family average sales price	$216,739	$221,613	2.2%
Single-family median sales price	$151,400	$157,500	4.0%
Months inventory*	5.7	7.2	25.9%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Single-Family Homes Update

December sales of single-family homes in Houston totaled 4,301, down 3.9 percent from December 2009 and a dramatic improvement after a decline of 22.0 percent in November 2010. This marks the sixth monthly decline in sales volume following four consecutive months of accelerated sales attributed largely to the tax credit.

Broken out by segment, December sales of homes priced below $80,000 increased 9.2 percent; sales of homes in the $80,000-$150,000 range tumbled 14.2 percent; sales of homes between $150,000 and $250,000 were up 3.3 percent—the first increase that segment has recorded since May 2010; sales of homes ranging from $250,000-$500,000 slid 6.3 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—rose 8.3 percent.

The average price of single-family homes in December was $221,613, up 2.2 percent compared to one year earlier. That is the highest level recorded for a December in Houston and the second highest for all of 2010. At $157,500, the median sales price for single-family homes increased 4.0 percent versus December 2009, achieving its highest level for a December in Houston. The national single-family median price reported by NAR is $171,300, illustrating the continued higher value and lower cost of living that consumers enjoy in Houston.

HAR also breaks out the sales performance of existing and new single-family homes throughout the Houston market. Existing home sales in December 2010 were unchanged from one year earlier. The average sales price edged up 1.9 percent to $202,036 compared to last year, while the median sales price of $145,000 climbed 6.6 percent.

Townhouse/Condominium Update

The number of townhouses and condominiums that sold in December dropped 9.4 percent compared to one year earlier—a dramatic improvement from sales declines of 42.7 percent and 37.0 percent in October and November, respectively. In fact, the December decline is the smallest since the downturn in sales volume began last July. In the greater Houston area, 386 units were sold last month versus 426 properties in December 2009.

The average price reached its highest level since June 2008, rising for the first time since May 2010 to $171,206 compared to December 2009. The median price of a townhouse/condominium also rose for the first time since May 2010, climbing 14.3 percent to $140,000—the highest level since June 2009.

Lease Property Update

Demand for single-family home rentals rose 26.8 percent in December compared to one year earlier. Year-over-year townhouse/condominium rentals increased 25.5 percent.

Houston Real Estate Milestones in December

At $221,613, the average price of a single-family home reached the second highest level of 2010 and an all-time high for a December in Houston;

At $157,500, the median price of a single-family home also reached the highest level recorded for a December in Houston;

At $171,206, the average price of a townhouse/condominium reached the highest level since June 2008;

At $140,000, the median price of a townhouse/condominium reached the highest level since June 2009;

7.2 months inventory of single-family homes is the lowest level in Houston since May 2010 and compares favorably to the national average of 9.5 months.

The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 26,000 REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.

The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.

The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)

Founded in 1918, the Houston Association of REALTORS® (HAR) is a 26,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.

I am NEVER too busy for your referrals!


Brian Mitchell
RE/MAX CityView
602 Sawyer St #110
Houston, TX 77007
713-447-0963
brianamitchell@remax.net

Houston property market boosted by housing starts and job growth

Several factors point to a continuation of the gradual economic recovery in the Houston area, according to a report from MetroStudy, including positive job growth numbers and improving housing starts.

David Jarvis, director of MetroStudy's Houston division, said these gains can be attributed in part to the region's public policy, which differentiate the area from many others across the country.

"The Houston market continues to face fewer market obstacles than most U.S. markets. Texas's pro-growth policies and business friendly environment will continue to benefit local housing markets and allow for 2011 to show moderate growth," he said.

The first new increase in housing starts since the recession was seen in 2010, MetroStudy reported, a 1.1 percent rise over 2009 figures, as well as a small increase - 13,000 - in the number of available jobs, though the previous year's losses were still much larger, topping out at more than 100,000.

Staying abreast of general economic development is important for both businesses expecting to be involved in Houston's property market and prospective homeowners, experts say.


If you ever need to buy, sell, or lease in the Houston area, please feel free to contact me!


Brian Mitchell
RE/MAX CityView
713-447-0963
brianamitchell@remax.net

Ever Wondered?..... Buying Foreclosures in Houston

There are plenty of advantages in investing in the Houston foreclosures. This city is the largest in Texas, one of the top five states leading in the sale of foreclosure properties. In a poll conducted and analyzed on the basis of job opportunities, living conditions and economy, Houston was declared in the list of “best cities of 2010”.

The city has all the conditions that are required for housing a family. Houston has received awards for high business growth, innovative technical inventions and it is coined one of the best cities for college students to graduate in. The city is also known for trade and commerce and it ranks first in the United States. Thus for all those seeking for a living and a cheap house to support residing in the country, the foreclosed properties in Houston are the best ones you can look up to.

Foreclosure properties can be bought by partnering with your Realtor and bidding at auctions or by signing personal deals with lenders and distressed home owners. There are more than 10,000 properties you can choose from the foreclosure lists.  And the average price of these lie in the most affordable price margin of $100k to $200k.

2011 is a more favorable year for investing in foreclosures. There were too many foreclosure filings a couple of years back in the United States in as much as about 2.2% of the total housing units. But the number of properties that were foreclosed by the bank was very low. And the purchasers for the bank foreclosure homes were very low too. This indicates two trends. Too much of time is being taken for processing the bank foreclosure homes. Another thing is that the home owners are more willing to sell off their properties for high discounts to the potential home buyers than work out loans with their lenders or surrender their properties to the banks.

This facilitates buying foreclosures in two platforms. One is the short sale which the banks are adopting as a strategy to liquidate the clogging properties. Next are the pre foreclosures. By buying foreclosures through the above two grounds, one can sign high bargain deals. Make sure you have discussed exactly what you are looking for with your Realtor so that he/she can keep their eyes out for great deals!

Furthermore, if you have any questions about Houston Foreclosures, call me today and let's discuss them.  I'm never too busy for you or your referrals. 

Brian Mitchell

RE/MAX CityView

Cell: 713-447-0963

brianamitchell@remax.net

RE/MAX School Balloon Program in Houston

RE/MAX of Texas has a great Hot Air Balloon Program for schools. It has been put on in the Houston area numerous time! RE/MAX loves to give back to the community and assist with education. We have a team of balloon specialists that give demonstrations along with the science teachers to give the students a first hand experience of how hot air actually rises. The children love it, the parents love it, teachers love it, and the community love it!

RE/MAX CityView put this program on last Spring for Travis Elementary in Houston, TX and it was such a success that they requested it be brought back. 

The RE/MAX can also be seen every year at the Johnson Space Center Balloon Festival in Houston!

If you would like to have this program at your Houston area school, please contact me and I would be glad to discuss it with your PTO or school board. 

Brian Mitchell

RE/MAX CityView

Houston, TX 77007

713-447-0963 - cell

Best Buys at Salvage Yards in Houston

3 best buys at salvage yards

These quality items just need a little TLC

By Arrol Gellner, Friday, January 14, 2011.

Inman News

Editor's note: This is Part 1 of a two-part series.
Suppose there was a place you could buy high-quality building products at fire-sale prices, and do it in the greenest possible manner to boot? Well, there is such a place -- it's your local architectural salvage yard. If you can live with a few little nicks and scratches, you may be amazed at the bargains you come across.

What? Build your esteemed project with someone else's castoffs? Well, yes. And there are three good reasons to do so.
First, the quality of older building materials is often superior to what you'll find at modern home improvement stores.
Second, salvaged items typically sell at discounts of 50 to 90 percent off new prices (some items are in fact brand-new products misordered by contractors, rejected by customers, or discontinued by their manufacturers -- occasionally, they're still in their original shipping containers).

Lastly, salvaged items are infinitely greener than new, so-called "green" products, because they already exist and consume no additional resources.

But be forewarned: Buying from an architectural salvage yard isn't for everyone. Unlike shopping at your local building emporium, you can't just grab all the generic, "Made in China" goodies you need and be on your way. You need patience. It can takes months, in fact, to find just the right items for your project.

You also have to remain flexible and willing to change your mind. For example, you may be looking for a pair of double entrance doors, but come across an absolutely beautiful single door with sidelights that works just as well, perhaps better. Far from being a drawback, having to keep your design options open will often elicit more interesting, less off-the-shelf solutions.

Now, some salvaged items that can be especially good values:

• Front entrances are one of the most commonly replaced items in home improvement, so salvage yards are usually well stocked with them. Often, these are very fine old doors that have been changed out merely to keep up with some new design fad. If you're willing to live with the patina that accompanies a previous life, you can get a high-quality front entrance for dimes on the dollar. Your best bet is to look for units complete with the original jamb and hinges, since fitting a new door into an existing opening can be very labor-intensive.

• Interior doors can also be a good buy, as long as you know exactly what to look for. Again, if you're building from scratch (rather than just replacing an existing door), it's better to buy the doors complete with jambs and hinges -- "prehung," in building parlance. Make sure each door has the proper "hand" -- the direction it swings -- because it's not cost-effective to rehinge a door later. Avoid doors that are glopped with multiple layers of old paint, which is usually more trouble to remove than the door is worth.

• If you're restoring an older home, the salvage yard is also a good source of hard-to-find vintage hardware items such as lock sets, brass switch cover plates, ornamental heat registers, and the like. They may require some tender loving care to be put back in use, but their quality is generally superior to that of new reproductions -- often including the stuff available from those ostensible "restoration" catalog houses.

Next time, some more salvage yard bargains, along with a few items to approach with caution.


Brian Mitchell
RE/MAX CityView
602 Sawyer St 110
Houston, TX 77007
713-447-0963