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Paul Silverman's Blog

By Paul Silverman | Broker in Houston, TX

Real Estate in Houston Shows a Sharp Rebound in March

Realtors and homeowners across the Houston area were pleased with the promising signs contained in the latest MLS statistics for March 2010. The big news – total sales of single family homes were up 11% from the same time a year ago marking one of the biggest jumps in quite some time. Other areas of the market making huge gains were townhome/condo with a 30% increase, High rise units at 78% and lots at 53%. While average price for townhome/condo remained unchanged, the average price for single family homes rose 10% and lots rose 15%, all showing signs of appreciation in the market. As far as pending sales, all segments of the market except high rise sales and rentals also showed significant improvements.

Another interesting part of the March MLS statistical report is the distribution along the price ranges. Just about every price range below $190,000 showed a drop in sales while price ranges above this amount showed considerable increases anywhere from 17%- 85%. There are many factors influencing this change including new lending guidelines that affect the lower price ranges and the decrease in number of foreclosure sales.

The last predictor of the market is the number of months of inventory. The combined average remained virtually the same at 6.7 months, a sharp decrease from the national average of over 7 months. The area with the least amount of inventory was the South Katy area with only 3.7 months and a market high in Polk County with 15 months supply of inventory.

To sum up, this has been one of the few reports in since the economic recession that provides so many across the board gains for all segments of the markets. If you are looking for a new home in the Houston, Pearland, Sugar Land, Katy or surrounding areas, please give contact us and visit our website at http://www.ourfirstnest.com


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