Archive for April, 2008
Houston On Most Affordable Home Markets List
April 25th, 2008 categories: Houston, Houston Real Estate, Real Estate News
Bizjournals recently conducted a study comparing real estate costs to income levels in the 50 largest metro areas in the United States. They did this by comparing median home payments alongside household income levels. The results showed that California is (not surprisingly) the most expensive place to try and own a home with the median California homeowner spending over 75% of their monthly income on their mortgage payments. That was not a typo… I said 75%! According to the U.S. Department of Housing and Urban Development, home costs should not add up to more than one third of monthly income so other life necessities can be purchased… clothes, food, etc.
Lucky for us, Houston was in the Top 10 list for the most affordable home markets in the U.S. Good news for Houston! We came in at number 8 on the list. Not too shabby for this so called “market crisis” the media is painting for us. While other parts of the country are definitely hurting, our market here in Houston along with others (mostly in the South) are actually enjoying price appreciation along with income growth which makes for a solid real estate market. According to Lawrence Yun, the National Association of Realtors’ chief economist, “The healthiest housing markets today generally are moderately priced and are experiencing job growth and often population growth, which in turn is supporting strong price growth.”
The moral of this story is that Houstonites can rest easy because our housing market is continuing to hold strong. I believe this quote summed it up best for me… “If the news predicted a snow storm in Denver, would you walk outside with your snow boots in Houston?”
10 Most Affordable Home Markets
1. Oklahoma City
2. San Antonio
3. Birmingham
4. Indianapolis
5. Pittsburgh
6. Kansas City
7. Buffalo
8. HOUSTON
9. Memphis
10. Rochester, NY
10 Most Expensive Home Markets
1. Los Angeles
2. San Francisco - Oakland
3. San Diego
4. San Jose
5. New York City
6. Sacramento
7. Riverside - San Bernardino, CA
8. Miami - Fort Lauderdale
9. Boston
10. Providence
| Discussion: 2 Comments »
Katy Real Estate News - Cinco Ranch High End Real Estate Flourishes in a Tough Market
April 24th, 2008 categories: Real Estate News
By Katy Real Estate Expert Timothy Sojka
Cinco Ranch, in Katy Texas, is still one of the best destinations for Houston and Katy Relocations. The high-end market in Cinco Ranch continues to thrive. Houston and Katy have not seen the same negative real estate downturn as the rest of the country, still few if any neighborhoods have flourished like Cinco Ranch.
Cinco Ranch homes sales range from the high $100,000’s to well over $1,000,000.
This article highlights high-end homes in Cinco Ranch (only homes above $500,000), a favorite of the Houston Relocation crowd.
Year over year sales (2007 vs. 2006) on homes over $500,000 are staggering. In 2006, 26 homes sold above the $500,000 mark (ranging from $505,000 to $980,000). The average high end home sold for $747,000. The average days on the market were 209 days.
In 2007, 38 homes sold above $500,000 (a 46% increase) and home sales ranged from $515,000 to over $1,200,000. The average high end home sold for $781,000 (a 4.5% increase). The most impressive stat was that the days on the market decreased to only 129 days (this is a sign of a very healthy market)
So basically in a market that many call soft, Cinco Ranch really flourished. Cinco Ranch is one of the best brand names in real estate. If you are considering relocating to Katy or West Houston I highly recommend you consult your relocation company and let them know this information.
To view all homes currently available in Cinco Ranch click on this link - Cinco Ranch Home Search
To view only high end Cinco Ranch homes ($500,000+) click on this link - Cinco Ranch High End Home Search
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Woodlands Real Estate - 1st Quarter 2008 Review
April 22nd, 2008 categories: Market Stats, The Woodlands
1. So, how’s the Woodlands Real Estate market doing?
1st Quarter 2008 sales results for The Woodlands:
| S - 313 Properties Found | |||||||
| SqFt | LP/SqFt | List Price | SP/SqFt | Sale Price | SP/LP % | DOM | |
| Min | 1176 | 49.66 | 87950 | 44.601 | 75600 | 75 % | 0 |
| Avg | 3014 | 125.53 | 378353 | 120.66 | 363666 | 96.1 % | 68.97 |
| Max | 24586 | 380.26 | 3500000 | 373.196 | 2735000 | 108 % | 1010 |
| Median | 2566 | 101.60 | 248900 | 99.702 | 237500 | 97 | 46 |
1st Quarter 2007 sales results for The Woodlands:
| S - 410 Properties Found | |||||||
| SqFt | LP/SqFt | List Price | SP/SqFt | Sale Price | SP/LP % | DOM | |
| Min | 0 | 43.19 | 81500 | 44.175 | 81500 | 82 % | 0 |
| Avg | 2937 | 121.31 | 356349 | 117.88 | 346274 | 97.2 % | 66.39 |
| Max | 8168 | 324.26 | 2599000 | 325.12 | 2350000 | 109 % | 631 |
| Median | 2634 | 99.64 | 257495 | 97.143 | 253195 | 97.5 | 33.5 |
Some interesting numbers… first off, fewer sales last quarter… 313 vs 410 last year. But, average sales price per square foot has moved up from $117.88 to $120.66. Average size of home sold in The Woodlands has also increased. And, days on market (DOM) has not significantly changed… from 66.39 days to 68.97 days… hardly worth writing home about.
So, if you thought the market in The Woodlands was okay last year this time, well, it’s as good now. I think some people are holding off possibly selling their home as they have an idea that prices are down now (possibly watching too much television!!). Well, in some cases they probably are. But, on average, they’re actually up. We even sold a $3.5 million dollar home last quarter vs only $2.59 million last year same time!
With the summer sun moving in and these glorious days upon us… people are getting active and working on their homes and their yards and getting them ready to sell. So, forget about what you see on television… if you need to move… don’t worry, sell, you should get a good price if you price it right, right away, present it properly (stage it!) and get a realtor that will do a great marketing job.
If you want to stay put and just build onto your existing home or you want to play around with re-positioning your furniture … try out this little tool I found a few days ago: handy floor planner. You can do some floor plan design and then pop some furniture in and move that around… quite useful.
2. What’s supporting the The Woodlands market?
Well, mostly the population growth is my guess… just take a look at the population growth in Montgomery County since 2001:
It’s pretty incredible really, growing at an average of around 5% a year!! We’re adding 20000 new people to the county each year… they have to live somewhere! Montgomery county has added just over 100 000 people since 2001… that’s the equivalent of another Woodlands in only seven years. It took The Woodlands 25 years to get to where it is now!! Our economy is vibrant and growing and offers many opportunities. This provides the foundation for a good, steady, housing market.
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Katy Real Estate News -4500 Jobs May be Coming to Katy Texas via KBR
April 17th, 2008 categories: Katy, Real Estate News
KBR may be bringing 4500 jobs to Katy. This is more good news for Katy. Recently sites were announced for St. Luke’s Hospital, Methodist Hospital, and Texas Children’s Hospital.
KBR, the global engineering and construction firm has long been a driving force in Houston and their impact on Katy with this addition could be phenomenal. The Houston Business Journal has a great article with all the info - just click on the link below to review-
By: Timothy Sojka, Katy Real Estate Expert
| Discussion: 1 Comment »
Katy Real Estate News - New Methodist Hospital Location in Katy
April 17th, 2008 categories: Katy, Real Estate News
Methodist has recently announced their location for expansion into Katy. Their new facility will be located near Barker Cypress and I-10 near the proposed Texas Children’s Hospital. This is even more great news for Katy real estate coming on the heels of expansion by St Luke’s and Memorial Herman.
Katy’s great schools and strong infrastructure are ready to support this growth and the expanding West Houston Energy Corridor.
By: Timothy Sojka, Katy Real Estate Expert
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