Northeast Houston Listings Increase
On Tuesday (3/16), the Houston Association of Realtors released housing sales statistics for February 2010. While the number of homes on the market increased for the month, existing single family home sales were down in Houston and in two out of the three northeast Houston areas served by Keller Williams Realty Northeast.
Reflecting an abundance of pent up sellers, listings on resale homes were up versus a year ago across the area. Houston overall saw a two percent gain in single family homes on the market in February versus last year. Area 1 (Atascocita/Humble) saw 3.2 percent more homes listed; Area 32 (Kingwood) had a 7.9 percent increase; and Area 40 (Southeast Montgomery County) had 14.8 percent more houses listed for sale.
Sellers appear to have put their homes up for sale in anticipation of a wave of buyers due to the federal tax credit and a stronger economy, but the buyers have not yet materialized.
Overall in February, the Houston market sold 5.8 percent less single family homes versus 2009. Area 1 faired better than the market: down less than a percent versus last February. Area 32 took the biggest hit with a 21.3 percent drop in units sold and Area 40 saw a big gain of 131 percent more homes sold than last year.
The Houston Chronicle said in an article Wednesday (3/17) that real estate experts predict that buyers are waiting until closer to the April 30 tax credit deadline to make their offers and take advantage of the tax incentives: $8,000 for first time home buyers and $6,500 for repeat buyers.
A bright spot for Houston real estate is housing prices. In February, the median price of a single family home in Houston was $147,000 up 6.5 percent compared to last year.
However, prices in northeast Houston lagged behind the market results in February. The median price of a single family resale home was $146,500 in Area 1 – up 4.7 percent compared to a year ago. In Area 32, the median price was $164,000 in February, a 6.2 percent decrease. The median price of a single family home declined slightly more in Area 40 which experienced a 7.8 percent drop in February to $112,900.
For a detailed analysis of your neighborhood real estate activity, consult a Keller Williams Realtor at www.clickKWne.com or 281-358-4545.