·        While sales are down 16% from last year and down 10.6% from 2005, the dollar volume of sales is the same as 2005. 

·        In 2008, average sales price is up 10.64% over 2005.

·        The median price of a home is up by 7% over 2005.

·         It takes 3 more days on average to sell a home today than it did in 2005.

October  YTD 2008 – Single-family home sales

 A Time for Thanksgiving.

This year, Houston has weathered the devastation and down-time of a major hurricane and as best as possible, absorbed the effects of a national downward-spiraling economy. Neither event makes a good recipe for real estate or a local economy. Despite it all, Houston has much to be thankful for, namely a lower unemployment rate than the state or nation. Unemployment through September 2008 was 4.5% in Houston, 4.6% in Texas and 5.5% in the nation. While these numbers are more likely to rise in the coming months, Houston’s unemployment will continue to remain lower than Texas and the nation due to the city’s strength in oil, energy, biotechnology, medical centers and port.    

The Background: Houston Real Estate Market through August 2008

Houston Real Estate Market through October 2008

Houston is down in number of sales from last year [the peak year in Houston residential history] by 15% with 50,650 single-family homes sold year-to-date. This is a testament to the strength of the Houston economy. What city has fared better in real estate under similar circumstances? Dollar volume sales have experienced a 13% decline, with $10,709,267,873, clearly a 2% lower decline than number of sales. 

The most surprising statistic that runs contrary to the nations’ declining home prices is our increase in average sales prices over last year of 3% or $211,437. Median price, which is the mid-point price, where half the homes sold above and half sold below, is the best barometer for home price appreciation and it is up through October 2008 by 1% or $154,000. Very few real estate markets across the nation can lay claim to any increase in median sales price. We are fortunate indeed and thankful for this type of sustenance in home price values after weathering one of the gloomiest years in history.

The final upside of the current real estate market is the decline in number of listings over this time last year by 1%, for a total of 34,992 single-family listings currently on the market.

At this writing, with the Presidential election behind us, a new administration entering the White House and Congress in the New Year, it is difficult to predict what the future holds. One thing for sure, Houston is poised, come what may, to weather the future better than the majority of cities in the nation. For Houston, it is a time for Thanksgiving.

Houston Single-Family Real Estate Market	October YTD 2008	%Yr. Ago YTD October ’07
# Sales YTD October	50,650	-15%
Dollar Volume Sales	$10.7B	-13%
Avg. Sales Price	$211,437	3%
Median Price	$154,000	1%
Avg. Days on Market	84	10%
Pending contracts	36,066	-16%
# of Listings	34,992	-1%

For a concise picture of the Houston economy, go to www.houston.org . The home page is chocked full of national press release links to multiple sources that show the economic esteem Houston has on a national basis. All of the key drivers of a positive real estate market are present in Houston, and one of the reasons that despite a hurricane and a national credit crunch, Houston still boasts a positive median and average sales price. Future growth predictions and the current lull in the market indicate that today is probably the best time to invest in real estate in Houston.

 Stay tuned for next month’s report on Houston.

 

 

 

Houston has been a bright spot in real estate on the national scene this year, and in September, Hurricane Ike knocked some of the wind out of its sails. For much of the month, the city grappled with power outages, wind debris and restoration of homes and offices. Add to that the announcement from the U.S. Treasury Secretary Henry Paulson of government seizure of Fannie Mae and Freddie Mac immediately followed by the whole government bailout debacle and the recipe for real estate was not favorable. At this writing, the government continues its efforts to restore confidence in the financial markets and the secondary mortgage market. Houston is back in business and thriving on an economy blessed with energy, oil, world-class medical centers and a nationally strategic port. While we have much to be thankful for, Houston has been  impacted by the national credit crunch, and tightening credit scenarios that have restricted lending growth everywhere, but also has a hangover from Hurricane Ike.  It is strongly believed that sometime between now and the conclusion of the Presidential campaign and election,  Houstonians can refocus on its positive economy and enjoy a more normal real estate market. 

Houston, pre-Hurricane Ike experienced 13% YTD August fewer home sales than in 2007, the best year in real estate in Houston history. September 2008, the month when Hurricane Ike paid us a visit, the city saw 30% fewer homes sales during the month, 27% less dollar volume sold, active listings went down 12% and contracts initiated during the month were down by 38%. The bright spot on the market for September was that average sales price for the month was 4% higher than found last September [$211, 660] and the median was 5% higher [$157,500]. The average and median sales price increase are the complete opposite of the nationwide declining home values. 

Houston Single-Family Real Estate Market	September YTD 2008	%Yr. Ago YTD September 07
# Sales YTD September	46,304	-15%
Dollar Volume Sales	$9,866B	-12%
Avg. Sales Price	$213,074	3%
Median Price	$155,000	1%
Avg. Days on Market	84	10%
Pending contracts	33,018	-16%
# of Listings	35,338	0%

September YTD 2008 in Comparison to September YTD 2007

As the above table depicts, the Houston single-family home sales are down by 15% in sold units in comparison to September YTD 2007 sales and has experienced 46,304 MLS recorded sold units.

Dollar volume sold in MLS through September YTD 2008 is $9,866,172,127, representing a 12% decline. With fewer home sales, it is logical that dollar volume sales would follow the same trend. The most amazing fact is that it appears that the hurricane had an overall year-to-date impact of 2% fewer sales than where the market has been trending. We most likely will see some catch-up activity in October and November that will bring this market aberration back to its trend pattern of 13% fewer sales. Again, the comparison of fewer home sales is a comparison to the best year in residential history for Houston, 2007.   It is also interesting to note that while sales are down by 15% from last year, the dollar volume closed is only down by 12% from last year. 

Active listings are exactly the same as 2007 with 35,338 single-family properties currently available. Supply of homes on the market has definitely been impacted by Hurricane Ike. This is the first month during the year that supply of homes was not higher than last year.

Average sales price YTD is $213,074 or 3% greater than last year. Houston is not a market where average sales prices are falling. In contrast, they are rising as they have historically, at a slow and steady pace. For example, the average sales price in 2005 YTD September was $191,827. Houstons current average sales price is 11% higher than 2005. 

The median price is $155,000 and that represents a 1% increase from last year. In 2005, the median sales price was $145,000 and so in 3 years, the median has risen 7%. This is proof positive that Houston was never a participant in the real estate bubble that was so prevalent in national markets.

Contracts written, which represent September YTD buyer demand in Houston are down by 16% over last year with 33,018 homes reported as pending year to date. This statistic and closed sales have been the most impacted by Hurricane Ike because the month saw such a huge drop in these areas in comparison to last year.

Average sales price per square foot is $90, which represents a 1% increase in value over last year.

Days on the Market have gone up by 10% since last year and the average time to sell a home in Houston is 84 days.

For a concise picture of the Houston economy, go to www.houston.org. All of the key drivers of a positive real estate market are present in Houston, and one of the reasons that despite a hurricane and a national credit crunch, Houston still boasts a positive median and average sales price. Future growth predictions and the current lull in the market indicate that today is probably the best time to invest in real estate in Houston.

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Stay tuned for next months report on Houston.

As the Houston real estate market statistics for August year-to-date 2008 rolled off the press, so too did the announcement from the U.S. Treasury Secretary Henry Paulson of government seizure of Fannie Mae and Freddie Mac. Rumblings of such an occurrence had been in the news for days so it was not surprising. The conservatorship appears to be viewed by world financial markets as positive. Trading rose the following Monday. This step should help restore confidence in the secondary mortgage market and mark the beginning of a calmer mortgage market. It should also make mortgages more widely available and it is certainly our hope at Prudential Gary Greene, Realtors that the taxpayer impact will be minimal. The degree of impact on the American taxpayer is contingent upon home prices stabilizing and the economy seeing some resurgence. The good news is that commodity and oil prices have gone down somewhat and these factors, if continued will help fuel a lagging economy.

Houston has been a bright spot on the national scene in real estate this year, and in the last 3 months, has ranked in national publication rankings for Best US City to Earn a Living, Best City to Buy a Home, #1 Place to Live and Best City for a Job.  Click here for more details - Houston Rankings in National Publications. Despite a robust economy blessed with energy, oil, world-class medical centers and a nationally strategic port, Houston has been impacted by the national credit crunch that has caused tightening credit scenarios.  Credit tightening has restricted lending growth everywhere. As mentioned earlier, there are positive economic signals that indicate a better future for financial markets that directly effect real estate. 

The overall Houston residential real estate market for single-family homes, contrary to the national real estate market, has experienced a 3% higher average sales price than found last year and currently stands at $213,324. Of the 49 major submarkets that comprise Houston market data, which include surrounding counties, August saw 65% of the Houston submarkets experience higher average sales prices than the year before. For complete details, go to Houston August YTD 2008 Submarket Area Report 

Houston is growing at twice the national pace. It has one of the lowest costs of living, an educated workforce and is home to 88 consulates, which is a testament to its international influence. For a concise picture of the Houston economy, go to the Greater Houston Partnership web site.. All of the key drivers of a positive real estate market are present in Houston, and one of the reasons that despite a national credit crunch, Houston still boasts a positive median and average sales price. Future growth predictions also indicate that today is the best time to invest in real estate in Houston.

Houston Single-Family Real Estate Market	Aug. YTD 2008	%Yr. Ago07
# Sales YTD August	42,827	-13%
Dollar Volume Sales	$9,136B	-11%
Avg. Sales Price	$213,324	3%
Median Price	$154,900	1%
Avg. Days on Market	84	11%
Pending contracts	30,831	-13%
# of Listings	35,622	2%

August YTD 2008 in Comparison to August YTD 2007

As the above table depicts, the Houston single-family home sales are down by 13% in sold units in comparison to August YTD 2007 sales and has experienced 42,827 MLS recorded sold units.

Dollar volume sold in MLS through August YTD 2008 is $9,136,008,410, representing an 11% decline. With fewer home sales, it is logical that dollar volume sales would follow the same trend. It is interesting to note that while sales are down by 13% from last year, the dollar volume closed is only down by 11% from last year.

Active listings are up by 2% with 35,622 single-family properties currently available. Last month, the increase was 3%, so it appears that supply is slowly moving in a more positive direction.

Average sales price YTD is $213,324 or 3% greater than last year. While this is a small increase, it substantiates the opposite experience heard frequently in the national news. Houston is not a market where average sales prices are falling. In contrast, they are rising as they have historically, at a slow and steady pace. For example, the average sales price in 2005 was $186,416. Houstons current average sales price is 14.4% higher than the average sales price in 2005. 

The median price is $154,900 and that represents a 1% increase from last year. In 2005, the median sales price was $140,300 and so in 3 years, the median sales price has risen 10.4%.  

Contracts written, which represent August YTD buyer demand in Houston are down by 13% over last year with 30,831 homes reported as pending year to date.

Average sales price per square foot is $90, which represents the same value as last year.

Days on the Market have gone up by 11% since last year and the average time to sell a home in Houston is 84 days.

The Houston job market, favorable interest rates and favorable home prices drive real estate, so we have an economy poised to move beyond the current credit-induced stagnation and set new records. 

Stay tuned for next months report on Houston.

 

 

Houston Real Estate Market Report July YTD 2008 Single-family home sales

Despite Houstons economy, we are not immune to the national psychological recession.

We are lucky to live, work and play in Houston, and if you like population growth, think of an overlay the size of the city of Los Angeles coming to Houston in the next decade. Theres a huge real estate opportunity waiting to happen.  Houston is the fourth largest city in the United States, located in a culturally diverse metropolitan region, which is home to 5.6 million residents. The city is growing at twice the national pace. It has one of the lowest costs of living, an educated workforce and is home to 88 consulates, which is a testament to its international influence.

For a concise picture of the Houston economy, go to www.houston.org/rankings and you will find 26 national publication rankings of first place in job growth, business climate, health care and lower cost of living. The factors ranked are key drivers of any real estate market, and one of the reasons that despite a temporary slow down, Houston still boasts a positive median and average sales price. It also indicates that today is probably the best time to invest in real estate in Houston.

Real Estate Reality	July YTD 2008	%Yr. Ago07	July YTD 2005	% Yr. Ago04	2008 vs. 2005
# Sales YTD June	37,038	-12%	37,645	9%	-1.64%
Dollar Volume Sales	$7.855B	-10%	$7,011B	12%	+12%
Avg. Sales Price	$212,085	3%	$186,258	5%	13.8%
Median Price	$154,000	1%	$140,000	4%	+.10%
Avg. Days on Market	84	10%	82	-1%	2.44%
Pending contracts	27,215	-13%	27,087	12%	4.725%
# of Listings	35,700	3%	30,672	6%	16.4%

> This year could close out  the same or slightly above the third greatest year in residential history, 2005 based on the similar number of sales found July YTD 2008 as those found in July YTD 2005 and a 4.725% higher number of units pending this year than those found in 2005.  We are currently experiencing a more positive real estate market than 2005 in terms of higher dollar volume sold, higher average sales price, higher median sales price and more pending contracts July YTD in comparison to July YTD 2005. 

 

Houston - Fort Bend - Sugar Land - Area 29

>Houston Fort Bend Sugar Land real estate market area ranked Number 1 out of 45 Houston areas ranked on the Houston Hotness Index in June 2008, with 18.4% of its listings receiving a contract during that one month. It is easy to see why with the most recent national article mentioning Sugar Land as one of the nation's best places to live, work and play. See http://www.kiplinger.com/features/archives/2008/05/2008-best-city-houston.html

>Houston Fort Bend Sugar Land market area has experienced a 19.66% decline in single-family home sales over June YTD 2007 with 809 home sales as compared to 1,007 home sales last year. While the market is in a lull, it will not be long before the real estate engines roar as job growth continues to climb and people look to settle in Sugar Land.

>Contracts written are down by 54 units with 542 units pending to close. This is a 9.06% decline in buyer demand over this time last year. 

>Sugar Lands average sales price is up by 2.56% over June YTD 2007 and now stands at $269,038 as compared to last years $262,334. The median sales price is also up by 3.14% or $221,750 for June YTD 2008.

>Sugar Land homes on the market are up by 19.57% with 617 homes on the market as compared to last years 516.

>There is a very healthy 4.4 months of inventory in the Houston Fort Bend Sugar Land market area which places in the real estate market in the sellers' corner. It takes 60 days on average to sell a home in Sugar Land, whereas last year it took 51 days.

>As the summer heats up, and word continues to spread throughout the web about the value of living in Sugar Land, so too will its' real estate market. While these statistics are not as good as last year, buyer demand in relation to listings is the hottest in Houston and is expected to continue to be so.

>Contracts initiated June YTD 2008 are also down by 18.94%, or 475 total units.

>Listings are up by 8.38% in the Fort Bend Southwest area with 711 listings currently on the market in comparison to 656 last year.

>Average sales price for the Fort Bend Southwest area is up by 8.77% over June YTD 2007 and is currently $214,161.

>The Houston Fort Bend Southwest real estate market area currently has 6.5 Months of Inventory, meaning if no other listings were taken, it would take 6.5 months to deplete the current supply of homes.

>According to the MLS Houston Hotness Index for June, Houston Fort Bend Southwest real estate market area had 9.4% of all inventory go under contract during the month. The area ranked #31 out of 45 Houston areas ranked on the Houston Hotness Index for the month.

The list price/sales price ratio of homes in the area is 96% [meaning a seller could expect a reasonably priced home to sell for 96% of the list price]. Average price per square foot in the area is $81.

Houston Fort Bend West - Area 37

>Single family home sales in the Houston West Fort Bend area are down by 16.75% over June YTD 2007, with 944 recorded home sales YTD.

>Contracts initiated June YTD 2008 are down by 33 units or 3.98% in comparison to last years contracts initiated with 797 homes pended during this year-to-date and last.

>Listings are up by 10.06% in the Houston Fort Bend West area with 1,171 listings currently on the market in comparison to 1,064 last year.

>Average sales price for the Houston Fort Bend West area is up by 3.1% over June YTD 2007 and is currently $181,108. The median price is down slightly from last year by 2.94% or $150,140.

>The Houston Fort Bend West area currently has 7.2 Months of Inventory, meaning if no other listings were taken, and buyer demand remained the same, it would take 7.2 months to deplete the current supply of homes. 

>According to the Houston Hotness Index for June 2008, the Houston Fort Bend West area had 10.4% of its inventory go under contract during the month. The list price/sales price ratio of homes in the area is 96% [meaning that on average, a seller could expect a reasonably priced home to sell for 96% of the list price]. Average price per square foot in the area is $73.

Far West Katy - Area 25

>Single family home sales in the Houston Far West area are down by 18.01% in comparison to June YTD 2007, with 1,329 recorded home sales YTD.

>Contracts initiated June YTD 2008 are also down by 11.97%, or 1,169 total units.

>Listings are down by 28 units in comparison to last year or 1.77% with 1,550 listings currently on the market in comparison to 1,578 last year.

>Average sales price for the Far West area is down by .66% over June YTD 2007 and is currently $136,391. The median sales price [where half the homes sold above and half the homes sold below] was $122,900, a 3.61% decline over last year.

>The Far West area currently has 6.4 Months of Inventory, meaning if no other listings were taken, and current buyer demand stayed at current levels, it would take 6.4 months to deplete the current supply of homes.

>According to the Houston Hotness Index for June, Far West had 11.7% of all inventory go under contract during the month, earning a ranking of #13 out of 45 on the Hotness Index.

>The list price/sales price ratio of homes in the area is 97% [meaning a seller could expect a reasonably priced home to sell for 97% of the list price]. Average price per square foot in the area is $63. Days on the market have increased substantially due to a flood of inventory, from 2007 to the present from 73 days to 88 days.

Katy / Cinco Ranch - Area 36

>The Katy/Cinco Ranch Area was Number 2 on the Houston Hotness Index for June 2008 because 16.9% of all active listings went under contract during that one month.

>The area has experienced 1,326 homes sales YTD or a 6.75% decline over June YTD 2007.

>There has been a 3.94% increase in average sales price, which currently stands at $250,461. The median sales price where half the homes sold above and half sold below is $215,000 and that is 4.88% greater than this time last year.

>The Katy / Cinco Ranch area has experienced a 10.83% decline in pending sales for a total of 980 YTD. 

>There has been an increase in homes on the market as the area experienced 32.39% more listings. There are currently 1,026 homes on the market and last year there were 775.

>The market has 4.7 months supply of inventory, which indicates an appreciating market and although supply of inventory has increased, the buyer demand has absorbed enough inventory to keep the market as a sellers' advantage.

 West Houston - Area 31

>Single-family home sales in the West Houston area have declined by 15.64% through June YTD 2008 over June YTD 2007 and currently register 410 units sold.

>Contracts written are down from this time last year by 75 units and there are currently 229 units recorded pending as opposed to 279 last year.  

>Listings are down by 2.03% from this time last year with 482 homes on the market.

>Average sales price YTD in the West Houston area is $306,342 and that is .42% more than June YTD 2007 average sales price of $305,056. The median, where half the homes sold above and half sold below the midpoint is down 3.43% over last year and is $208,000.           

Houston West Memorial - Area 23

>Single-family home sales in the West Memorial area have declined by .89% through June YTD 2008 in comparison to June YTD 2007 and currently register 335 units sold.

>Contracts written are down from this time last year by 5.41% and there are currently 140 units recorded pending YTD as opposed to 148 last year. 

>Listings are up by 40.27% from this time last year with 310 homes on the market.

>Average sales price YTD in the Houston West Memorial area is $756,731 and that is 5.88% less than June 2007 YTD average sales price of $756,731.

>Homes in the West Memorial area sell at an average sales price of $212 a sq. ft. A seller can expect to sell his home for an average of 97% of the list price and take an average of 64 days on the market to sell. Months of Inventory currently stand at 5.7, representing a sellers market, but less so than last year.

>West Memorial was registered on the Houston Hotness Index in June at #34 because 8.4% of current listings went under contract during that one month.

Spring Branch - Area 24

>Single-family home sales are down in the Houston - Spring Branch area by 15.37%. There were 369 home sales June YTD 2008 and during the same time frame last year, there were 436.

>Contracts initiated during June YTD 2008 showed similar restraint with a 16.36% decline over last year during the same time frame. There were 275 contracts initiated last year and 230 this year. 

>With sales and buyer demand waning in comparison to last year, listings have not. Listings are up by 2.85% from this time last year. There are currently 361 active listings whereas last year, there were 351.

>The average sales price is down over this time last year by .68%. The current average sales price is $228,131 and last year it was $229,702. The median, where half the homes sold for less and half the homes sold above is $159,000, which is a 6.33% decline over last year.

>There are currently 5.5 months of inventory in the Spring Branch area, meaning that if no new listings came available on the market, it would take 5.5 months to deplete the current supply. Despite key indicators to the contrary, this represents a sellers market.

>A home priced comparably in the market can expect to sell for an average of 96% of the list price. Homes sold year-to-date have sold for an average of $110 per square foot.

>Houston's Spring Branch real estate market area ranked 8th on the Houston Hotness Index for the month of June because 13.4% of all listings went under contract during that one month.  

West Center Inner Loop - Area 16

>Sales are exactly the same in Houston's West Center Inner Loop real estate market from June YTD 2007 over June YTD 2008. Currently 418 homes have sold as compared to 418 last year.

>Average sales price in Houston's West Center Inner Loop has declined slightly by 2.06% and is currently $615,816. The median sales price where half the homes sold above and half below is up 6.08% and is currently $399,000. 

>Homes in Houston's West Center Inner Loop sell on the average of $223 a sq. ft and last year that figure was $232. Homes that sell in the area can expect to render an average of 96% of the selling price and take approximately 99 days to sell.

>There are 7.6 months of inventory in the area and last year there were 6.5 months of inventory.

>With the tremendous amount of job creation occurring in Houston's Inner Loop, from the Medical Center and the Houston's down town business district, this market is experiencing a temporary real estate market lull until the demand breaks wide open in the years to come.

Southwest Inner Loop - Area 17

>Single-family home sales declined in the Houston Southwest Inner Loop area 17 from June YTD 2007 by 93 units with 537 homes sales recorded in Houston MLS June YTD 2007. This represents a 14.76% decline over last year.

>Pending contracts, which represent buyer demand year-to-date, has experienced a decline over last year of 26 units. Pending contracts currently stand at 237 pending sales and last year, it experienced 263 pending contracts. 

>Listings have increased from this time last year by 30.16% and the current inventory stands at 561 homes on the market.

>Homes listed in the SW Inner Loop can expect to net 97% of the list price on average and sell on average after 73 days on the market.

For more information on Houston's Southwest Inner Loop, or any other Houston real estate market area, go to www.GaryGreene.com. Data was compiled by the Houston Association of Realtors and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors.

Tomball - Area 35

>Single-family home sales have declined in the Houston Tomball real estate market from June YTD 2007 by 93 units with 675 homes sales recorded in the Multiple Listing Service as of June YTD 2008.

>Pending contracts, which represent buyer demand year-to-date, has experienced a decline of 79 units. Pending contracts currently stand at 500 pending sales and last year, it experienced 579 pending contracts. This represents a decline of 13.64%.

>The Houston Tomball market area, also known as Hempstead West was ranked #29 on the Houston Hotness Index compiled by the Houston Association of Realtors Multiple Listing Service for June 2008 because 9.6% of all listings went under contract during that one month.

Bear Creek Area 8

 >Single-family home sales in the Houston Bear Creek real estate market area have experienced a decline of 22.75% in comparison to June YTD 2007 with 1,063 MLS recorded home sales.

>Listings are DOWN only slightly in the Bear Creek real estate Market area by 3.77% over June YTD 2007 with 1,099 homes listed and on the market.

>Contracts pending are down 294 units with 757 homes receiving contracts. June YTD 2007 contracts written registered at 1,051.

Hempstead East - Area 10

>Single-family home sales are down by 148 units in the East Hempstead Houston area real estate market over June YTD 2007 with 993 home sales recorded in the Houston MLS year to date. There were 1,141 single-family home sales last year during the same time frame.

>Pending contracts displayed a decline over June YTD 2007 by 14.76%. Pending units recorded year-to-date currently stand at 641 whereas last year, pending units were at 752.

>Hempstead East area Homes on the Market are up by 8.31% over last year. There are currently 1,030 homes on the market as compared to 951 last year. 

>In June 2008, the Houston Hempstead East real estate market area was #18 on the Houston Hotness Index because 11.4% of all listings went under contract during the month.

North Houston - Area 12

>Single-family home sales in the North Houston Market area in June YTD 2008 have declined by 95 units or 9.35% in comparison to 2007. The area recorded 921 closed single-family home sales and in 2007 experienced 1,016.

>Listings have declined slightly in the North Houston Market area by .98% over this time last year with 1,114 homes listed and on the market.

>Contracts pending are up by 1.27% with 877 homes receiving contracts June YTD 2008. Contracts pending June YTD of last year registered at 877.

>Average sales price is slightly lower than last years average sales price and currently stands at $111,456 representing a decrease of 5.08%. Last year, average sales price was $117,418. The median sales price is also down by 5.36% and is currently $106,000. The median is where half the homes sold above that price and half the homes sold for more.

>The North Houston Market area currently has 6.9 months of inventory which is a balanced market that is approaching a buyers market. Last year, the North Houston Market had the same months of inventory.

>A home seller in the North Houston Market area can expect to sell a comparably priced home for an average of 97% of the list price. The average price per square foot in the North area is $56.

Northwest - Area 13

>Single-family home sales have declined in the Northwest Market area in comparison to June YTD 2007 by 15.57% with 1,361 MLS recorded home sales.

>Listings have declined in the Northwest area in comparison to last year with 1,683 homes listed and on the market.

>Contracts pending are down by 17.42% with 1,081 homes receiving contracts YTD through June 2008. Contracts pending June YTD last year registered at 1,309.

>Average sales price is slightly lower than last years average sales price and currently stands at $177,580 representing a slight increase of .22%.   Last year; average sales price was $177,191. The median, where half the homes sold above and half of the homes sold below the median price is $143,500 or a decline of 1.71% below last year.

>The Northwest Market area currently has 7.2 months of inventory. Last year, the Northwest Market had 6.4 months of inventory. This is a balanced market where neither the buyer or seller have the market advantage.

>In June 2008, 10% of all listings in the Northwest area received a contract during the month, according to the Houston Hotness Index! For more information on this area and others, go to www.GaryGreene.com.

Far Northwest - Area 14

>Sales have declined in the Far Northwest area in comparison to June YTD 2007 by 2.43% with 962 MLS recorded home sales!

>Listings are up in the Far Northwest Market area by 6.84% over this time last year with 1,047 homes listed and on the market.

>Contracts pending are down by 5.86% with 739 homes receiving contracts YTD through June 2008. Contracts pending June YTD last year registered at 785.

>Average sales price is higher than last years average sales price and currently stands at $211,170 representing an increase of 8.31%. The median sales price where half of the homes sold above and half sold below the median is up 1.85% and is currently $157,840.

>The area currently has 6.6 months of inventory. Last year, the Far Northwest Market had 5.7 months of inventory, which is a considerable growth in supply.

>In June 2008, 10.8% of all listings in the area received a contract during the month and ranked the market area #19 on the Houston Hotness Index! 

The Woodlands - Area 15

>Single-family home sales in The Woodlands real estate market are down by 353 units in June YTD 2008 over this time last year or 15.97% fewer sales with 1,858 home sales recorded.

>Contracts written, a better indicator of future demand, show 1,363 pending sales have been written year-to-date. That is a 241-unit decline over that which was written June YTD 2007.

>Listings in The Woodlands are up 5.61% with 1,733 homes on the market in June YTD 2008 as compared to 1,641 in June YTD 2007.

>Average sales price in The Woodlands is $286,137, which is 5.42% greater than June YTD 2007, which averaged $271,415. The median price is 2.94% greater than last year, or $210,000.

>The Woodlands has a 5.7-month supply of inventory, which indicates the area is a sellers market. Days on the market to sell a home has increased in The Woodlands from this time last year from 70 DOM in June YTD 2007 to 75 DOM in June YTD 2008.

>The Woodlands was ranked #11 on the Houston Hotness Index in June because 12.3% of all listings went under contract during that one month. The Woodlands remains one of the strongest real estate markets in Houston, no doubt because of its' master planned community concept.

Conroe Real Estate Sales June YTD 2008

Montgomery County NW Area 39

>Single-family home sales are down by 160 units in NW Montgomery County in comparison to June YTD 2007 with 605 homes sales recorded in MLS as compared to 765 last year. This represents a 20.92% decline.

>Contracts written year-to-date are down 25.90% with 392 recorded pending contracts year-to-date as compared to 529 last year.

>Listings are down over this time last year by 3.15%. There are currently 983 homes on the market in the area.

>Average sales price is up over last year [12.58%] and currently stands at $257,849. The median, where half the homes sold above and half the homes sold below the median price is also up by 16.11% and is $193,560.

>The area has 9.3 months of inventory which is 10.39% more than found last year. The average price per square foot is $102 and days to sell a home are 103, which is up from last years 98.

>The Houston Hotness Index indicates that the Conroe area sold 5.9% of its supply in the month of June 2008.

Data was compiled by the Houston Association of Realtors Multiple Listing Service and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors.