Real Estate Update

Check this video out by Dave Jenks of Keller Williams Realty on Affordability

Houston Housing Market Still Ahead of Most of the Nation

October 2008 Sales

Uncertainty Over National Economy And Lingering Effects Of Hurricane Ike Cool Houston’s Real Estate Market In October

Despite an ongoing slowdown in property sales, Houston still outperforms most other U.S. markets

HOUSTON — (Nov. 18, 2008) — The Houston housing market continued to feel the effects of the troubled national economy in October and residual business interruptions caused by Hurricane Ike. New monthly data released by the Houston Association of REALTORS® (HAR) reflects improvement from market performance in September, when Ike derailed thousands of real estate transactions. However, the number of property sales across the greater Houston area declined last month when compared to October 2007, with sales of single-family homes down 20.1 percent. Read More…

Pine Brook Neighborhood Statistics – Clear Lake TX

Pine Brook Neighborhood – Clear Lake Texas

There seems to be a lot of speculation going on about real estate prices right now and it’s important to remember- real estate markets are local. It is easy to get caught up in what the media would have you to believe and that is, all real estate is in proverbial toilet. We’ve got the national economy, the local one and hurricane Ike thrown in for good measure.

Let’s look at the Pine Brook neighborhood…

In the Pine Brook neighborhood, there have been a total of 49 homes closed this year with an average sales price of $347,407 and an average number days on market of 67. Last year during that same time period, the average sale price was $352,998 while taking about 63 days to sell.

Through August of this year, there were 43 sales and from September 1st through today, there have been 6 sales. In contrast there were 48 sales prior to Sept 1 last year. The total number of sales in the Pine Brook neighborhood were down this year but it does not appear to be from the recent hurricane. In September and October of last year there were 7 sales while this year, there were 6- so not much difference there.

Buyers have the choice between 11 homes now in Pine Brook a fairly low number in comparison to the “pre Ike” market. Beside these homes, there are 5 homes under contract and scheduled to close before the end of the year.

With the inventory existing and based on homes that are being absorbed (sold), there are 2.3 months of inventory meaning if nothing new came on the market in Pine Brook , all homes currently for sale would be sold.

Prices in the Pine Brook neighborhood are down slightly from last year at 1.58% while the average number of days on the market remains strong.

I think it’s interesting to note also that we are not in a foreclosure crisis here in Clear Lake. As of today, there are 154 single family homes for sale in Clear Lake and 4 of those are foreclosures. It’s quite challenging to educate out of state consumers who may have had to sell at a loss that they won’t gain it back here.

Again, real estate is local…

If you own a home in Pine Brook and want more information, you can check out our free Pine Brook House Prices Report.

Or if you’re looking for another home in the area, you can search all the homes for sale in the Clear Lake area.

If you’d like to see numbers on your neighborhood, just drop me an email at john@searchclearlake.com and I’ll post it up here.

Bay Glen Neighborhood Statistics – Clear Lake Texas

Bay Glen Neighborhood – Clear Lake Texas

There seems to be a lot of speculation going on about real estate prices right now and it’s important to remember- real estate markets are local. It is easy to get caught up in what the media would have you to believe and that is, all real estate is in proverbial toilet. We’ve got the national economy, the local one and hurricane Ike thrown in for good measure.

With that said, let’s talk local…

In the Bay Glen neighborhood, the number of homes closed to date is 66. Guess what that figure was last year? If you guessed 66, you’re dead on. Almost scary isn’t it? Now then, what happened is that our pre Ike numbers were up and as you can imagine, our post Ike numbers are down.

Through August of this year we had 59 sales where last year there were 52. Since that time we have had 7 closings versus 14 last year during that same time period.

Bay Glen neighborhood inventory is as low as I’ve seen it in a very long time. Currently there are a total of 17 homes for sale in Bay Glen. In times past, I’ve seen as many as 62! As a matter of fact, a few weeks ago, there were only 10 homes for sale in Bay Glen. Unbelievable. This year, the number has been running around 30 or so.

Of the 17 homes for sale, 5 are under contract.

With the inventory existing and based on homes that are being absorbed (sold), there are 1.9 months of inventory meaning if nothing new came on the market in Bay Glen, all homes currently for sale would be gone.

Prices in the Bay Glen neighborhood are up 1.89% over last year while the average number of days on the market remains relatively unchanged at 53 days this year/ 55 days in 2007.

If you own a home in Bay Glen and want more information, you can check out our free Bay Glen House Prices Report.

Or if you’re looking for another home in the area, you can search all the homes for sale in the Clear Lake area.

Watch for other neighborhood statistics coming soon…