Houston Homes Continue To Show Strength

By: Paige Martin

In spite of the national sub-prime mortgage issues and housing market concerns, home sales information shows that the Houston, TX housing market is holding its own.

The 2008 Houston Real Estate Investing Trends report analyzed more than 10,000 home sales in the Central Houston TX area since 2002 to draw conclusions about the residential market.

Noteworthy items from the report includes:
- The HAR (Houston Association of Realtors) stated that 2007 was Houston's 2nd best residential real estate year in history.
- Local real estate is closely tied to the region's economy and job growth. Houston's economy has posted continued expansion:
- #1 Lowest Cost of Living among 24 MSAs with population greater than 2M (source ACCRA Cost of Living Index 2006)
- #1 Job Growth (source US Bureau of Labor Statistics March 2007)

- Within Houston's Memorial area and Inner 610 Loop region, subdivisions with the highest appreciation include:
- From 2002 to 2007
- Collegeview / College Court (72% appreciation)
- Braeswood (68% appreciation)
- Rice Military (63% appreciation)
- Tanglewood (59% appreciation)
- The average single family home price in the seventeen areas that were reviewed expanded by 43%.

- From 2004 to 2007
- Tanglewood (53% appreciation)
- Braeswood (46% appreciation)
- Collegeview/ College Court (41% appreciation)
- The average single family home price in the seventeen analyzed areas expanded 28%.

What are some of the best things we can do to improve the value of our homes?
- Top renovation projects (and the expected "cost recouped" at sale) for Houston and the southwest region include:
- Fiber-cement siding replacement (93%)
- Bathroom remodeling (91%)
- Minor kitchen remodeling (88%)
- For people looking to sell their home, quality Home Staging can shorten the average time to sell a home and often provide an opportunity for an increase in the sales price.

The Houston, Texas Real Estate market has also been experiencing gains, while much of the rest of the US has been suffering. This is thanks, in part, to the balance between supply and demand, as well as the near absence of the speculative excess in real estate prices that were seen on both coasts of the US over the past 10 years.

This study reviewed single family home data throughout much of Houston's Inner Loop, as well as neighborhoods inside Beltway 8, such as Tanglewood, Memorial & the Memorial Villages.

The analysis applied data from the HAR MLS system for single family homes sold from 2002-2007 based on median sales price per square foot from seventeen Houston market areas (based on zip codes).

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