Let's Talk Turkey...about Real Estate

If you want something to talk about over your Turkey next week, read on...

First off, Houston's Market is still one of the best markets in the country. Last month, total property sales in the Houston Association of Realtors MLS were 4,404. That is 23.8% down from last year. Active listings are up 16.8%. Although, the average Single Family Home price is up 5.6% from last year at $208,459; the highest level recorded for an October in Houston. The median Single Family Home Price rose a little to $150,000; that's up .7% from last October, which is also the highest recorded for an October in Houston.

With 7.7 months of inventory (that's over 53,000 active listings), Houston is still below the national average of 10.7 months according to the NAR. Anything over 6 months of inventory makes it a buyer's market. With it being a buyer's market, you would think there would be a lot of buyers, especially with the historically low interest rates.

On the other hand, year-over-year townhouse/condominium rentals increased 25.7 percent. The reason for this is that of the 1200 to 1400 people moving to Texas each month, some of them still have a home to sell in another state before they can purchase here. Houston is still one of the most popular urban destinations of the people moving to Texas. So, hold onto your hats; let's stay positive and remember that we are still very fortunate to live and own, and invest in Houston area Real Estate.

If you have any questions about the value of your home or if you want to take advantage of this great buyer's market, please call or email me; I don't mind at all!