Today I am going to examine the Pearland real estate market up close and personal. I am gong to drill down to the last 6 months of information about Pearland.
I am going to start at the first week of February 2009 and move all the way through to July 19, 2009 a week at a time to find out just how Pearland and the real estate market is doing. My goal is to help you understand how the real estate market is doing and why is a great time to buy a home.
So, the 1st week of Feb. 2 2009, Pearland had 27 homes sold with an average price of $184,900 which is above the $183K running average price. Then the next week, Feb. 9, we had 25 homes sold with an average price of $157,500... Wow. And that was way below the average. Then the week of Feb. 16, the real estate market jumped back with a nice rebound of 38 homes sold with an average sales price of $186,296. The following week as very close to the same.
Then come the big jump. The week of March 2, 2009 Pearland sold 31 homes with an average sales price of $207,354.00 which is well above the average price of a home in Pearland of $183K.
For the next few weeks, the real estate market in Pearland just kind of bounces around until the week of April 20, 2009. In that week Pearland sold 42 houses with an average sales price of $216,234.00. Then we just kind of cost along again until the week of May 25, 2009 when we sold 80 homes with an average sales price of $177,500. That many homes being sold in the Pearland area is way above the average of 57 houses a month since Ike hit last year...
As you can see by the chart below, the real estate market is like a ride at AstroWorld... Lots of up and downs. But all in all, I say Pearland is holding it's own... For the last 24 weeks the average price of a home in Pearland has only dropped 1.1% or $1,993.00. To me, that's good news compared to the rest of the world.
Now let's look at what I think is the leading indicator of how the real estate market in Pearland is really doing, the number of homes under contract...
In looking at this next chart, you can clearly see houses are starting to go under contract at a much higher rate than just 12 weeks ago. When we started on this chart, the week of Feb. 2, 2009, we were sitting at only 49.5 houses under contract as an average. And today we are sitting at an average of 57.8 houses under contract... And everything I see is telling me the housing market in the Pearland area is starting to get even hotter than than last year...
With all of this being said, NOW is the time to buy a home in the Pearland TX area...
Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com . All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Danny Frank is a local Pearland TX Real Estate expert
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