With all the doom and gloom regarding the real estate market all over the TV and internet, it's no surprise that Houston still a shining light to the nation of a healthy housing market. While some might just see this as a Houston Realtor trying to look at the bright side, there are some key statistics that show why buying real estate in Houston is still a good choice. Here they are:
- Year to date sales are only down by 4% compared to the same time last year. While this decline is not welcomed with open arms, it still shows stability in our market
- The average price for single family homes rose 5.6% compared to the same time last year. Appreciation in this market? Yes, in Houston there is still such a thing.
- The number of months of inventory for Houston real estate is 7.7 months, compared to a national average of 10.4 months. This gives buyers a fair choice of inventory without compromising the sellers investment too much.
- Foreclosure property sales declined 13.4% compared to the same time last year. Distressed properties only comprise roughly 21.9 per cent of all property sales.
- "Shadow inventory", properties that have been foreclosed or in the process of foreclosure only measured 5.5 months in Texas, compared to an average of 16 months for the rest of the nation.
There is no doubt that while our market is experiencing some corrections, buying real estate in Houston is still a great move. Looking back at a ten year period, if you had invested $100,000 in the market versus real estate in Houston, there is one that would have paid an estimated 45% ROI, real estate.
If you are looking to buy real estate in Houston and need a qualified Realtor to help in your search, please contact Paul Silverman, Broker Associate at Keller Williams Metropolitan. You can visit our website at www.ourfirstnest.com.
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