Pearland Texas Real Estate Market Trends
It is time to look at the real estate market in Pearland, Texas. I am going to give you a two-year look at how the housing market is holding up and what I think the market might do, and what you as a home buyer/seller should do in the Pearland, Texas market.
First, let’s look at the market dynamics of something called sales absorption. This shows the trends of how the market is doing and where it might go. The chart below indicates that we have fewer homes being sold in Pearland in the last 2 years - why is that? It is not because of price, as that has remained steady for the last two years (this chart will be discussed later). I think it is from people just like you who are afraid to make a move with all of the uncertainty going on right now. I think people are just sitting on what they have and playing the waiting game.
Looking at the chart above, you can see we are at an all time low in houses under contract and very flat when it come to houses being sold. But I do think both are showing trends of going upward.
At this point, I would like to look at the supply and demand of the housing market in Pearland, TX.
This chart shows we have 37% more homes for sale than this time last year. The Pearland market had 1256 homes for sale at the end of December 2010. In Dec of 2009, we had 936, and in Dec 2008, we only had 999 homes for sale. So, one can conclude from looking at the history of the housing market in Pearland, we are primed to take off anytime now. Look at the history, every February, the Pearland market starts it climb upwards.
Now, let’s look at something called “Months Supply of Inventory.” This is something that shows us how many homes are for sale and at the rate they are selling, and how long would it take to sell them all.
This not good news. The Pearland housing market is back to pre-Ike levels. At the end of December 2010, Pearland had 11.7 months of inventory. But as you may recall, earlier I said we had fewer homes for sale than in the last two years. This is the big dilemma we are all in right now - fewer homes for sale and the ones that are for sale are taking longer to sell. Although I have seen, if you price your home right, it will sell and it will sell faster. Now is not the time to be greedy. Now is the time to make the move. I think the housing market is about to make a big move in the Pearland area.
As you can see from this next chart, Pearland home prices are flat. Although they are at a low point right now - $168,000 on average vs. the median price of $182,000. This is why I encourage you to BUY NOW!! You might not get as much for the house you’re selling, but you will get more HOUSE for what you are buying. The price per square foot is lower right now than it has been in a very long time, and now is the time to buy a new home in the Pearland market.
Because interest rates are low and the Pearland real estate market is soft, NOW is the time to make your move. Think about it, if you have any equity in your house, you might not get as much as you might have gotten a few years ago, but now you can get the house you have always wanted for a much lower price.
Call me to discuss your specific needs. Let me show you how and why NOW is a good time to sell and move, to downsize, or to move into an area with better schools for your kids.
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.
Remember, Danny Frank is a local Pearland, TX Real Estate expert! You can see my entire blog at: http://www.pearlandrealtyblog.com
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