Houston Area Year End 2008 Housing Market Report

Real Estate Agent with Icon Real Estate

According to Houston Association of REALTORS® (HAR) For the full-year 2008 Houston housing market, the numbers showed mixed results. There was a 17.3 percent decline in volume of total property sales and total dollar volume tumbled 15.9 percent, which matched the market’s 2005 full-year total dollar volume. However the average sales price for a single family home in 2008 was $208,266, or a 1.0 percent increase on a year-over-year basis, with the median single-family home price of $152,000 flat compared to 2007.

“Lower mortgage rates are a good first step to reviving the real estate market, but many consumers are looking to Washington for the full scope of the economic stimulus plan before committing to major spending,” said Vicki Fullerton, HAR chairman. “This wait-and-see approach has kept Houston’s rental market strong, and even with December’s lower home prices, we’re maintaining an even keel when you compare Houston to the national picture.”

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Key Points:

The following statistics compare year end 2007 with year end 2008.

  • Total home sales (all property types) fell 17.3% from 83,736 units sold to 69,220 units sold
  • Total sales volume (all property types) fell 15.9% from $16.6Bil to $13.9Bil
  • Average single-family home price increased 1% for the year from $206,393 to $208,266
  • Median single-family home price for the year remained unchanged at $152,000
  • The number of available properties, or active listings, at the end of December fell 11.7 percent from December 2007 to 43,748. That’s 3,606 fewer active listings than November 2008 and is considered an indication that inventory levels are balanced. The month’s inventory of single-family homes for year end 2008 came in at 5.7 months, down 3.1 percent from one year earlier. (6.0 months of inventory is considered an equilibrium market; higher indicates a buyer’s market, while lower indicates a seller’s market)

Notes From Icon Realty 

We here at Icon Realty would like to comment that although we as a company saw a decrease in overall sales, our resolve has never been stronger. We are optimistic as to how 2009 will unfold as it relates to Houston area real estate market. Houston has one of the best job markets and lowest cost of living sectors in the entire country which should should fuel an influx of relocation business from around the country and world. Here recently we have helped many families relocate from outside of the United States, mostly due to oil companies relocating their employees, and conducting business here in the Houston area, more specifically The Woodlands area. It’s not just oil companies, but many other career fields and companies as well including technology and health care fields. 

Here in late December early January we have seen a significant increase in activity in the single family resale market. Once again we believe this is partially fueled by the booming relocation business, and partially fueled by the lowest interest rates we‘ve ever seen since we have been in business (including investment interest rates). Our country is going through unbelievable change right now with a new presidency. With that, a change in direction and ideologies. We here at Icon Realty are optimistic that this new regime will correct previous wrong doings by our banking system and set up our financial markets to realize everyone's dream of homeownership. In addition, we will ready ourselves and adapt as needed to meet and exceed whatever changes are thrown our way by the new President and his Congress.

Although 2008 was a slower year by our standards, but we here at Icon Realty are very proud of our accomplishments.  This year we launched our brand new website Icon Real Estate - Houston North - www.houstonicon.com. The owners of Icon Realty have put a tremendous amount of effort into this website and it is continuously evolving. Our goal is to make our website the #1 source for Houston area real estate knowledge for our clients and potential new clients alike. We are still in the beginning stages of achieving that goal, but we have big plans this year to continue moving forward to meet and exceed our goal. We here at Icon Realty are on the cutting edge of real estate technology and want to share our knowledge and tools with our clients. Please check our home buying blog often as we add new content as often as possible.

Our family did grow this year, and would like to take a moment to introduce a few new members to our team. Our new managing partner Jeremy Larkin, and our new agents Meghan Tompkins, Jason Harrelson, and coming soon Denise Rider. We feel these new members will make a big impact in the greater Houston area real estate this upcoming year as they share the same goals and values of Icon Realty. We are proud to call them part of our team.

Here’s to a bright and prosperous 2009!

About Icon Real Estate

Icon Real Estate is an independent real estate brokerage servicing Suburban North Houston, including The Woodlands, Conroe, Spring, Cypress, and the surrounding area. Primary services include home buying help, new home buyer representation, home selling, leasing, investment property, and property management.

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Information obtained from the Houston Association of Realtors Monthly Market Press Release. Accuracy is not guaranteed, and is subject to change. For more information, see http://www.har.com.

Comments (2)

Julie Nelson
eXp Realty - Austin, TX
Smart real estate.


Thanks for the Houston stats.  Very much like the Austin market (prices holding steady).  It's good to be in TX.  And an overall good review of your company and services.  You probably have enough info in this blog for 3 or 4 more blogs ... but a nice piece and a good service to your clients.  Best of luck in 09.

Jan 23, 2009 09:32 AM
Jason Higham
Cherry Creek Mortgage Company - The Woodlands, TX
Cherry Creek Mortgage Company

It is crazy to look back on how the market was not too long ago. Hopefully by 2012 it should be back up and going completely.

Jul 12, 2011 03:47 AM