The ailing U.S. economy sent ripples across Montgomery County in 2008. "These are some of the toughest economic times our country has ever experienced..." said Michael Levitin, HAR Chairman. Levitin contributed the tough times to news of layoffs, declining oil prices and other negative financial reports.
However, during a late November stop in Houston, the National Association of REALTORS® Cheif Economist, Lawrence Yun, praised the stability of the Houston market. Currently the Houston area and the Denver area are predicted to be the nation's top performers in 2009. Other predictions include at least a 5% increase in home pricing, and month's inventory to hover around the six month mark in the greater Houston area. (Month's inventory is the average time it will take a home to sell) The overall national rate of months inventory is 10 months. (Note: month's inventory will vary from one subdivision to the next)
| 2007 | 2008 | |
| Sales | 8,091 | 6,491 |
| Dollar Volume | $1,869,536,625 | 1,555,829,688 |
| Average Price | $231,100 | $239,700 |
| Median Price | $171,300 | $175,800 |
| Total Listings | 3,808 | 3,841 |
| Month's Inventory | 5.4 | 6.3 |
Increases in average sales price and median sales price is very positive for our area. All in all, Montgomery County is doing well in an economic mayhem. According to the Montgomery County website, compared to the rest of the country, the cost of living in this area is 16.89% lower than the U.S. average. Coupled with interest rates, (the lowest in 50 years or so) NOW is the time to buy OR sell!!
Note: Stats were obtained from The Real Estate Center at Texas A&M University & Montgomery County Website.
Article by: Dixie Estep
Comments(1)