In the last several weeks the news has died down about the rate of foreclosures. The national media has continued to talk about foreclosures, but now they are addressing the specific areas in the country that are seeing these excessive rates of foreclosure. But what about the Houston market. Have there been any changes in our market and if so where?
I ran some numbers in a couple of different neighborhoods to find out what is going on in Houston. As I predicted, things are holding steady inside the loop. Prices are not going up at the rate they have in the past, but they are not going down. Even the "Days on Market" have not changed substantially from last year to this year.
But what about the Suburbs? Out in Katy, Cinco Ranch has seen about 15% less houses sold in the first quarter of '09 than in '08. The price is about the same, but it is taking a good month longer to sell. The Memorial area has taken a hit also. Prices are down about 10% and houses are on the market about 25 days longer. The total number of single family houses sold in the first quarter last year was 122, this year it is 84.
So things have changed, but it is not the doom and gloom the media has portrayed it to be. What have you seen in your area of Houston? Do you have your house on the market? Tell me about your experiences in the housing market.