Texas home sales and median prices are up
Some 10,628 existing single-family homes were sold in Texas last month, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University. That’s a 2 percent increase over a year ago.
The median price was also up 2 percent from January 2010, at $139,100. There was a 7.3-month inventory.
In the Dallas Metroplext number of home sales were down 8%, BUT the median price was up 7%! Also, the DFW Metroplex is still hanging in the balance between a Buyer’s and Seller’s Market with 6.4 months of inventory.
January 2011 MLS data for many Texas cities (current as of today) are available on the Center’s website. Here is a sampling:
| Sales | Change from Last Year |
Median Price |
Change from Last Year |
Months’ Inventory |
|
| Amarillo | 122 | up 14% | $122,700 | down 6% | 6.9 |
| Austin | 1,066 | up 8% | $186,300 | up 6% | 5.6 |
| Corpus Christi |
175 | up 11% | $128,500 | up 2% | 9.8 |
| Dallas | 2,043 | down 8% | $150,100 | up 7% | 6.4 |
| El Paso | 339 | up 34% | $127,900 | down 2% | 6.6 |
| Fort Worth |
407 | down 12% | $105,000 | up 2% | 6.8 |
| Harlingen | 56 | down 20% | $76,000 | down 11% | unavailable |
| Houston | 3,085 | up 8% | $136,600 | down 4% | 7.4 |
| Lubbock | 135 | down 3% | $110,000 | up 2% | 7 |
| Odessa | 50 | up 56% | $136,700 | up 16% | 4 |
| San Angelo | 63 | up 7% | $118,900 | up 40% | 6.3 |
| San Antonio | 951 | up 11% | $143,900 | up 4% | 7.7 |
| Temple- Belton |
77 | down 9% | $125,000 | up 19% | 8.1 |
| Tyler | 143 | down 11% | $120,600 | down 13% | 12.6 |
| Wichita Falls |
80 | down 10% | $90,000 | up 3% | 7.8 |
| Texas | 10,628 | up 2% | $139,100 | up 2% | 7.3 |
Source: Real Estate Center
Read MoreDFW’s 2010 Home Price Trends Turn Positive
Home prices increased in the Dallas metropolitan market in 2010, even the prices of distressed homes, according to recent Real Estate Center research.
Center researchers found that homes sold by “typical” or “nondistressed” owners in 2010 were 1.2 percent higher, on a per-square-foot basis, than in 2009. The research also revealed that homes sold by “distressed” owners increased by 2.51 percent in 2010.
As part of a major research effort, the Center combed through more than 500,000 sales records from 2003 to 2010 (51,593 in 2009 and 46,315 in 2010) in the North Texas Real Estate Information System (NTREIS) database to get a more precise view of what has been happening to “typical” and “distressed” home prices in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area (MSA).
The data included all distressed sales reported by NTREIS between $50,000 and $1 million during the eight-year period and all nondistressed sales between $75,000 and $1 million. Distressed sales ranged from a low of 5.7 percent of all sales in 2003 to 16.3 percent of all sales in 2010. In general, a non-distressed sale was sold by an individual and a distressed sale was sold by a financial institution or intermediary.
For more on the researchers’ findings, read the Center’s online news release.
Source: Real Estate Center
Read MoreDecember 2010 – Texas Home Sales Down, Prices Up
Just over 15,740 existing homes were sold in Texas last month, according to newly released data from Texas Multiple Listing Services (MLS). That’s a 3 percent drop from December 2009.
Meanwhile, the median price for an existing home increased by 4 percent last month to $150,500, and there was a 7.2-month inventory.
December 2010 MLS data for many Texas cities (current as of Jan. 27, 2011) are available on the Real Estate Center website. Here is a sampling:
MLS Area |
Dec
|
Nov
|
Dec
|
Dec 10-
|
Year-to-Date |
|
|---|---|---|---|---|---|---|
2010 |
% Chg
|
|||||
| Notes: Residential data includes single-family, townhouses and condominiums. “-” represents no or underreported data. Source: Real Estate Center and local Realtor boards |
||||||
| Abilene | 127 | 115 | 124 | 2 | 1,596 | -2 |
| Amarillo | 185 | 135 | 204 | -9 | 2,556 | -9 |
| Arlington | 286 | 250 | 328 | -13 | 3,862 | -10 |
| Austin | 1,575 | 1,307 | 1,507 | 5 | 19,851 | -4 |
| Bay Area | 403 | 315 | 397 | 2 | 4,910 | -9 |
| Beaumont | 148 | 150 | 148 | 0 | 1,874 | -6 |
| Brazoria County | 76 | 54 | 76 | 0 | 922 | 3 |
| Brownsville | - | 49 | 51 | - | 759 | 2 |
| Bryan-College Station | 130 | 101 | 133 | -2 | 2,011 | -8 |
| Collin County | 795 | 683 | 803 | -1 | 10,565 | -9 |
| Corpus Christi | 268 | 348 | 273 | -2 | 3,445 | 0 |
| Dallas | 3,175 | 2,685 | 3,405 | -7 | 42,081 | -8 |
| Denton County | 430 | 354 | 466 | -8 | 5,905 | -8 |
| El Paso | 464 | 392 | 444 | 5 | 5,544 | 3 |
| Fort Bend | 740 | 548 | 740 | 0 | 8,481 | -7 |
| Fort Worth | 591 | 553 | 631 | -6 | 8,144 | -5 |
| Galveston | 77 | 60 | 52 | 48 | 870 | 15 |
| Garland | 116 | 109 | 140 | -17 | 1,716 | -10 |
| Harlingen | 77 | 64 | 77 | 0 | 872 | -1 |
| Houston | 4,748 | 3,856 | 4,948 | -4 | 56,686 | -6 |
| Irving | 92 | 73 | 111 | -17 | 1,279 | -4 |
| Kerrville | 34 | 38 | 33 | 3 | 414 | -1 |
| Killeen-Fort Hood | 159 | 160 | 196 | -19 | 2,608 | 2 |
| Laredo | 64 | 78 | 94 | -32 | 999 | 2 |
| Longview-Marshall | 140 | 142 | 157 | -11 | 2,079 | 2 |
| Lubbock | 220 | 169 | 174 | 26 | 2,845 | -11 |
| Lufkin | - | 41 | 46 | - | 509 | -10 |
| McAllen | 149 | 150 | 163 | -9 | 1,984 | 1 |
| Midland | - | 88 | 90 | - | 1,515 | 4 |
| Montgomery County | 462 | 435 | 461 | 0 | 5,941 | 0 |
| Nacogdoches | 25 | 32 | 25 | 0 | 402 | 11 |
| Northeast Tarrant County | 419 | 416 | 493 | -15 | 6,357 | -5 |
| Odessa | 68 | 48 | 74 | -8 | 971 | 15 |
| Palestine | 28 | 12 | 21 | 33 | 327 | 9 |
| Paris | 29 | 22 | 20 | 45 | 317 | -11 |
| Port Arthur | 63 | 38 | 41 | 54 | 664 | -18 |
| San Angelo | 90 | 87 | 90 | 0 | 1,172 | -6 |
| San Antonio | 1,334 | 1,261 | 1,399 | -5 | 18,353 | -2 |
| San Marcos | 24 | 14 | 16 | 50 | 265 | 26 |
| Sherman-Denison | 75 | 70 | 83 | -10 | 1,053 | 1 |
| South Padre Island | 25 | 10 | 28 | -11 | 272 | - |
| Temple-Belton | - | 111 | 130 | - | 1,633 | -7 |
| Texarkana | 71 | 55 | 63 | 13 | 902 | 11 |
| Tyler | 209 | 155 | 207 | 1 | 2,730 | -5 |
| Victoria | 54 | 57 | 49 | 10 | 756 | 9 |
| Waco | - | 146 | 162 | - | 1,973 | -5 |
| Wichita Falls | 117 | 97 | 84 | 39 | 1,481 | -3 |
| Texas | 15,744 | 13,568 | 16,278 | -3 | 202,916 | -5 |
Source: Real Estate Center
Read MoreTexas housing market took some hits but is still standing
(An article by Steve Brown)
By now you’ve heard about the huge debt problems in Ireland, the protests in London over government cutbacks and the growing financial crisis in Spain.
You can’t help but hear about it – on television and every news website. And of course there’s the home foreclosure crisis in Florida, cascading unemployment in Michigan. And California is basically broke.
What does all that have to do with Texas? If not for the dire national and international news, we’d be feeling a lot better about our economy and real
estate market. Texas is in comparatively good shape when it comes to housing, commercial real estate and unemployment.
But it’s hard to feel good about that with all that’s going on in the rest of the world.
That’s a shame. During the Oil Patch meltdown of the late 1980s, our neighbors to the north and in booming West Coast markets didn’t seem to give a whit about our woes here in Texas.
Of course, the downturn is more universal this go-round, and the declines are steeper. But still, the Texas real estate market deserves props for getting through two years of a nuclear economic winter and only catching a cold.
Don’t take my word for it. Just this week the Brookings Institution put out its regular economic assessment of major U.S. metro areas, and Texas and Dallas-Fort Worth were near the top of all the lists. D-FW, and most of the other big Texas markets, were included in the top U.S. housing markets during the third quarter, according to the Brookings report. North Texas is among the areas that have seen the smallest home price declines since the nation’s housing market fell with a thud.
North Texas also got high marks for being one of the areas with the highest economic output and stronger employment markets.
And D-FW was singled out by Brookings as one of the top overall 20 markets in the country.
The only area where North Texas doesn’t outperform the rest of the country is in number of foreclosed homes. And there we are close to the middle of the pack.
Brookings estimates that about four out of every 1,000 D-FW homes with a mortgage is now in lender hands. The average among major U.S. metro areas is closer to six out of 1,000.
So again, things here aren’t so bad compared with the rest of the country. It’s just that it isn’t easy to get past all the noise about the international financial mess and problems in places like California and Arizona.
And Americans in general – the real estate industry found in a recent survey – are more pessimistic than in previous economic periods. The weight of all the bad buzz on our real estate market won’t be lifted right away. But when the chatter about U.S. economic trends improves, don’t be surprised if attitudes about Texas’ property market turn on a dime. Again, the hole we have to climb out of isn’t very deep.
Source: Dallas Morning News
Read MoreRockwall Real Estate Update – November 2010 Review – Episode 211
Evan and Richard of The Matteson Group review and discuss November 2010 in the real estate market in the Rockwall and Heath Texas.
Current Properties for Sale: 624 homes
Sales: 43
Sale Price to List Price: 95%
Average Days on Market: 102 days
Type of Market: All Price Ranges!!! – Buyers
For more info:
www.TheMattesonGroup.com
Coldwell Banker Apex, Realtors
214.405.3640
Your trusted real estate advisors providing a joy filled experience!
North Texas Foreclosures Down In January
Addison-based Foreclosure Listing Service’s newly released figures show that the number of foreclosed Dallas-Fort Worth area homes up for auction in January is 6 percent lower compared with last year.
According to the figures, 5,543 homes are ready for the January 2011 auction, down from 5,894 a year earlier.
Even so, Foreclosure Listing Service CEO George Roddy Sr. said not to expect big declines in foreclosures until employment picks up.
“DFW residential foreclosure posting activity for January remained on the extreme high end in this foreclosure cycle,” Roddy said. “Until a significant amount of workers begin to be re-employed, there is simply no reason for foreclosure postings to decline. Even re-employment in today’s market does not assure that a family’s bills will be paid because many workers are being hired at wages far lower than at their previous jobs.”
Source: Dallas Business Journal
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