Archive for the ‘Market News’ Category

The Conroe Real Estate Market: Poised for Tremendous Growth

Tuesday, August 4th, 2009

Known as the Northern gateway to Houston’s metro area, Conroe is a dynamic town that was, not too long ago, known for its wooded lands and open prairies. As the county seat of Montgomery County, Conroe is a town poised for substantial growth; yet all the while maintaining its quiet, small-town feel.

Residential Real Estate Sector

From its revitalized downtown area to its substantial growth in the commercial sector, Conroe is a community to watch, as real estate can only soar upward as impressive growth begins to take hold.

As of June 2009, the average price per square foot for a residential home in Conroe was $75, an increase of almost 38 percent from just three months earlier. The median sales price for a home as of June 2009 was $100,000 and the average listing price was $280,758.

The historic town square of Conroe, coupled with its many downtown attractions, such as the Conroe Symphony Orchestra, Lampros Gallery and Wilson’s Performing Arts, has encouraged residential development. The result: an influx of new, residential home developments, which have attracted a wide array of homeowners. Conroe, in addition to its new home communities, also boasts some pretty impressive ranch estates near Lake Conroe.

The Perks of Living in and Visiting Conroe

Conroe is conveniently situated just 40 miles north of Houston, and is a popular weekend getaway for many Houstonians. It is home to a nice variety of resorts, such as the La Torretta Del Lago Resort. Just some of the activities enjoyed in Conroe include live theater and entertainment, golfing, dining at one of the many upscale restaurants and nightclubs, museums and, of course, partaking in the fun and excitement along Lake Conroe.

In fact, the 22,000-acre Lake Conroe is a prime spot at which to fish, swim, canoe and kayak.

Combined with a low cost of living and low taxes and it’s easy to see why so many Houstonians have flocked to Conroe to get in on a piece of the suburban pie.

The Future of the Houston Real Estate Market

Tuesday, May 26th, 2009

The nationwide recession and credit crisis has left many cities around the US struggling to keep their heads above water, and Houston is no exception.

Industry analysts have seen Houston-area home sales continue to drop and the housing market slip further into the hole of the recession. In fact, sales of Houston-area homes have dropped for 21 straight months, and it looks as if this trend will continue for the second half of 2009.

A bright spot, however, is the fact that home prices are holding their own. For example, the median price for a single-family home in Houston this year is $149,050, compared with $150,000 from a year ago.

It is with this knowledge that industry analysts are positive when speaking of the future of Houston’s housing market. Where other cities in the country have seen home prices tumble, Houston has remained strong and steady, thanks in part to the fact that the housing boom and inflated housing prices never took over.

In addition, foreclosure sales continue to decline, indicating an improvement in the market. For example, foreclosure sales made up about 25 percent of all single-family home sales in April, which is a decline from 34 percent in January.

Houston’s Struggles

Houston is having a tough year. As the demand for oil decreases due to the nation’s financial crisis, the energy capital of the US is certainly going to be hit hard.

In fact, Houston expects to lose about 60,000 jobs over the next two years as a direct result of the lack of demand for oil.

This news, of course, doesn’t bode well for the economy of Houston or home sales, for that matter. A beacon of light for Houston are the historically low interest rates and first-time home buyer tax credits which are luring buyers off the sidelines and into the market.