Strictly a Buyer's Agent

OMG There's Gray in Westbury . . .

The Westbury area (zip 77035) is located just outside the 610 loop and offers affordable houses (under $400K) and an easy commute to the Med  Center. It is almost always a strong seller's market but today a bit of gray showed up in the $300K price range, and it is now a slightly strong market. The chart is here.

The news since my last blog has not been positive about the market - the Southgate area (77030) went RED in inventory, becoming a buyer's market in the weighted average. The chart is here.

The averages at the bottom of my big chart now have five price ranges as buyer's markets with two more adjacent price ranges on the verge. The chart is here.

On April 30 I saw some improvement in the market and began to think that we had reached the bottom. How would I know if we had? I deveoped a new analysis that charts the movement of the average of the weighted averages each Friday. I'm not ready to publish it yet, but just this week the average of the weighted averages rose from 9 to 10. So I was wrong on April 30 when I told a few people (fewer than 5!) that maybe we had reached the bottom. I won't make that mistake again and will watch my new indicator closely. I'll publish it when the time is right.

One bright spot was that the Memorial area bounced back from RED status to GRAY, now a slightly soft market. The chart is here.

As a agent who represents buyers only, I do like market conditions where buyers have leverage. But market conditions that result from a faltering economy is a different matter. We all want the housing market to recover soon and lead us out of recession.

River Oaks Area (77019) Goes RED in Inventory

Today's market condition update shows the River Oaks area (77019) going RED in the weighted average, becoming a buyer's market. It joins Afton Oaks, West U, Tanglewood, Briargrove, Memorial and Bellaire in the buyer's market weighted average. See the chart here.

Bellaire goes RED in Inventory

Today's market condition update shows Bellaire (77401) going RED in the weighted average, becoming a buyer's market. It joins Afton Oaks, West U, Tanglewood, Briargrove, and Memorial in the buyer's market weighted average. See the chart here.

The Contrarion 77007 Surprises Again

When times were great for inner-loop Houston single-family real estate they were not as great for the Memorial Park area (77007), which historically (since 2004) just could not get to the magic "SELLER"S MKT" designation. But in late 2008 they did achieve it and have recently gotten there again, in total contrast to what has happened to the other inner-loop neighborhoods in this time of recession. Way to go 77007! I've always rooted for you . . . 

The Zip Code Feeling the Most Pain is . . . .

definitely 77027, the Afton Oaks area. Today's market condition update shows six of its eight price ranges to be RED in inventory, a  buyer's market. This is happening at the high end, a result of so much redevelopment during the past decade. This zip code also experienced the highest appreciation in recent years in price per square foot paid so you might say they experienced a slight "bubble" that is now bursting. See more here about 77027 market conditions and appreciation.

Memorial Area (77024) Goes RED in Inventory

Today's market condition update shows the Memorial area (77024) going RED in the weighted average. Inventories are stacking up at the high end where the majority of homes are sold in Memorial. The see more, click here. 

Briargrove Area (77057) Goes RED in Inventory

Today's market condition update shows the Briargrove area (77057) going RED in the weighted average, becoming a buyer's market for the first time that I can remember. It joins Afton Oaks, Tanglewood and West U in the buyer's market weighted average. Memorial (77024), River Oaks (77019) and Bellaire (77401) are all now "slightly soft" and any of them could be next. See the chart here.

$400K Price Range in West U, Bellaire Suffering; Builders Out

Since builders cannot get credit to build spec homes right now, they are not buying older "tear-down" homes in West U and Bellaire. As a result, the $400K-$499K price range in West U and Bellaire is a strong buyer's market with inventories stacking up. See more here. West U, Bellaire.

Excellent NYT Article on Buyer's Brokers Published

Sunday's New York Times had an article about the benefits of working with a broker who represents buyers only, as I do. Read more here.

More Good News for Houston

Site Selection magazine has just ranked Houston as the top metro area in the US for corporate real estate deals and relocation last year, primarily a reflection of its affordability. According to a recent study by the Center for an Urban Future, it takes less income to be middle class in Houston than it does in New York, Los Angeles, Chicago, Atlanta or Charlotte: just $50,000 for Houston.

Read more here.