Strictly a Buyer's Agent

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.

Tanglewood Area (77056) Goes RED in Inventory

With today's update of market conditions, the Tanglewood area (zip 77056) has joined 77027 and 77005 as a Buyer's market in the weighted average of ten price ranges. Since so much of the housing in these areas is sold at the high-end, the increasing inventory there is pushing up overall market condition. Will Memorial be next?

http://www.westurealestate.com/marketWatchAllAreasSummary.htm

West U Area (77005) Goes RED in Inventory

For the first time since I have been working in the area (since 1997) the West U area (77005) has slipped into a BUYER'S market in today's weighted average market condition calculation. I remember well the days of multiple offers on day 1 for new listings and the stress involved in just trying to put an A property under contract due to such high demand and competition to buy.

Although I represent buyers only and have longed for the day that buyers have more leverage, I feel wistful and a little sad that this great neighborhood has now joined the Afton Oaks area (77027) as a buyer's market in the weighted average. Since so many sales take place in the high-end (800K+) in these zip codes the inventory is stacking up and dragging the average down. Another factor is that builders are not buying land for new construction (no financing available) so the small, older homes are also languishing on the market.

I hope West U gets well soon.

http://www.westurealestate.com/marketWatchAllAreasSummary.htm

BUILDER magazine ranks Houston healthiest market for 2009

Today's Chronicle featured an article by Nancy Sarnoff  with the news that Houston has been ranked the best Housing market for 2009 by BUILDER magazine. Factors such as continued job and population growth contributed to the high ranking:

http://www.chron.com/disp/story.mpl/headline/biz/6290614.html

Feb '08 vs Feb '09 Inventory Analysis Available

Yesterday I published the February inventory analysis comparing 2008 and 2009. We are beginning the high season for new listings (March, April, May) so inventories will likely continue to accumulate, as illustrated by the chart in my website:

http://www.westurealestate.com/inventoryanalysis.htm

Market Conditions Changing to More Normal Market

Although I do not publish the "average of the weighted averages" in my market conditions analysis, this morning's update moved that number to 8, indicating a "slightly strong" overall market for the 19 zip codes I cover. It has moved from 5 to 8 since 2004.  Ten zip codes are still a buyer's market based on the weighted averages. See more here.

New Zip Code Analysis of Inventory 2008 vs 2009 by Month Available

Today I have debuted a new analysis of Houston market conditions focusing on inventory available at the end of each month versus the same month in 2008. January 2008 vs January 2009 has just been published, showing the high-end neighborhoods are showing the most increase in available inventory over January 2008. Here is the link.

One other noteworthy item today is that zip code 77027 (Afton Oaks area) has slipped into a Buyer's Market status, the only one of the 19 zip codes covered. Here is the link.