Humble Real Estate Market Report For December 13th 2008

Humble Real Estate Market Report

Having been very busy trying to get the Humble Homes For Sale website up and off the ground, I was unable to meet my weekly inventory posts. Until we get everything up and running, the Humble housing inventory report will be posted on a monthly basis. Typically, you can expect the report to be made the middle of each month until I get caught up on other aspects of the site.

Total breakdown of housing inventory for the Humble homes market

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
6.2	1,231	$162,262	640	$200,164

 

The Humble single family real estate market has held steady overall coming in at 6.2 months of inventory as of December 13th 2008, holding steady with the numbers on November 25, 2008. However, the total number of closed sales came in behind that recorded in November, showing a continuation in the decline of total closed sales.
The $80,000 and below price point had 5.3 months of inventory on December, 13 2008, which is a substantial jump from the 4.1 months of inventory recorded November 25, 2008. This may simply indicate a seasonal slowing while still taking the same number of foreclosures onto the inventory books.
Humble single family housing inventory for the $80,000 to $150,000 price point came in at 5.7 months of inventory for both December and November 2008, suggesting that the price range is in a state of equilibrium.
The $150,000 to $300,000 price range nudged down one tenth of one percent of a month in inventory to 6.3 months of inventory. This drop in inventory came with a slight increase in average sales price. These are good signs that the price range will hold stable in the near term.
The Humble single family housing inventory for the $300,000 and above price point saw a large drop in inventory levels for December 13th of 2008, having seen 9.4 months of inventory rather than the 10.4 months witnessed in November. Having noted a number of properties being pulled off the market during the period, I figure that this movement in inventory is due to sellers pulling their homes off the market rather than a strengthening of the market conditions at the price point. Yet, it is important to note that a decrease in inventory almost always sits well for market stability. During these times where many people are very nervous, stability is the most important factor.

Humble inventory report for 80,000 and below

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
5.3	167	$61,380	74	$65,929

Humble inventory report for 80,000-150,000 price point

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
5.7	535	$110,476	252	$114,550

Humble inventory data for the 150,000-300,000 price range

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
6.3	397	$196,497	207	$211,806

Humble housing inventory data for 300,000 and above

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
9.4	136	$388,710	107	$472,109

Conclusion

Sharp changes in the lowest and the highest price ranges are the only truly notable changes during the period. They off set each other, leaving total housing inventory unchanged. Humble housing inventory not spiking during the winter months leaves us with the conclusion that market conditions are still in balance at this time and will likely stay there, unless we realize large layoffs that do not yet seem over the horizon.
Information for this post was acquired from the Houston association of Realtors database so should be considered reliable, however, it is not guaranteed to be accurate. To get a weekly update on the housing market in your zip code, just sign up for your instant comparative market analysis, and do not forget to visit the Houston real estate forum to enter into discussions on Houston neighborhoods, communities and market conditions.

Humble Single Family Inventory Report For November, 25 2008

Humble Real Estate Market Report

This is the Humble Homes For Sale website’s first weekly post on Humble single family housing inventory. Each week, we will have a market report update detailing changes in the market and predictions on the direction of the Humble housing market, using trends in the housing inventory data.

Total Breakdown of Housing Inventory For The Humble Homes Market

 

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
6.2	1,254	$162,478	652	$206,715

 

Currently, the Humble single family real estate market is showing balance with 6.2 months of inventory on November, 25 2008. Most economists will agree that a real estate market with six months of inventory is considered to be neutral, being neither a buyer’s market nor a seller’s market. However, this overall market stability is not seen uniformly across price ranges.

The $80,000 and below price point had 4.1 months of inventory on November, 25 2008. Inventory levels of around 4 months or less is considered a seller’s market. With Humble housing inventory below $80,000 running just above 4 months, this indicates that sellers’ have the upper hand in negotiations and prices are likely to increase at or above the rate of inflation.

Humble single family housing inventory for the $80,000 to $150,000 price point came in at 5.7 months of inventory. This level of housing inventory shows stability at the price point, indicating that buyers and sellers hold nearly equal clout in negotiations. This suggests that prices should not decline and may appreciate at near the rate of inflation.

The $150,000 to $300,000 price range is currently carrying an inventory level of 6.4 months. At this inventory level, buyers begin to hold an edge in negotiations; however, home values should not see declines but, appreciation rates will likely stay below the rate of inflation. All in all, with the current credit troubles and turmoil in the countries housing market, these numbers still outperform 99% of the country.

The Humble single family housing inventory for the $300,000 and above price point shows substantial softening at 10.4 months of inventory. In the eyes of most economists, inventories of greater than 9 months is considered a weak market, where buyers have a huge advantage over sellers.  In addition, the majority of markets (excluding the luxury market) carrying in excess of 9 months tend to be flat or declining in value. This being the case, we may see declines in property values above the $300,000 price point.  

Humble Homes Inventory Breakdown For 80,000 And Below

 

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
4.1	165	$61,374	57	$65,749

 

Humble Homes Inventory Breakdown For 80,000-150,000 Price Range

 

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
5.7	543	$111,061	257	$115,454

 

Humble Homes Inventory Breakdown For 150,000-300,000 Price Range

 

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
6.4	414	$196,625	221	$211,486

 

Humble Homes Inventory Breakdown For 300,000 And Above

 

Months of Inventory	Sold Data – Prev. 1 Year		Current Active Data
	Number Sold	Average Price	Number Active	Average Price
10.4	135	$386,996	117	$466,841

 

Conclusion

In conclusion, the Humble single family real estate market below the $300,000 price point is very healthy and should continue to see appreciation.  However, the $300,000 and above market could very well see price declines in the near future. The weakness in the $300,000 and above market is likely due to instability of the credit markets which leads to difficulties in obtaining financing on properties that require a mortgage amount exceeding the FHA loan limits. Financing within the FHA loan limits is not difficult to gain, but there has been a substantial tightening in funds available for buyers seeking loan limits above the FHA loan limit of $274,000.

Information contained in this post was acquired from the Houston Association of Realtors via the multiple listing service database and archive.  Data should be considered reliable, but is not guaranteed to be accurate.

To get a weekly update on the housing market in your zip code, just sign up for your instant comparative market analysis, and do not forget to visit the Houston real estate forum to enter into discussions on Houston neighborhoods, communities and market conditions.

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