Lazybrook » Market Reports

Lazybrook Market Report – December

Jaron Hall — Mon, 04 Jan 2010 13:49:15 +0000

My listing @ 2507 Brooktree Drive

Wow… It is 2010! Didnt think this new decade would come so fast! I still remember back 10 years ago, like it was yesterday, when everyone was “preparing” for Y2K and all the “problems” that were going to occur. Well… Here we are… Happy New Year!!

It is time for another market report here in Lazybrook… There is a ton of activity in this neighborhood, so here it goes…

ACTIVE LISTINGS

Currently we have 9 active listings… Quite a few I’d say… At this time, as usual, the average Lazybrook home is unchanged. We typically have 3 bedroom, 2 bath homes and on average, that has not changed nor has the 2 car garages. We do have a couple thrown in the mix that buck the system. There is one 4 bedroom and 3 and a half bath home (which happens to be my Brooktree Drive listing) along with a 5 bedroom and 4 and a half bath home. Naturally, this is going to raise the average asking price in the neighborhood. Here are the current numbers… Average lot size stands at 9,889 square feet with the homes sitting on them averaging 2,420 square feet. The average list price stands at $375,000 ($155.00 sft) and they have stood on market an average of 101 days.

PENDED LISTINGS

We have one home in contract at this time. As you might guess, it is a 3 bedroom and 2 bath home with only a 1 car garage. It sits on a 7,150 square foot lot and has 2,004 square feet of living space. It was listed on the market for $330,000 which is $164.67 per square foot and was on the market for 80 days.

SOLD LISTINGS

The month of December had 3 homes closed on in theusually dreadful month for real estate. Not bad at all to be honest. Again, do I have to say, they were 3 bedroom homes with 2 baths and 2 car garages. They again sat on large lots, which we love in Lazybrook. They are 8,957 square feet and the homes that sit on them average only 1,809 square feet. They were listed for $291,766 and sold for an average of $274,300 which is $151.63 per square foot. Not bad as this means the homes brought in 94% of what were asked for them. The average days on market was 127 days.

CONCLUSION

Lazybrook continues to be a hot neighborhood. People looking to get into the city, inside the 610 loop, love Lazybrook for it’s convenience and All-American neighborhood feel. Our homes offer large lots and great square footage at great prices as compared to what you get over in the nearby Houston Heights. Before you all know it we will be in Spring and I look for things to only get better. Especially with the home buyers tax credit being extended into April. With the way things are going, I wouldnt doubt if they extended that deadline again… That is simply my speculation, I have no idea.

Have a blessed and prosperous 2010!

Overall Houston Market Report

Jaron Hall — Wed, 16 Dec 2009 12:51:00 +0000

HOUSTON — (December 15, 2009) — The effects of Hurricane Ike and simultaneous economic downturn affecting Houston’s real estate market in November 2008 continue to distort year-over-year comparisons which reflect yet another month of double-digit increases. However, longer-term analysis aimed at gleaning a more realistic view of market conditions shows November 2009 real estate activity to be comparable to that seen at the cusp of the recession, in the fall of 2007.November marked the third straight month in which property sales volume and pricing recorded gains. According to the latest monthly data compiled by the Houston Association of REALTORSâ (HAR), November volume of single-family home sales across the greater Houston area rose 32.8 percent compared to November 2008. Total property sales climbed 37.1 percent in November on a year-over-year basis.

In addition to the comparative affects on sales data from last year’s natural disaster and economic recession, HAR member REALTORS® report that at least some of the month’s homebuying activity can be attributed to consumers scurrying to beat the original November 30 homebuyer tax credit deadline before Congress voted to extend and expand the program.

At $150,000, the November single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 8.7 percent from one year earlier, representing the seventh straight monthly increase in median price. The average price of a single-family home in Houston was $198,948, up 6.7 percent last month versus November 2008. The median price reached the highest level ever for a month of November in Houston.

Foreclosure property sales continued to decline in November, making up 15.8 percent of all single-family home sales in the Houston area compared to 27.4 percent in November 2008 and the 12-month peak of 34.0 percent in January of this year. The median price of November foreclosure sales reported in the Multiple Listing Service (MLS) rose 9.5 percent to $93,000 on a year-over-year basis.

Sales of all property types in Houston for November totaled 5,353, up 37.1 percent compared to November 2008. Total dollar volume for properties sold during the month was $1.0 billion versus $714 million one year earlier, representing an increase of 44.5 percent.

“This is the third month in a row in which a year-over-year comparison exaggerates the local housing landscape because Hurricane Ike continued to hurt the Houston real estate market last November,” said Vicki Fullerton, HAR chair and broker of record at RE/MAX of The Woodlands & Spring. “We are very encouraged that property sales activity appears to be close to levels reached right before the recession took hold, and expect more realistic year-over-year data in the months ahead so we can again compare apples to apples.”
November Monthly Market Comparison
The month of November brought Houston’s overall housing market positive results when all listing categories are compared to November of 2008. Total property sales, total dollar volume and both median and average single-family home sales prices were all up on a year-over-year basis.

The number of available properties, or active listings, at the end of November fell 4.0 percent from November 2008 to 45,452. That housing inventory represents 28 more active listings than one month earlier, in October 2009.

November’s month-end pending sales—those listings expected to close within the next 30 days—totaled 2,741, which was 12.8 percent lower than last year. While such a decrease typically portends a decline in sales volume for the following month, the Hurricane Ike effect and interest in the homebuyer tax credit make it tricky to forecast. The months inventory of single-family homes for November came in at 6.0 months, down from 6.1 months one year earlier, and remains healthier than the national months inventory of single-family homes of 7.0 months, reported by the National Association of REALTORS® (NAR).

CATEGORIES	November 2008	November 2009	PERCENT CHANGE
Total property sales	3,904	5,353	37.1%
Total dollar volume	$713,994,683	$1,031,455,912	44.5%
Total active listings	47,354	45,452	-4.0%
Total pending sales	3,144	2,741	-12.8%
Average single-family sales price	$186,449	$198,948	6.7%
Median single-family sales price	$138,000	$150,000	8.7%
Months inventory*	6.1	6.0	-1.8%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Single-Family Homes UpdateAt $150,000, the median sales price for single-family homes rose for the seventh consecutive month, up 8.7 percent from November 2008. That represents the highest median price ever recorded in a month of November in Houston. The national single-family median price reported by NAR is $173,100, illustrating the continued higher value and lower cost of living that consumers enjoy in the Houston market. The average price of single-family homes in October was $198,948, an increase of 6.7 percent from one year earlier.

November sales of single-family homes in Houston totaled 4,519, up 32.8 percent from November 2008. This is the third consecutive monthly increase in sales volume and, again, is considered an anomaly because of Hurricane Ike’s disruption of thousands of real estate transactions last fall.

HAR also reports existing home statistics for the single-family home segment of the real estate market. In November 2009, existing single-family home sales totaled 3,721, a 34.8 percent increase from November 2008. At $142,000, the median sales price for existing homes in the Houston area rose 13.6 percent compared to last year. The average sales price of $182,883 climbed 12.3 percent from its November 2008 level.

Townhouse/Condo Update

The number of townhouses and condominiums sold in November rose dramatically compared to one year earlier—again, the product of the market interruption caused by Hurricane Ike. In the greater Houston area, 502 units were sold last month versus 286 properties in November 2008, translating to a 75.5 percent boost in year-over-year sales.

The median price of a townhouse/condominium rose 13.7 percent year-over-year to $134,500. The average price climbed 5.3 percent to $162,708 from November 2008 to November 2009.

Lease Property Update

Demand for single-family home rentals fell 9.0 percent in November compared to a year earlier. Year-over-year townhouse/condominium rentals declined by 2.9 percent.

Houston Real Estate Milestones in November

Single-family homes sales increased for a third consecutive month, by 32.8 percent;
Existing single-family home sales increased for a third consecutive month, by 34.8 percent;
Total property sales increased for a third consecutive month, by 37.1 percent;
The median price of a single-family home was up for the seventh straight month, reaching the highest level ever recorded in a November ($150,000);
Month’s inventory of single-family homes dropped from 6.1 to 6.0 months compared to the national average of 7.0 months

Source: HAR.COM

New Tax Breaks for Home Buyers

Jaron Hall — Thu, 05 Nov 2009 23:27:54 +0000

With the following news, we should see a boost in home sales through the end of the year. Not to mention the fact that buyers will be scrambling to close before December 31, 2009 in order to get their applications in for the Homestead Exemption in 2010.

Here is the latest information regarding the tax credit bill:

Time to list or buy?

The Senate has voted last night (11/4) to extend and expand a popular tax credit for homebuyers that was scheduled to expire Nov. 30. The House is expected to schedule a quick vote on the bill as early as today 11/5 as part of a package that also extends unemployment benefits for people out of work more than a year. The White House indicated that the President will sign the legislation. How the homebuyer tax credit would work:

∙ Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

∙ Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

∙ Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

∙ Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

∙ How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

∙ New anti-fraud limitations imposed.

∙ Cost: $10.8 billion.

Source: Bloomberg Press and Associated Press and confirmed information with the content of the Senate bill.

Lazybrook – October Real Estate Report

Jaron Hall — Mon, 02 Nov 2009 13:55:30 +0000

It is crazy to say, but another month has come and gone and another year is surely coming to a close. Anyhow, we continue to have an active market in Lazybrook… Our close in location, proximity to 610 and great prices are to thank for that. Let me go ahead and get on with the numbers…

Currently On The Market

Currently, to date, we have 10 properties that are Active on the market. As usual the average Lazybrook home again has 3 bedrooms and 2 bathrooms with a 2 car garage. Of the 10, on the market, two homes have 4 bedrooms

John Daugherty Realtors listing on Lazybrook Dr; Listed for $295,000.

and three have 3 bathrooms. The average square footage of those homes is 2,038 and they sit on lots that average 8,670 square feet. The current average Days On Market (DOM) is 82 days and the average price per square foot is $161.94.

Homes Pending Sale

To date, we have one home that is in contract and is pending to close sale. This particular home is located on Brookmere Drive, the street I grew up on and the street my parent’s still live on going on now 40 years. This particular home pending sale is a 4 bedrooms and has 2 full baths and 1 half bath. It boasts 2,347 square feet and sits on a 8,760 square foot corner lot and does have a pool. She is listed for $325,000 which comes out to $138.47 per square foot.

October Solds in Lazybrook

1806 Foxwood Rd sold for $204.76/square foot in just 8 days!

We closed out 3 homes in October. One of which was my listing on Foxwood Road, which I might add, sold for the highest price per square foot to date this year, $204.76. It also flew off the market in 8 days! In total, these 3 homes averaged 3 bedrooms and 1 full bath and 1 half bath with 2 car garages. They were smaller homes averaging 1,202 square feet but still sitting on great lots averaging, 8,593 square feet. They were on the market for an average of 55 days and sold for an average of $169.75

In Conclusion…

Our market does continue to remain strong and I predict that this will only continue to get better as 2009 comes to a close. We have many young, professional, couples that are looking to get closer in to town and looking for a wonderful place to raise their young families. Lazybrook is hot and will only get hotter… With the affordable prices we have in comparison to other close in neighborhoods… we will continue to be in good shape! Remember Lazybrooker’s, if you are wishing to leave us and sale your home, I’ll bet you can guess who you should call! ; )

Lazybrook Real Estate Report – AUGUST 2009

Jaron Hall — Tue, 15 Sep 2009 21:30:14 +0000

I have run all the numbers for the month of August regarding Lazybrook’s real estate market and here is what I have found.

ACTIVE LISTINGS

Currently we have 9 ACTIVE listings in Lazybrook. They are your standard 3 bedroom/2 bath Lazybrook ranch style with 2 car garages on average. The average lot size is 8,917 square feet and the average square footage of the homes is 1,927. Here are the numbers I know you all want… The average list price is $316,866 which comes out to $166.48 per square foot. How long have they been on the market on average you ask? 58 days…

PENDING LISTINGS

Lazybrook Drive home listed with us at John Daugherty, Realtors. This home will close late in September.

We do have a very active market in Lazybrook. I would atest this to the fact we are one of the few neighborhoods in Houston with a great location and home prices that have not skyrocketed. As of today we have 5 listings that are PENDING SALE. Again, on average, they are your standard Lazybrook 3 bedroom/2 bath ranch style homes with 2 car garages. The average lot size is similar to those that are active, 8,125 and the average square footage of the homes is 1,963. The average sales price was $288,580 which comes out to $153.21 per square foot. These homes have been on the market right around 85 days on average.

SOLD LISTINGS

We had 3 homes that SOLD in August… They again were on average 3 bedrooms/2 baths with 2 car garages. The average lot size is 8,251 and the average square footage of these homes is 2,119. On average they were on the market for 55 days and brought 96% of their list prices at $300,800.

SYNOPSIS IN GENERAL

So, there you have it… We DO have a very active market in Lazybrook. When homes are moving in 60-90 days and are closing at 95% or more of their asking prices, those are decent numbers. It also means that homes are priced well. The closer you get to your asking price, the more appropriate your home was priced. It is very important to remember, especially if you are a home seller currently or will be a home seller… YOU nor I as a realtor, determines the market… BUYERS DETERMINE THE MARKET! : ) Afterall, they are the ones paying the price. As a Real Estate Professional, it is not my job to give you my opinion on a homes price, it is my duty to educate you on the market so that you can determine the appropriate value of your home. It is also my responsibility to communicate buyer’s feedback to you which is very important. And finally, marketing your home to gain maximum exposure to get that perfect buyer into your home.

I hope you enjoy this Lazybrook Real Estate Market Report for the month of August. I will be doing these reports at the end of each month to broadly educate you on what’s going on in our neighborhood.