Looking to buy or sell in Pearland? Call (832) 814-4326.
Pearland, TX Market Update, Single Family Residences (November 2008 YTD)
**Now is a great time to BUY in Pearland!**
New Listings: 4576 DOWN 18% from last year --Distinctly lower inventory accumulation rate as Sellers concerned about declining values.
Average List Price: $202,991 DOWN 1% from last year --Realities of a competitive market.
Pending Contracts: 2849 DOWN 13% from last year --Stricter loan guidelines may make this a deceptive number to follow; however, it is notable that the average list price for pending contracts is well below the overall average list price for new listings, indicating a market in the throes of a "bottom-feeding frenzy." This will most likely continue through the holiday season.
Closed Sales: 2634 DOWN 14% from last year Stay tuned...after the holidays, if the numbers continue to sag, the recession combined with Hurricane Ike may be finally creating a Buyer market atmosphere. On the other hand, if federal bailout programs begin to show results, capital can be freed up and Buyer confidence restored in 2009.
Average Sales Price: $180,002 DOWN less than 1% from last year --Low average DOM shows a market that is still moving forward at a respectable pace.
**NOW IS THE TIME TO BUY**
Average Closing price/Listing price ratio: 96.31%
The Pearland/Brazoria County market is still relatively high-growth oriented; Months of Inventory (see below) are decreasing, possibly due to recent sell-off mentality, a flight response to tightening of many sub-prime mortgage lending products, combined with consumer (Buyer and Seller) wariness borne of national reports exposing imploding real estate markets. The Houston/Pearland area is beginning to feel some of the pangs as prices are flat YTD from 2007. ----------------------------------- Months of Inventory (Brazoria Cty.) = 5.6 Months of Inventory (Pearland) = 4.4 Months of Inventory (Houston) = 6.4
(Months of Inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. Normal inventory is considered to be 9 or 10 months for existing homes, while anything less than 8 months is considered a seller's market and more than 12 months is a buyer's market.)
*YTD=Year-to-date
ZIP Codes: 77581, 77584 Approximate Location Boundaries: Incorporated city
Location Characteristics: High growth combined with small town charm just minutes south of Houston, TX.
About James Coate:
James has called Pearland, Texas home since 1973. A former teacher, James holds a BA in Humanities from UH-Clear Lake and performs in the First United Methodist Church of Pearland's drama ministry. James has been a real estate agent in Pearland since 1998, is certified to work with relocation buyers and sellers and enjoys serving his Pearland area real estate clients as well as his home community. He and his wife, Ellyn, have been blessed with a daughter, Laura, and twin sons, Jackson and Peyton.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
