Westover Park is a 500 acre muli-phase subdivision developed by Cypressbrook Development Company located on FM 518 West of I-45 in League City. The subdivision has a 5 acre recreation center that features three pools with water features, sports field and a park. The property starts at FM 518 and continues south past League City Parkway. There will be 14-15 sections featuring 50′,60′,70′ & 80′ lots. The neighborhood is well received by buyers. The neighborhood is low on parks and open space but buyers don’t seemed turned away by it. The developer has done a lot of marketing to consumers and the real estate community. There are quality builders which helps attract buyers. I have recently negotiated outstanding deals on homes there for buyers. Some inventory propeties are being discounted by $20,000 or more.

Forbes Article indicates Houston as one of the Best Places for Real Estate Deals. Its nice that the national media if finally recognizing the potential of our market. If you read my previous post it indicates that homes have appreciated well this year and the outlook for next year is great. Our local economy is very strong, low unemployment and a large demand. Companies are relocating to our area because of the low cost of housing and mild winters. To my investors out there remember we buy in a down market and sell in a good market. Now is the time to buy.

Houston, Texas
Median home sales price: $154,900
Price change from 2006: 1.4%
Expected home turnover in 2008: 7.36%
Turnover ranking: 1
Houston is expected to have the highest rate of turnover in the country, based on sales models from Moody’s Economy.com. Though new home constructions are still in effect, the market’s strong fundamentals and expected pick-up in sales suggests prices will likely jump more than the relatively flat 1.4% experienced last year.

You can Read the Article here.

Overall homes in Clear Lake and Galveston continue to appreciate over last year. One average the appreciation is 4.7% to 8.3% which is a great sign. There are more houses on the market in both Clear Lake and Galveston when compared to last year. Last year was a record year for our area so it will be hard to match the 2006 numbers. With the number of properties on the market its important to price properties correctly when they are listed in order to sell them within 90 days.

Clear Lake Area
§ Clear Lake was ranked #3 out of 46 areas listed on the September 2007 Houston Hotness Index because 13.4% of all listings went under contract during that one month!
§ Clear Lake single-family home sales are down by 135 units or 7.03% over September YTD 2006 with 1,785 homes sold in 2007 as compared to 1,920 last year.
§ Contracts written and pending to close year-to-date are 61 units below last year for a total of 1,183 MLS recorded pending sales.
§ Homes listed and on the market in Clear Lake are down by 6.18% from this time last year with 805 single-family homes on the market today as compared to 858 last year.
§ Clear Lake’s Average sales price is up by 4.76% and currently stands at $187,996, as compared to $179,452 last year during the same time frame.
§ Days on the market register at 68, which represents one more day than it took to sell a home last year. Month’s inventory is 4.1, a very low supply in comparison to the Houston overall market and Clear Lake’s months of inventory last year, which were 4.5. Clear Lake currently enjoys one of the few areas with less supply than last year. Its’ inventory has adjusted well in relation to sales demand and therefore should play a significant role in keeping home price appreciation level or on the rise.Greater Galveston County
§ Single-family home sales in Galveston County were up 8.38% September YTD 2007 over the previous year during the same time frame with 3,324 home sales recorded in the Houston MLS year to date. There were 3,067 closed home sales last year during the same time frame.
§ Pending contracts recorded September YTD 2007 was up by 10.90% compared to last year. Pending units recorded year-to-date currently stand at 2,360 units whereas last year, pending units were 2,128 units.
§ Galveston Homes on the Market reached 2,801 units in September 2007 and are up by 16.56% over last year, when inventory was 2,403.
§ Galveston County’s average sales price is $195,936 and that figure is up by 5.31% over last year. The median sales price, where half the homes sold above and half sold below, is up by 5.14% and is currently $160,000.
§ Galveston County currently has 8 months of inventory. Last year Months of inventory were 8.6. Days on the market [DOM] to sell a home in Galveston County is currently 91 and that is longer than last year’s 80 DOM.
§ While Galveston County has experienced a great market, with an 8.38% increase in sales, a 16.56% increase in supply has created more competition for home sellers. Listings should be precision priced at its current 96% list price/sales price ratio or higher and should be in showcase condition to attract more buyers and the best offer.
§ The Houston Hotness Index for September ranked Galveston County #32 out of 46 in terms of hotness because 7.1% of all listings went under contract during that one month.