Condo and Townhome Sales Down Again

As home sales are starting to increase across all the markets, the town home and condo market is still on the decline. This aspect of the market has been on a steady decline for the last 7 consecutive months. March prices vs a year ago were down yet again. In Huston along the sales prices fell 8.5% in March alone with the median price going down another 6% to 126,950 based on numbers release by the Huston Association of Realtors. One common solution among the owners is leasing the properties.

Overall the market is down in the county and foreclosures are up 17%. The effect on the neighborhoods could be a prolonged and negative one. This would be due to the fact that many of the properties are becoming vacant and are not being maintained. This lack of maintaince will lead to squatters and others staking a claim in the properties, especially as the heat rises during the summer. Even with this in mind, investors are still looking into the purchase of these homes.

Two of the top ten real estate investment cities are in Texas, Dallas and Houston based on first quarter reports from HomeVestors of America. The numbers are based on the number of houses bought in each market by the franchised network during the first 3 months in 2008. Economists are noting that along side the investor properties are a rising number of rental signs. The lack of rent coming in is not a good sign for the condo and town home market.

Best Wishes,

Joe

Canyon Creek Texas MLS Listings | Zilpy - Another Zillow? (But Accurate?)

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