Texas Housing Market

During a declining real estate market in the U.S., Texas’s housing market has witnessed a great improvement. Sales of homes are beginning to pick up, causing Realtors to believe that buyers are gaining back confidence. Although the market is not doing as well as pre-2007 records, things are definitely starting to look better. Places like the Valley have fluctuating prices, but still continues to emerge from its previous “soft real estate” period. During the first quarter of the year, Hidalgo County sold 562 homes, a small difference in 2007s first quarter sales. So far, 2008 has been the second strongest first quarter for Hidalgo County.

There was an oversupply of real estate projects, causing builders to pull back during the real estate slow-down. Migration and job growth is still steady in the Valley, showing an improving progress of sales. Area home prices have dropped about $20,000, making the average home price around $89,400; the lowest it has been in 4 years. The supply of homes in Texas is still high with 14.4 months worth on the market.

Great communities are being opened to the public in areas like Magnolia, Texas, where you will find the housing complex called the Thousand Oaks. It is over 1 acres with two competition water-ski lakes. In the summer of 2009, the Waterpoint condominium building that is undergoing construction will be available for occupancy. It is located on Lake Conroe and will have 63 condos with prices between $200,000 and $1 million for 1-4 bedrooms.

Retail spaces are also on the rise in Texas. In the same community of Waterpoint, there will be waterfront restaurants and popular shops for the future residents and passersby. With 100,000 sq ft of retail space, most of which has already been rented out, will feature pharmacies, restaurants, grocery stores, spas, health clubs and entertainment venues. Lake Conroe residents previously had to travel 40 miles roundtrip to get to shopping plazas and entertainment. This way of building allows for convenience to new and old homeowners of the community.

Texas is definitely showing a steady growth in the real estate market. It is a buyer’s market and the records show that many are taking advantage of it.