Houston Condominiums Guide

The market for Houston Condos have been very difficult for the last year, but signs of some improvement is showing in the Houston housing market. The market for single family homes in Houston Texas has declined from the high of 2007, but have seem to rebound from the worst of 2008.

Overall average home sales price of single family homes including condos have increase 1 percent in 2008 from 2007 although fewer homes are getting listed in the Multiple Listing Service indicating many have dropped of the market or are no longer for sale.

Many owners of Houston Condos are renting out the condos rather than listing them for sale. The rental market increased 25 percent in 2008 compare with prior year. This is indicating many have opted to rent the condominiums rather than try to sell.

The number of sale have declined from year earlier in the greater Houston area. The number of units sold in December 2008 fell by over 24 percent from December 2007. The number of units sold were 378 units in 2008 versus 498 units in 2007.

The average price of Houston Condos fell 3 percent year over year to about $167,000. The median price has declined to $125,000 from year prior. These prices have returned to early 2000’s figures, the price declines and sales have somewhat stabilized.

With the new tax credit of $7,500 by the federal government and all time low interest rates there should be some interest to new home buyers. The 30 year fixed mortgage rates have come down to around 5 percent, lowest it has been in many years. The rate for 15 year fixed mortgage rate is below 5 percent.

With these rates and incentives, the market should see some buyer’s returning. Although it is far from the seller’s market few years ago, new homeowners should see some value in purchasing one.

If you are thinking about making Houston, Texas your new home, you will probably want to know a little about the largest city in Texas and the fourth largest in the entire United States. Houston is home to some great attractions including the NASA Space Center, museums galore and the downtown aquarium which is an experience all its own. Houston is just a one hour drive from Galveston and the Gulf of Mexico. Just 20 south of downtown Houston is where the Battle of San Jacinto took place and Texas won its independence from Mexico.

When it comes time to look for a home in Houston, you will want to examine all possibilities. One option would be a condominium. Whether you rent or buy, a Houston condominium is an excellent choice. From the modest, suburban home to the luxurious, downtown high-rise, condos are available for every taste and price range.

If you decide to purchase a Houston condominium, the average selling price is $216,499. The average price per square foot is $132.68. However, the range is large. You can find a bargain at $60,000 or, if money is no object, you can spend more than one million dollars on a single condo.

If home ownership just isn’t for you and you prefer to rent, there are condos available for you as well. The average monthly rental price on a Houston condominium is $1,102 or $1.00 per square foot. Monthly rental rates can range anywhere from $600 to four or five thousand.

With an unbelievable population of nearly 3 million, the job market is strong and homes are available. There is also a large variety of dining and shopping opportunities. You will be glad you made Houston your home. Texas is known as the friendly state and you will see the proof as you settle in to this metropolis. A Houston condominium is waiting for you.