Looking at the Pearland TX real estate market snapshots, I see wee had a slight downturn in property values for the months of May. But I also see we sold more real estate in Pearland TX last month than we have since Aug 2008. So with that being said, I still feel buying real estate in Pearland is a smart buy. Pearland real estate is still on the increase in value... We are still have a higher sales price than we had 2 years ago.
As you can see from this next chart, the total number of home under contract is on a very steep incline and has surpassed pre-Ike numbers... This is just another key indicator of how strong real estate is in the Pearland TX area. The Pearland area has more house under contract at the end of May 2009 than it has had in the past 2 years.
Now I want to look at the key indicator of (DOM) days on market and (MSI) months supply of inventory. This is one way of telling how the real estate market is doing by seeing how long it take to sell a home in a given area like Pearland. First let's look at the DOM in the Pearland area. The average DOM in the Pearland area was only 79 days. Compare that with the national average of over 200 days and for someone trying to sell their home in Pearland, our is outstanding in any market.
Now looking at the MSI, you can see Pearland is doing great in this catogory too... Pearland's MSI is down to only 3.9 months of inventory. I believe this is what is driving real estate prices in the Pearland market to hold on and even grow. The National Association of Realtor's, NAR says that 6.1 months of home inventory is a natural market and anything below that number is a seller's market and anything above it is a buyer's market... But I think Pearland is just sitting at neutral right now because of the national economy...
So what does this mean for the person wanting to buy or sell real estate in the Pearland TX area? It shows you NOW is the best time to buy or sell real estate and a lot of people are doing just that... Donald Trump and Dave Ramsey both said last month on Fox News that this is the best time to move real estate in the last 20 years...
Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com . All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Danny Frank is a local Pearland TX Real Estate expert