According to a recent article by Houston Chronicle, the Tomball housing market is booming. Tamara Santana reported:
The housing market in northwest Houston has remained steady this summer, despite the downturn in the energy sector.
Houses priced below $300,000 are moving well, and remain in high demand, said Jill Wente, a real estate agent with Better Homes and Gardens, Gary Greene, in Spring.
"We are experiencing a different market this year than last year," Wente said. "The under $300,000 market is still moving fairly well. Among the $200s and under, we are still experiencing multiple offers."
And builders are adjusting to suit the needs of the market. Last year, there were many builders who offered homes priced more than $300,000. But the demand now is for lower priced homes.
"Builders start to adjust the product line they have out there," Wente said. We're seeing some builders come back and make adjustments to offer lower prices in the under $300s to accommodate for that segment of the market where the demand is definitely still there."
The more expensive homes are sitting on the market longer, and inventory is therefore greater.
"It's a different market in a sense that we're seeing more inventory available in the higher price point," Wente said. "Buyers have more to choose from. They are taking their time on the higher price points."
Tomball real estate by the numbers
946: The number of active real estate listings of homes for sale in Tomball
$333,870: The average list price for a home in Tomball
131: The number of active real estate listings for rent in Tomball
2,895: Median square footage of a home in the Tomball area
The number of houses selling for below $200,000 is about the same as last year.
The housing market has returned to more normal levels, said David Patton with Heritage Texas Properties.
"Over the $300,000 range, homes are staying on the market longer," Patton said. "That's not necessarily a bad thing. It's just not the frenzy we've had the last two years. It's more a normal market."
The exception, he said, are the lower priced homes.
"I don't think the oil downturn is necessarily hurting the market because Houston's economy is so diverse compared with the 80s," Patton said.The oil and gas downturn has not impacted the housing market much due, in part, to a diverse economy, including a strong healthcare industry in northwest Houston.
The region's housing market looks similar to the Houston region overall, according to a recent monthly report from the Houston Association of Realtors' Multiple Listing Service. Throughout the Houston region, the largest number of homes purchased last month was in the $150,000-$500,000 price range. The median price was an all-time high of $230,538.
Throughout the Houston region, there was a total of 7,696 homes sold in June, which is similar to the 7,710 sold in the same month a year earlier, according to the report.
In Spring, the average list price for a home is $348,217, that compares with Cypress, where the average list price is $360,627 and in Tomball the average list price is $333,870, according to the Houston Association of Realtors.
Business growth and transportation improvements have fueled a real estate boom in northwest Houston. The opening of the Exxon Mobil Corp. campus in Spring has spun the region into a frenzy of new construction, from new office complexes and business relocations to new housing developments, retail, hotels as well as new hospitals and medical facilities.