About Hidalgo County, TX

Contrary to all the "gloom and doom" presented about the national real estate market, our local market of McAllen, Texas has demonstrated a strong performance in 2008. On a YTD comparison of September 2008 versus September 2007, the McAllen market has dipped only 6.9% for the number of houses sold in the MLS. As of September 30, 2008, the YTD sales for McAllen equals 1956 homes. During the same period last year, 2101 houses were sold.

In addition to sold data, the Greater McAllen Association of REALTORS (GMAR) is also tracking the number of houses under contract. At the end of September, there were 432 sales pending. These contracts should close during the last quarter of 2008. Last year, we had 358 sales pending on 9/30 and sold 612 houses during the fourth quarter. As lenders increase their review time (underwriting) to give final approval on loans, the transaction period is taking longer.

It is taking approximately two months to move transactions from "pending" to "sold". At our current rate, we are on track for Total Sales in 2008 to be within 10% of Total Sales for 2007.

I just wanted to let everyone out there know that McAllen, Texas, is located on the southernmost tip of Texas, about nine miles from the Mexican border and about 90 miles west of Brownsville. We enjoy hot weather (and a high humidity) almost year round and only recently has the Rio Grande Valley been discovered as a region that is in the midst of unprecedented change and growth. It recently has gained national and international attention in a number of different realms. Here are some area quick facts to get you interested in referring commercial developers to McAllen, Texas. If you have any referrals to this area or work closely with a developer interested in going to a city that is booming, send your referrals. I will be happy to compensate you should a transaction occur. We could still use some more great restaurants and retail!

• McAllen 2005 Population -125,500
• McAllen-Edinburg-Mission MSA Population over 675,000.
• 1996-2006 Population changed: grew 39.2% - The second highests growth in the state behind Austin. State average growth was 18.2% for the same period.
• MSA projected gwoth by 2010 is 752.909 and 854.936 by 2015.
• Very young population: 35.3% in MSA in 2000 was younger than 18.
• 8.5 million north-bound vehicle crossing in 2005 (Mcallen, Pharr and Progresso Bridges: Not including two to six axle commercial vehicles.
• University of Texas @ Pan American in nearby Edinburg had enrollmentof 17,337 in Fall 2006. A 20% growth since 2002
• McAllen International Airport enplanements: 278,697 in 2002 grew to 407,143 in 2006 - a 46% increase.
• 70% of occupied housing units in MSA were owner-occupied in 2005.
• More than 100 fortune 500 global manufactures have operations in Mcallen or Reynosa (across the border) including: AT&T, Bissel, Black & Decker, BMW, Delco, Emerson, Frito-Lay, GE, Johnson Conrols, Maytag, Nokia, RR Donnelley, Panasonic, Sharp Electronics, Siemens, Sony, Symbol Technologies, TRW and Whirlpool

Sources were provided by the US Census, Texas Workforce Commission, Real Estate Center at Texas A &M, McAllen Economic Development, McAllen Chamber of Commerce.