HoustonCityDigsHouston, Real Estate, Relocation

Norhill Realty presents our 1^st Quarter Market Report for the Greater Houston area.  This report tracks several key neighborhoods within Greater Houston’s Inner Belt and breaks down the number of sales, median days on market, average sales price, and the months of inventory.  We then compare the 1^st Quarter figures with those of the same Quarter from the previous year.

In this report, it is evident that the number of home sales has improved from this time last year.  The rebounding economy, home-buyer tax credits, and low mortgage rates have encouraged buyers to enter the housing market.  As the economy continues to show signs of stability and improvement, we expect this trend to continue in 2010.  As demand for housing returns, this should help property values rebound and encourage more home owners to sell and upgrade to larger homes.

In this month’s newsletter, Norhill Realty presents our 4th Quarter Market Report for the Greater Houston area.  This report tracks several key neighborhoods within Greater Houston’s Inner Belt, and breaks down the number of sales, median days on market, average sales price, and the months of inventory.  We then compare the 4th Quarter figures with those of the previous Quarter. 

In this month’s report, the thing that pops out at us the most is the decline in inventory levels.  Lack of significant New Construction inventories and apprehension among prospective sellers appear to be driving this phenomenon.  These lower inventory levels are helping to prop up prices.  Although some neighborhoods performed better than others, overall the average sales prices for Single Family Homes and Townhomes/Condos were up from the 3^rd quarter to the 4^th quarter. This may present opportunities for home builders in the coming months for New Construction, as well as for potential home sellers who are looking for the right time to sell and upgrade to a different community or larger home.  The longer prices remain stable, the more confidence will build among market participants.