The statistics for Houston home sales in September are still being compiled. HAR normally releases results for the previous month after the 15th of the following month. However, I can report the number of single family homes sold during September 2009 will be more than 25% higher than September 2008. While the comparison is against the month in which Hurricane Ike hit, it is also the month in which the economic recession found Houston. Sales in the months following September were also dismal. Sales in January 2009 were 21% lower than September 2008. Sales in September 2009 will be higher than the months subsequent to September 2008 until at least May 2009. I expect to see significant sales gains over the same month last year for at least 5 months.
Most Close-in Neighborhoods have seen sales in recent months improve. Here is a summary of recent comments I have posted about specific neighborhoods. For detailed information see the previous posts:
River Oaks/Avalon – Sales are improving over earlier months but still a Buyers’ Market.
Southampton Place – A Sellers’ Market with less than 7 months inventory but impacted by impressions caused by other areas in the city.
West University/Southside Place – Significant sales improvement. In six months from October 2008 through March 2009 17 homes over $1 million sold in subsequent six months April 2009 through September 2009 there were 52 homes over $1 millions sold.
Southgate Neighborhood – Sales are doing well under $750,000. Homes over $750,000 are not selling with more than 4 years inventory.
Bellaire – Recovering more slowly than some other close-in neighborhoods. Homes over $1 million still have more than 1 year inventory.
Tanglewood – New construction is overbuilt with more than 2 years inventory.
