A year ago, when one wanted a million dollar plus home Houston’s River Oaks and Avalon neighborhoods came first to mind. Now in River Oaks/Avalon $2 million is the new $1 million. Finding a good home priced under $2 million has become rare in River Oaks/Avalon. The graphic above shows home sales comparison for the first nine months of 2014 compared to the same period a year ago.
Home Sales in Houston’s River Oaks/Avalon Neighborhoods Increase Despite Lack Of Inventory
The graphic above shows the number of homes sold inside Houston’s Loop 610 in 2014 compared to the same period last year. Overall sales inside the Loop are up 3.4%. Prices have increased substantially with many fewer homes now priced under $350,000. This has caused a significant drop in the number of homes sold under $350,000. In 2011, 52.5% of all homes sold inside Loop 610 were under $350,000. So far this year, homes priced under $350,000 account for only 28.8% of homes sold.
The graphic above shows the number of homes sold in 2014 compared to last year. Overall sales in Houston are up 1.2%. With prices up substantially, the 9 month dollar volume of $15.4 billion is up 10.9% over 2013. As you can see the number of homes sold in every price range was up substantially, except for under $350,000.
We drove from Trier on to Strasbourg France. We thoroughly enjoyed the Alsatian food. Walking around the city was spectacular. While cruising the river there were times it looked like Venice.
As you can see, your Blogger has returned to providing insight into Houston’s residential real estate market. When the detailed statistics are released watch for more commentary. For instance, yes home sales were up 7% over an anemic month last year, September sales were almost 14% lower than in August.
I have been away for a variety of reasons. Travel to Germany and France were happy times and a family funeral was sad.
To start you off on our travels, we drove to Trier, one of the oldest cities in Germany. There we saw many Roman ruins more than 2,000 years old. The photo above is of Porta Nigra, the city gate in Roman times.
The fall home buying season began with gusto in Houston as sales and prices did in September what they have done for months – rose. The continued buying frenzy caused housing inventory to shrink very slightly after holding steady for two consecutive months. And in another scenario that has become all too familiar in this market, prices reached record one-month highs.
The Houston housing market eked out another month of positive sales in July with prices up and the supply of homes continuing to grow, albeit slightly. Sales volume reached the highest monthly total ever recorded.
Housing inventory, which fell to 40-year lows earlier this year, has edged up each of the last three months, reaching a 3.0-months supply in July. Prices climbed to the highest levels for a July, but were lower than June’s all-time record highs. Sales among homes priced between $250,000 and the millions showed the greatest strength, while Days on Market, or the number of days a home takes to sell, fell to a record low of 45.
It Is Official – Houston July Single Family Home Sales Set Records, Both Dollar Volume and Number of Sales
As you read here earlier, the number of Houston single family (SF) homes sold in July 2014 increased compared to July 2013. The Houston Association of REALTORS® (HAR) released statistics indicating 7,769 SF homes were sold in July, 1.0% more than July 2013 and 1.0% more than June 2014. The number of SF sales in July set an all time record.
My early analysis of available data from The Houston Association of REALTORS® (HAR) indicates that the number of single family homes sold in July will show an increase compared to July 2013. There were 7,690 single family homes sold in July, 2013.
Houston home sales have been held down with lack of available homes for sale. No where more than in the West University/Southside Place neighborhoods has the question been more relevant, Where’s the Inventory? The chart pictured above shows the issue very well.