TOM PLANT'S HOUSTON REAL ESTATE BLOG

MY BLOG HAS BEEN NOMINATED AS BEST IN HOUSTON BY ZILLOW.COM – PLEASE CLICK ON THE LINK AND VOTE -  http://www.zillow.com/homes/for_sale/Houston-TX/#poll

Sales of single family homes in Houston’s Southgate area were sluggish during the last half of 2009 and the first quarter of 2010. During the second quarter sales increased so that the first half showed a marked improvement over 2009. As in most of Houston’s neighborhoods, sales levels have not returned to the highs of 2007 and 2008. Here are the details:

Based upon information from the Houston Association of Realtors® or its MLS for the period January 1, 2009 to June 30, 2010.

During that time, it was unusual for homes to remain on the market more than a few weeks. Days On Market for homes sold during the first half of 2010 averaged 111 days. Some of the larger Southgate homes sold during the first half causing the average sales price to increase:

Based upon information from the Houston Association of Realtors® or its MLS for the period January 1, 2006 to June 30, 2010.

NEW PRICE

A classic Southgate area home with recent* updates.This spacious and well cared for home has 3 bedrooms,2.5 baths and wood floors throughout.The first floor living spaces are light and bright and are well suited for both formal and informal entertaining.The large 7,200 sf** lot provides a generous fully fenced backyard.The 2,253 sf** size does not include the bonus room located above the detached garage.The location with easy access to Medical Center,Rice U,Rice Village *=per seller **=per HCAD

2316 WORDSWORTH                                                                                                                   OPEN 3:00 TO 5:00

LIST PRICE: $614,500

A classic Southgate area home with recent* updates.This spacious and well cared for home has 3 bedrooms,2.5 baths and wood floors throughout.The first floor living spaces are light and bright and are well suited for both formal and informal entertaining.The large 7,200 sf** lot provides a generous fully fenced backyard.The 2,253 sf** size does not include the bonus room located above the detached garage.The location with easy access to Medical Center,Rice U,Rice Village *=per seller **=per HCAD

2316 WORDSWORTH                                                                                                                              OPEN 3:00 to 5:00

List Price $639,000

Until recently the Southgate area seemed recession proof. While other areas of the city were experiencing a significant downturn in numbers of homes sold, homes in the Southgate area which were priced right sold within a few weeks of going on the market. Currently that is not the case.

During the First Quarter, sales of homes inside Loop 610 increased 21.7% compared to the First Quarter of 2009. In the Southgate area during the First Quarter only six homes were sold, one fewer than 2009. Inventory which for most of the past two years was well under six months is now 15 months, at the current rate of sales. This is caused by a combination of a significant increase in the number of homes on the market and lack of demand.

The increased demand being felt by other areas inside Loop 610 should spread to the Southgate area. However, Sellers must be careful in setting a price given the number of homes currently available.

Detailed statistics are:

HOUSTON SINGLE FAMILY HOME SALES
FIRST QUARTER COMPARISON 2009 AND 2010 – NUMBER OF HOMES

Current Listings as of April 1, 2010

A classic Southgate area home with recent* updates.This spacious and well cared for home has 3 bedrooms,2.5 baths and wood floors throughout.The first floor living spaces are light and bright and are well suited for both formal and informal entertaining.The large 7,200 sf** lot provides a generous fully fenced backyard.The 2,253 sf** size does not include the bonus room located above the detached garage.The location with easy access to Medical Center,Rice U,Rice Village *=per seller **=per HCAD

2316 WORDSWORTH                                                                                                                               OPEN 12:00 to 2:00

LIST PRICE $659,000

 A classic Southgate area home with recent* updates.This spacious and well cared for home has 3 bedrooms,2.5 baths and wood floors throughout.The first floor living spaces are light and bright and are well suited for both formal and informal entertaining.The large 7,200 sf** lot provides a generous fully fenced backyard.The 2,253 sf** size does not include the bonus room located above the detached garage.The location with easy access to Medical Center,Rice U,Rice Village *=per seller **=per HCAD

2316 WORDSWORTH                                                                                                                                                     OPEN 3:00 to 5:00

LIST PRICE $659,000

This wonderful Southgate area (Windermere) home will be open for real estate agents Wednesday February 3 from 12:00 to 2:00. Lunch will be served and there will be a drawing for $50 Amex Gift Cheque available for agents only. 2316 Wordsworth

A classic Southgate area home with recent* updates.This spacious and well cared for home has 3 bedrooms,2.5 baths and wood floors throughout.The first floor living spaces are light and bright and are well suited for both formal and informal entertaining.The large 7,200 sf** lot provides a generous fully fenced backyard.The 2,253 sf** size does not include the bonus room located above the detached garage.The location with easy access to Medical Center,Rice U,Rice Village *=per seller **=per HCAD

2316 WORDSWORTH                                           OPEN 12:00 to 2:00                                           LIST PRICE $659,000

A classic Southgate area home with recent* updates.This spacious and well cared for home has 3 bedrooms,2.5 baths and wood floors throughout.The first floor living spaces are light and bright and are well suited for both formal and informal entertaining.The large 7,200 sf** lot provides a generous fully fenced backyard.The 2,253 sf** size does not include the bonus room located above the detached garage.The location with easy access to Medical Center,Rice U,Rice Village *=per seller **=per HCAD

List Price – $659,000                                                                                                                                                                     For More Information 2316 Wordsworth

Bloggers Note: This is the first in a series of posts that will highlight sales results in Houston’s Close-in Neighborhoods.

Single family homes sales in Houston’s Southgate neighborhood increased substantially during the second half of 2009. This is a pattern we will see in most of Houston’s neighborhoods. While sales were down for all of 2009 compared to 2008, the second half of the year showed signs of new life. In all of Houston, single family home sales increased 17.5% in the second half compared to the first half. In the Southgate area, sales increased 84.6% in the same period.

In 2006 and 2007, homes in Southgate sold very quickly and it was a strong Sellers’ market. Currently it is a Buyers’ market with 7.8 months inventory. However, the situation is changing. This previously “hot” area of Houston may soon be in a Sellers’ market again.