Norhill’s quarterly market report is complete and we have some interesting data for your review. As expected, the market favors the buyer’s side in most neighborhoods. The total number of sales from 4th quarter 2009 to 4th quarter 2010 in the neighborhoods that Norhill tracks are down 16%. As for prices, single family homes in 46% of the neighborhoods in the report rose. Townhouse prices fared a little better with 50% of the neighborhoods showing increased prices.
Despite the slowing market, the most sought after neighborhoods are holding steady. The West End for instance (which includes, Rice Military, Sawyer Heights, and Cottage Grove) is fairing very well. A hot spot for young professionals, the West End sees a lot of townhouse sales. Although, the overall number of sales have dropped from 4th quarter 2009 to 4th quarter 2010, prices have improved, rising 7% during that period. Furthermore, Timbergrove/Lazybrook and Oak Forest/Garden Oaks have seen stable or increasing prices for single family homes, as well as Montrose/Neartown, University Place, and Upper Kirby.
Although, the real estate market saw some slowdown in 2010, Houston has remained resilient. The vast majority of neighborhoods have inventory levels below 12 months. Home prices in the inner loop have remained stable, despite a slow down in the number of sales. Norhill is excited about 2011 and still happy to be in the great city of Houston.
To view the complete Greater Houston Market Report for the 4th quarter 2010, click here.