In this month's newsletter, Norhill Realty presents our 2nd Quarter Market Report for the Greater Houston area.  This report tracks several key neighborhoods within Greater Houston's Inner Belt, and analyzes the number of sales, median days on market, median sales price, and months of inventory.  We then compare the 2nd Quarter figures with those of the previous Quarter. 

This month's report turned up some interesting figures. Here's a list of some of our findings:

•                    Overall the number of single family homes and townhomes/condominiums sold grew 42% from the 1st quarter to the 2nd quarter. This is a significant rebound from the 1st quarter.

•                    The average median price rose across all areas an average of 10% for single family homes and 7% for townhomes. This may be an indication that the number of more expensive homes are selling, rather than people are paying more for homes overall. In numbers that we track internally, the average price of a home has increased 4% for single family homes and 1% for townhomes and condominiums. 

•                    The number of months of inventory has increased for townhomes and condominiums.  Condos have taken a bit of a beating in the past year, due to stricter lending requirements.  This may be having an impact on these figures.

•                    The number of months of inventory for single family homes remains very stable.  The average across all of the areas we track has only increased from 8.2 to 8.7 months.

Considering the state of the national economy, these numbers look very good.  Houston's real estate market appears to be performing very well.  As reported in our 1st quarter report, we had a bit of a drop off in the number of sales.  However, it appears that we have recovered nicely in the 2nd Quarter. 

To check out the full report, click the link below.  If you have any questions regarding the report or if you have questions regarding an area that Norhill's Market Report does not cover, please feel free to give me a call.  We look forward to your feedback.  

 http://www.norhillrealty.com/reports.php