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Houston's Southgate Neighborhood Third Quarter Sales Decline
NOV
1

Tom D Plant Sold 2250 Goldsmith (2)

Houston's Southgate neighborhood third quarter sales declined during the third quarter moving counter to the trends in most areas of the city. For the past two years, Southgate homes have moved relatively quickly and inventory has remained very low. In the most recent quarter sales declined 21.4% compared to 2008. In the past year, builders have built several homes priced over $1 million. Southgate has not yet proved to be an area that can support $1 million+ homes. Southgate remains a neighborhood of homes predominately under $750,000. A review of sales of homes under $750,000 shows sales about even with 2008 and a balanced inventory of approximately six months. Sellers of homes under valued under $750,000 should feel confident to enter the market. Buyers of homes under $750,000 should find more choice than in the recent past. Buyers thinking of buying a home in the Southgate area priced over $750,000 should find very receptive sellers. However, such Buyers should think carefully before proceeding.

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