Homes Priced Above $250,000 experience increased demand.
The Houston single-family residential real estate market is experiencing some unusual statistics as it marches into 2010. With 8% fewer home sales and 11% fewer contracts written, how do average and median sales prices of homes go up in comparison to 2009? The answer is in the price classes of homes that have closed this year. Homes priced above $250,000, for the most part, experienced an overall sales decline in 2009.
Now comes closed sales in the first two months of 2010, and all price classes above $250,000 have experienced increases. The two price class exceptions were the $700,000-$799,999 and $900,000-$999,999. These two price classes are at the same level of demand as found in 2009.
What’s also unusual? Home price classes below $250,000 have all experienced single to double digit declines in the first two months. These price classes were in highest demand this time last year.
At least for the two months of 2010, there has been resurgence in higher end housing demand and a decline in price classes below $250,000. For more on the story, click here.
