Bellaire Home Sales Improving But More Slowly Than Other Close-In Neighborhoods

Previous posts have shown that home sales in some neighborhoods such as Southampton Place and West University/ Southside Place have begun to rebound. In West University/Southside place 3 times as many homes over $1 million sold in the past six months as were sold between October 2008 and March 2009. Southampton Place, while not insulated from other neighborhoods, is moving to become Seller's market.

Sales of single family homes in Bellaire are improving, but not at the rate in many of the other neighborhoods. Even when basing inventory levels on the rate of sales in the past six months, the segment of homes over $1 million is definitely in a Buyers' market. Homes priced under $1 million, typically older homes, have moved to being a stable market.

In previous posts I have explained how the inventory level is calculated and how to interpret it. Please read those previous posts for more information.

Shown below is a table showing inventory levels in Bellaire by price range using both the Standard Method and the Six Month Method. The Standard Method uses sales for the past 12 months and the Six Month Method uses sales from the past six months.

BELLAIRE

MONTHS OF INVENTORY

October 1, 2009