Houston's River Oaks and Avalon Single Family Home Sales Showing Same Trend As Other Parts of City

Houston's River Oaks and Avalon single family home sales are showing the same trend as other parts of the city. Homes under $2 million are selling well and homes over $2 million are not. The mix of homes in River Oaks/Avalon are heavily weighted to homes over $2 million causing the number of transactions during the third quarter of 2009 to decline compared to 2008. Sellers in River Oaks/Avalon with a home valued under $2 million should be encouraged. At the third quarter rate of sales, the inventory of homes priced between $1 million and $2 million stands at less than 7 months. Those who own homes valued over $2 million may want to wait until early next year to assess the market. At the third quarter rate, the inventory of homes priced over $2 million in River/Oaks Avalon is more than 3 years. The detailed statistics are shown below: