Bay Glen Neighborhood - Clear Lake Texas
There seems to be a lot of speculation going on about real estate prices right now and it's important to remember- real estate markets are local. It is easy to get caught up in what the media would have you to believe and that is, all real estate is in proverbial toilet. We've got the national economy, the local one and hurricane Ike thrown in for good measure.
With that said, let's talk local...
In the Bay Glen neighborhood, the number of homes closed to date is 66. Guess what that figure was last year? If you guessed 66, you're dead on. Almost scary isn't it? Now then, what happened is that our pre Ike numbers were up and as you can imagine, our post Ike numbers are down.
Through August of this year we had 59 sales where last year there were 52. Since that time we have had 7 closings versus 14 last year during that same time period.
Bay Glen neighborhood inventory is as low as I've seen it in a very long time. Currently there are a total of 17 homes for sale in Bay Glen. In times past, I've seen as many as 62! As a matter of fact, a few weeks ago, there were only 10 homes for sale in Bay Glen. Unbelievable. This year, the number has been running around 30 or so.
Of the 17 homes for sale, 5 are under contract.
With the inventory existing and based on homes that are being absorbed (sold), there are 1.9 months of inventory meaning if nothing new came on the market in Bay Glen, all homes currently for sale would be gone.
Prices in the Bay Glen neighborhood are up 1.89% over last year while the average number of days on the market remains relatively unchanged at 53 days this year/ 55 days in 2007.
If you own a home in Bay Glen and want more information, you can check out our free Bay Glen House Prices Report.
Or if you're looking for another home in the area, you can search all the homes for sale in the Clear Lake area.
Watch for other neighborhood statistics coming soon...
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