Sunday, April 5, 2015

Luxury Home Sales in League City Slow in the First Quarter

With only 4 sales of luxury homes ($500,000 and above) in the League City area this year compared to 11 during this time frame last year, activity has slowed.  We’ll know as the year goes on whether this is the beginning of a trend, but for my money, I think this is an aberration since inventory remains at record lows and we are still experiencing multiple offer situations on listed properties.  Leading the way this year are waterfront properties, with 3 of the 4 being on the water in Peninsula at Clear Lake, Marina Village and Waterford Harbor Villas.  The lone non-waterfront sale was in Whispering Lakes Ranch.  The average sales price of these 4 homes was $147 per foot ($549,039) with the highest price at $618,000.

Last year’s 11 sales took place in Peninsula at Clear Lake (3), Tuscan Lakes (1), Magnolia Creek (2), League City Div D off of Louisiana (1), Creekside Estates (1), The Pointe at Marina del Sol (1) and Whispering Lakes Ranch (2).  The average sales price was $140 per foot ($656,493) with the highest sale being $900,000.

While sales were down in the first quarter of 2015, average price per foot continues its upward trend.  Spring has sprung, so look for sales volume to increase as we enter the buying season!

Penny Brockway is a licensed Realtor and Owner of Brockway Realty, LLC, a residential brokerage operating in the League City, Friendswood and Houston areas with 14 agents.

Originally Posted on Brockway Realty LLC's Official Blog